UNL vs. UGA
UNL (United States 12 Month Natural Gas Fund LP) and UGA (United States Gasoline Fund LP) are both Oil & Gas funds from Concierge Technologies - UNL tracks the 12 Month Natural Gas while UGA tracks the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, UNL returned -3.81%/yr vs 14.43%/yr for UGA. At a 0.10 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 0.75%/yr for UGA.
Performance
UNL vs. UGA - 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 UGA's 75.49% return. Over the past 10 years, UNL has underperformed UGA with an annualized return of -3.81%, while UGA has yielded a comparatively higher 14.43% annualized 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%
UGA
- 1D
- -0.19%
- 1M
- -12.35%
- YTD
- 75.49%
- 6M
- 64.35%
- 1Y
- 80.94%
- 3Y*
- 22.21%
- 5Y*
- 25.10%
- 10Y*
- 14.43%
UNL vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -11.00% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -21.47% |
UGA United States Gasoline Fund LP | 75.49% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between UNL and UGA is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2010 | 0.10 |
The correlation between UNL and UGA shifts across timeframes, from 0.10 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UNL vs. UGA — Risk / Return Rank
UNL
UGA
UNL vs. UGA - 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 United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.11 | ||
| Sortino ratioReturn per unit of downside risk | -3.72 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.37 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 5.47 | -6.28 |
| Martin ratioReturn relative to average drawdown | -1.30 | 13.25 | -14.54 |
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 | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.79 | 2.32 | -3.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.73 | -0.87 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.11 | 0.39 | -0.50 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.40 | 0.12 | -0.52 |
Drawdowns
UNL vs. UGA - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.00%, roughly equal to the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for UNL and UGA.
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Drawdown Indicators
| UNL | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.00% | -86.59% | -2.41% |
Max Drawdown (1Y)Largest decline over 1 year | -35.11% | -14.88% | -20.23% |
Max Drawdown (3Y)Largest decline over 3 years | -48.16% | -26.68% | -21.48% |
Max Drawdown (5Y)Largest decline over 5 years | -78.12% | -38.11% | -40.01% |
Max Drawdown (10Y)Largest decline over 10 years | -78.12% | -75.89% | -2.23% |
Current DrawdownCurrent decline from peak | -88.37% | -12.35% | -76.02% |
Average DrawdownAverage peak-to-trough decline | -73.36% | -36.76% | -36.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.92% | 6.13% | +15.79% |
Volatility
UNL vs. UGA - Volatility Comparison
The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 8.36%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that UNL experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.36% | 11.66% | -3.30% |
Volatility (6M)Calculated over the trailing 6-month period | 32.00% | 30.41% | +1.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.82% | 35.14% | +0.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 34.38% | +7.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.84% | 37.27% | -3.43% |
UNL vs. UGA - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
UNL vs. UGA - Dividend Comparison
Neither UNL nor UGA has paid dividends to shareholders.
Frequently Asked Questions
UNL and UGA have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.66%) compared to UNL (8.36%). In terms of maximum drawdown, UNL dropped -89.00% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.43% vs -3.81% for UNL. On fees, UGA is cheaper at 0.75% per year. On volatility, UNL has been the lower-risk option at 8.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGA has performed better with a 14.43% return vs -3.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.90% for UNL.
UNL and UGA have nearly identical dividend yields, around 0.00%.
UNL tracks 12 Month Natural Gas, while UGA tracks Front Month Unleaded Gasoline. Their fees differ too: 0.90% for UNL and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.32 vs -0.79), 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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