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 exchange-traded funds - UNL is a Oil & Gas fund tracking the 12 Month Natural Gas, while PBOG is a Energy Equities fund tracking the BITA Global Oil & Gas Select Index. Both are passively managed. At a 0.29 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 -13.41% return, which is significantly lower than PBOG's 20.33% return.
UNL
- 1D
- -1.92%
- 1M
- 1.75%
- YTD
- -13.41%
- 6M
- -15.14%
- 1Y
- -30.69%
- 3Y*
- -17.95%
- 5Y*
- -7.73%
- 10Y*
- -4.56%
PBOG
- 1D
- 0.25%
- 1M
- -9.73%
- YTD
- 20.33%
- 6M
- 21.36%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UNL vs. PBOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -13.41% | -10.55% |
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF | 20.33% | 1.39% |
Correlation
The correlation between UNL and PBOG is 0.29, 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 25, 2025 | 0.29 |
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Return for Risk
UNL vs. PBOG — Risk / Return Rank
UNL
PBOG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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.
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 | PBOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.86 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | — | — |
| Martin ratioReturn relative to average drawdown | -1.52 | — | — |
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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 -16.46%. 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% | -16.46% | -72.54% |
Max Drawdown (1Y)Largest decline over 1 year | -32.43% | — | — |
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 | -88.68% | -15.19% | -73.49% |
Average DrawdownAverage peak-to-trough decline | -73.39% | -3.86% | -69.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.45% | — | — |
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 | 7.26% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 30.37% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 35.76% | 23.95% | +11.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 23.95% | +17.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.86% | 23.95% | +9.91% |
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 0.14%.
| Position | TTM | 2025 |
|---|---|---|
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF | 0.14% | 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 0.29, 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 0.14%, compared with 0.00% for UNL.
UNL is categorized as Oil & Gas, while PBOG is Energy Equities. 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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