UNL vs. OILU
UNL (United States 12 Month Natural Gas Fund LP) and OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) are both exchange-traded funds - UNL is a Oil & Gas fund tracking the 12 Month Natural Gas, while OILU is a Leveraged Equities fund tracking the Solactive MicroSectors Oil & Gas Exploration & Production Index. Both are passively managed. Over the past 3 years, UNL returned -18.35%/yr vs 0.08%/yr for OILU. Their 0.23 correlation means their historical movements had little consistent relationship. UNL charges 0.90%/yr vs 0.95%/yr for OILU.
Performance
UNL vs. OILU - 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 OILU's 87.02% return.
UNL
- 1D
- 0.11%
- 1M
- -5.05%
- 6M
- -17.42%
- YTD
- -18.43%
- 1Y
- -25.86%
- 3Y*
- -18.35%
- 5Y*
- -11.98%
- 10Y*
- -5.25%
- ALL TIME*
- -12.55%
OILU
- 1D
- -4.14%
- 1M
- 32.93%
- 6M
- 40.98%
- YTD
- 87.02%
- 1Y
- 99.31%
- 3Y*
- 0.08%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.15M | $7.77M | $7.91M | |
| $201.90K | $282.26K | $431.49K |
UNL vs. OILU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -18.43% | -9.67% | -4.78% | -50.20% | 47.01% | -16.70% |
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN | 87.02% | -16.50% | -21.65% | -32.50% | 151.08% | -16.79% |
Correlation
The correlation between UNL and OILU is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.20 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021 | 0.23 |
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Return for Risk
UNL vs. OILU — Risk / Return Rank
UNL
OILU
UNL vs. OILU - 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 MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU). 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 | OILU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.30 | ||
| Sortino ratioReturn per unit of downside risk | -2.90 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.25 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 2.15 | -2.93 |
| Martin ratioReturn relative to average drawdown | -1.32 | 5.28 | -6.60 |
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Drawdowns
UNL vs. OILU - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.48%, which is greater than OILU's maximum drawdown of -81.00%. Use the drawdown chart below to compare losses from any high point for UNL and OILU.
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Drawdown Indicators
| UNL | OILU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.48% | -81.00% | -8.48% |
Max Drawdown (1Y)Largest decline over 1 year | -33.33% | -46.49% | +13.16% |
Max Drawdown (3Y)Largest decline over 3 years | -50.42% | -69.09% | +18.67% |
Max Drawdown (5Y)Largest decline over 5 years | -79.07% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -79.07% | — | — |
Current DrawdownCurrent decline from peak | -89.34% | -49.70% | -39.64% |
Average DrawdownAverage peak-to-trough decline | -73.49% | -50.69% | -22.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.64% | 18.87% | +0.77% |
Volatility
UNL vs. OILU - Volatility Comparison
The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 5.26%, while MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) has a volatility of 20.09%. This indicates that UNL experiences smaller price fluctuations and is considered to be less risky than OILU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | OILU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.26% | 20.09% | -14.83% |
Volatility (6M)Calculated over the trailing 6-month period | 24.99% | 52.12% | -27.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.80% | 64.31% | -29.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.71% | 80.79% | -39.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.81% | 80.79% | -46.98% |
UNL vs. OILU - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is lower than OILU's 0.95% expense ratio.
Dividends
UNL vs. OILU - Dividend Comparison
Neither UNL nor OILU has paid dividends to shareholders.
Frequently Asked Questions
UNL and OILU have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILU has higher volatility (20.09%) compared to UNL (5.26%). In terms of maximum drawdown, UNL dropped -89.48% vs OILU's -81.00%.
On 3-year performance, OILU leads with 0.08% vs -18.35% for UNL. On fees, UNL is cheaper at 0.90% per year. On volatility, UNL has been the lower-risk option at 5.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, OILU has performed better with a 0.08% return vs -18.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UNL is cheaper with a 0.90% expense ratio, compared with 0.95% for OILU.
UNL and OILU have nearly identical dividend yields, around 0.00%.
UNL is categorized as Oil & Gas, while OILU is Leveraged Equities. UNL tracks 12 Month Natural Gas, while OILU tracks Solactive MicroSectors Oil & Gas Exploration & Production Index. They also come from different issuers: Concierge Technologies and BMO. Their fees differ too: 0.90% for UNL and 0.95% for OILU.
OILU currently has the higher Sharpe Ratio (1.56 vs -0.75), 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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