UNL vs. UCO
UNL (United States 12 Month Natural Gas Fund LP) and UCO (ProShares Ultra Bloomberg Crude Oil) are both Oil & Gas funds - UNL tracks the 12 Month Natural Gas while UCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. Over the past 10 years, UNL returned -4.56%/yr vs 19.46%/yr for UCO. At a 0.13 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 0.95%/yr for UCO.
Performance
UNL vs. UCO - 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 UCO's 81.88% return. Over the past 10 years, UNL has underperformed UCO with an annualized return of -4.56%, while UCO has yielded a comparatively higher 19.46% annualized 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%
UCO
- 1D
- -1.26%
- 1M
- -25.61%
- YTD
- 81.88%
- 6M
- 76.32%
- 1Y
- 42.04%
- 3Y*
- 15.38%
- 5Y*
- 12.42%
- 10Y*
- 19.46%
UNL vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -13.41% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -21.47% |
UCO ProShares Ultra Bloomberg Crude Oil | 81.88% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
Correlation
The correlation between UNL and UCO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010 | 0.13 |
The correlation between UNL and UCO shifts across timeframes, from 0.13 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UNL vs. UCO — Risk / Return Rank
UNL
UCO
UNL vs. UCO - 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 Ultra Bloomberg Crude Oil (UCO). 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 | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.61 | ||
| Sortino ratioReturn per unit of downside risk | -2.40 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.16 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 1.30 | -2.25 |
| Martin ratioReturn relative to average drawdown | -1.52 | 2.61 | -4.13 |
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Drawdowns
UNL vs. UCO - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.00%, smaller than the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for UNL and UCO.
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Drawdown Indicators
| UNL | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.00% | -99.86% | +10.86% |
Max Drawdown (1Y)Largest decline over 1 year | -32.43% | -32.37% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -48.16% | -50.38% | +2.22% |
Max Drawdown (5Y)Largest decline over 5 years | -78.12% | -67.24% | -10.88% |
Max Drawdown (10Y)Largest decline over 10 years | -78.12% | -96.50% | +18.38% |
Current DrawdownCurrent decline from peak | -88.68% | -85.89% | -2.79% |
Average DrawdownAverage peak-to-trough decline | -73.39% | -82.11% | +8.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.45% | 16.23% | +4.22% |
Volatility
UNL vs. UCO - Volatility Comparison
The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 7.26%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 16.11%. This indicates that UNL experiences smaller price fluctuations and is considered to be less risky than UCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.26% | 16.11% | -8.85% |
Volatility (6M)Calculated over the trailing 6-month period | 30.37% | 48.06% | -17.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.76% | 57.57% | -21.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 60.09% | -18.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.86% | 317.77% | -283.91% |
UNL vs. UCO - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is lower than UCO's 0.95% expense ratio.
Dividends
UNL vs. UCO - Dividend Comparison
Neither UNL nor UCO has paid dividends to shareholders.
Frequently Asked Questions
UNL and UCO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (16.11%) compared to UNL (7.26%). In terms of maximum drawdown, UNL dropped -89.00% vs UCO's -99.86%.
On 10-year performance, UCO leads with 19.46% vs -4.56% for UNL. On fees, UNL is cheaper at 0.90% per year. On volatility, UNL has been the lower-risk option at 7.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UCO has performed better with a 19.46% return vs -4.56%. 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 UCO.
UNL and UCO have nearly identical dividend yields, around 0.00%.
UNL tracks 12 Month Natural Gas, while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%). They also come from different issuers: Concierge Technologies and ProShares. Their fees differ too: 0.90% for UNL and 0.95% for UCO.
UCO currently has the higher Sharpe Ratio (0.75 vs -0.86), 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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