UNL vs. OILK
UNL (United States 12 Month Natural Gas Fund LP) and OILK (ProShares K-1 Free Crude Oil Strategy ETF) are both Oil & Gas funds - UNL tracks the 12 Month Natural Gas while OILK tracks the Bloomberg Commodity Balanced WTI Crude Oil Index. Both are passively managed. Over the past 5 years, UNL returned -9.93%/yr vs 14.65%/yr for OILK. At a 0.13 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 0.68%/yr for OILK.
Performance
UNL vs. OILK - Performance Comparison
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Returns By Period
In the year-to-date period, UNL achieves a -18.43% return, which is significantly lower than OILK's 49.33% return.
UNL
- 1D
- -0.43%
- 1M
- -7.38%
- 6M
- -8.23%
- YTD
- -18.43%
- 1Y
- -32.89%
- 3Y*
- -18.22%
- 5Y*
- -9.93%
- 10Y*
- -5.27%
OILK
- 1D
- -1.07%
- 1M
- 2.86%
- 6M
- 45.66%
- YTD
- 49.33%
- 1Y
- 37.72%
- 3Y*
- 13.85%
- 5Y*
- 14.65%
- 10Y*
- —
UNL vs. OILK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -18.43% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -21.47% |
OILK ProShares K-1 Free Crude Oil Strategy ETF | 49.33% | -11.86% | 8.18% | -0.97% | 27.57% | 63.71% | -61.09% | 30.48% | -20.40% | 2.82% |
Correlation
The correlation between UNL and OILK is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2016 | 0.13 |
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Return for Risk
UNL vs. OILK — Risk / Return Rank
UNL
OILK
UNL vs. OILK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Natural Gas Fund LP (UNL) and ProShares K-1 Free Crude Oil Strategy ETF (OILK). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| UNL | OILK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -3.06 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.22 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | 1.79 | -2.81 |
| Martin ratioReturn relative to average drawdown | -1.70 | 4.20 | -5.90 |
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Drawdowns
UNL vs. OILK - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.34%, which is greater than OILK's maximum drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for UNL and OILK.
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Drawdown Indicators
| UNL | OILK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.34% | -83.76% | -5.58% |
Max Drawdown (1Y)Largest decline over 1 year | -32.44% | -21.19% | -11.25% |
Max Drawdown (3Y)Largest decline over 3 years | -49.75% | -23.42% | -26.33% |
Max Drawdown (5Y)Largest decline over 5 years | -78.79% | -34.69% | -44.10% |
Max Drawdown (10Y)Largest decline over 10 years | -78.79% | — | — |
Current DrawdownCurrent decline from peak | -89.34% | -12.39% | -76.95% |
Average DrawdownAverage peak-to-trough decline | -73.45% | -32.38% | -41.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.97% | 9.01% | +10.96% |
Volatility
UNL vs. OILK - Volatility Comparison
The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 5.62%, while ProShares K-1 Free Crude Oil Strategy ETF (OILK) has a volatility of 10.20%. This indicates that UNL experiences smaller price fluctuations and is considered to be less risky than OILK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | OILK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.62% | 10.20% | -4.58% |
Volatility (6M)Calculated over the trailing 6-month period | 28.58% | 25.08% | +3.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.05% | 29.33% | +5.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.75% | 30.45% | +11.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.82% | 35.97% | -2.15% |
UNL vs. OILK - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than OILK's 0.68% expense ratio.
Dividends
UNL vs. OILK - Dividend Comparison
UNL has not paid dividends to shareholders, while OILK's dividend yield for the trailing twelve months is around 8.75%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
OILK ProShares K-1 Free Crude Oil Strategy ETF | 8.75% | 4.79% | 3.11% | 5.80% | 17.32% | 68.82% | 0.13% | 0.94% | 0.58% | 6.17% |
UNL United States 12 Month Natural Gas Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UNL and OILK have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILK has higher volatility (10.20%) compared to UNL (5.62%). In terms of maximum drawdown, UNL dropped -89.34% vs OILK's -83.76%.
On 5-year performance, OILK leads with 14.65% vs -9.93% for UNL. On fees, OILK is cheaper at 0.68% per year. On volatility, UNL has been the lower-risk option at 5.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OILK has performed better with a 14.65% return vs -9.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OILK is cheaper with a 0.68% expense ratio, compared with 0.90% for UNL.
OILK has the higher dividend yield at 8.75%, compared with 0.00% for UNL.
UNL tracks 12 Month Natural Gas, while OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index. They also come from different issuers: Concierge Technologies and ProShares. Their fees differ too: 0.90% for UNL and 0.68% for OILK.
OILK currently has the higher Sharpe Ratio (1.29 vs -0.94), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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