UNL vs. SPY
UNL (United States 12 Month Natural Gas Fund LP) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - UNL is a Oil & Gas fund tracking the 12 Month Natural Gas, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, UNL returned -4.37%/yr vs 15.70%/yr for SPY. At a 0.04 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 0.09%/yr for SPY.
Performance
UNL vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, UNL achieves a -11.72% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, UNL has underperformed SPY with an annualized return of -4.37%, while SPY has yielded a comparatively higher 15.70% annualized return.
UNL
- 1D
- -0.38%
- 1M
- 3.74%
- YTD
- -11.72%
- 6M
- -9.35%
- 1Y
- -31.64%
- 3Y*
- -17.42%
- 5Y*
- -6.97%
- 10Y*
- -4.37%
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
UNL vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -11.72% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -21.47% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between UNL and SPY is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010 | 0.04 |
The correlation between UNL and SPY shifts across timeframes, from -0.23 (1 year) to 0.06 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
UNL vs. SPY — Risk / Return Rank
UNL
SPY
UNL vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.05 | ||
| Sortino ratioReturn per unit of downside risk | -4.05 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.39 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 3.01 | -3.98 |
| Martin ratioReturn relative to average drawdown | -1.56 | 13.54 | -15.09 |
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Drawdowns
UNL vs. SPY - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.00%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for UNL and SPY.
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Drawdown Indicators
| UNL | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.00% | -55.19% | -33.81% |
Max Drawdown (1Y)Largest decline over 1 year | -32.65% | -8.88% | -23.77% |
Max Drawdown (3Y)Largest decline over 3 years | -48.16% | -18.76% | -29.40% |
Max Drawdown (5Y)Largest decline over 5 years | -78.12% | -24.50% | -53.62% |
Max Drawdown (10Y)Largest decline over 10 years | -78.12% | -33.72% | -44.40% |
Current DrawdownCurrent decline from peak | -88.46% | -1.75% | -86.71% |
Average DrawdownAverage peak-to-trough decline | -73.38% | -9.04% | -64.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.72% | 1.97% | +20.75% |
Volatility
UNL vs. SPY - Volatility Comparison
United States 12 Month Natural Gas Fund LP (UNL) has a higher volatility of 7.13% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that UNL's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.13% | 4.64% | +2.49% |
Volatility (6M)Calculated over the trailing 6-month period | 30.59% | 9.75% | +20.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.79% | 12.43% | +23.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 17.14% | +24.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.85% | 17.99% | +15.86% |
UNL vs. SPY - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
UNL vs. SPY - Dividend Comparison
UNL has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
UNL and SPY 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.
UNL has higher volatility (7.13%) compared to SPY (4.64%). In terms of maximum drawdown, UNL dropped -89.00% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.70% vs -4.37% for UNL. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.70% return vs -4.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.90% for UNL.
SPY has the higher dividend yield at 1.01%, compared with 0.00% for UNL.
UNL is categorized as Oil & Gas, while SPY is S&P 500. UNL tracks 12 Month Natural Gas, while SPY tracks S&P 500 Index. They also come from different issuers: Concierge Technologies and State Street. Their fees differ too: 0.90% for UNL and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 vs -0.89), 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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