UNL vs. PBOG
UNL (United States 12 Month Natural Gas Fund LP) and PBOG (Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF) are both Oil & Gas funds - UNL tracks the 12 Month Natural Gas while PBOG tracks the BITA Global Oil & Gas Select Index. Both are passively managed. At a 0.30 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 0.13%/yr for PBOG.
Performance
UNL vs. PBOG - Performance Comparison
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Returns By Period
In the year-to-date period, UNL achieves a -11.00% return, which is significantly lower than PBOG's 32.22% return.
UNL
- 1D
- 1.21%
- 1M
- -1.96%
- YTD
- -11.00%
- 6M
- -23.47%
- 1Y
- -28.37%
- 3Y*
- -14.70%
- 5Y*
- -5.77%
- 10Y*
- -3.81%
PBOG
- 1D
- 1.23%
- 1M
- -2.32%
- YTD
- 32.22%
- 6M
- 29.70%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UNL vs. PBOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -11.00% | -8.21% |
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF | 32.22% | 1.62% |
Correlation
The correlation between UNL and PBOG is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 26, 2025 | 0.30 |
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Return for Risk
UNL vs. PBOG — Risk / Return Rank
UNL
PBOG
UNL vs. PBOG - 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 Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG). 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.
| UNL | PBOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.87 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | — | — |
| Martin ratioReturn relative to average drawdown | -1.30 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UNL | PBOG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.79 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.11 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.40 | 3.31 | -3.71 |
Drawdowns
UNL vs. PBOG - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.00%, which is greater than PBOG's maximum drawdown of -11.45%. Use the drawdown chart below to compare losses from any high point for UNL and PBOG.
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Drawdown Indicators
| UNL | PBOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.00% | -11.45% | -77.55% |
Max Drawdown (1Y)Largest decline over 1 year | -35.11% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -48.16% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -78.12% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -78.12% | — | — |
Current DrawdownCurrent decline from peak | -88.37% | -6.81% | -81.56% |
Average DrawdownAverage peak-to-trough decline | -73.36% | -3.10% | -70.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.92% | — | — |
Volatility
UNL vs. PBOG - Volatility Comparison
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Volatility by Period
| UNL | PBOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.36% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 32.00% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 35.82% | 23.67% | +12.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 23.67% | +18.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.84% | 23.67% | +10.17% |
UNL vs. PBOG - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than PBOG's 0.13% expense ratio.
Dividends
UNL vs. PBOG - Dividend Comparison
UNL has not paid dividends to shareholders, while PBOG's dividend yield for the trailing twelve months is around 0.13%.
| Position | TTM | 2025 |
|---|---|---|
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF | 0.13% | 0.17% |
UNL United States 12 Month Natural Gas Fund LP | 0.00% | 0.00% |
Frequently Asked Questions
UNL and PBOG have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PBOG is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PBOG is cheaper with a 0.13% expense ratio, compared with 0.90% for UNL.
PBOG has the higher dividend yield at 0.13%, compared with 0.00% for UNL.
UNL tracks 12 Month Natural Gas, while PBOG tracks BITA Global Oil & Gas Select Index. They also come from different issuers: Concierge Technologies and Portfolio Building Blocks. Their fees differ too: 0.90% for UNL and 0.13% for PBOG.
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