UNL vs. UNG
UNL (United States 12 Month Natural Gas Fund LP) and UNG (United States Natural Gas Fund LP) are both Oil & Gas funds - UNL tracks the 12 Month Natural Gas while UNG tracks the Front Month Natural Gas Futures. Both are passively managed. Over the past 10 years, UNL returned -5.20%/yr vs -22.61%/yr for UNG. Their correlation of 0.94 means they have usually moved in the same direction. UNL charges 0.90%/yr vs 1.17%/yr for UNG.
Performance
UNL vs. UNG - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with UNL having a -18.52% return and UNG slightly higher at -17.94%. Over the past 10 years, UNL has outperformed UNG with an annualized return of -5.20%, while UNG has yielded a comparatively lower -22.61% annualized return.
UNL
- 1D
- 0.56%
- 1M
- -5.15%
- 6M
- -30.80%
- YTD
- -18.52%
- 1Y
- -25.95%
- 3Y*
- -18.51%
- 5Y*
- -11.19%
- 10Y*
- -5.20%
- ALL TIME*
- -12.56%
UNG
- 1D
- 0.50%
- 1M
- -13.13%
- 6M
- -40.47%
- YTD
- -17.94%
- 1Y
- -26.14%
- 3Y*
- -28.64%
- 5Y*
- -28.82%
- 10Y*
- -22.61%
- ALL TIME*
- -28.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $82.18M | $81.43M | $85.25M | |
| $226.03K | $285.73K | $439.49K |
UNL vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -18.52% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -21.47% |
UNG United States Natural Gas Fund LP | -17.94% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
Correlation
The correlation between UNL and UNG is 0.93, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.93 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.93 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010 | 0.94 |
The correlation between UNL and UNG has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UNL vs. UNG — Risk / Return Rank
UNL
UNG
UNL vs. UNG - 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 Natural Gas Fund LP (UNG). 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 | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.96 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | -0.62 | -0.14 |
| Martin ratioReturn relative to average drawdown | -1.30 | -1.04 | -0.26 |
Loading charts...
Drawdowns
UNL vs. UNG - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.48%, smaller than the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for UNL and UNG.
Loading charts...
Drawdown Indicators
| UNL | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.48% | -99.88% | +10.40% |
Max Drawdown (1Y)Largest decline over 1 year | -33.33% | -42.01% | +8.68% |
Max Drawdown (3Y)Largest decline over 3 years | -50.42% | -69.26% | +18.84% |
Max Drawdown (5Y)Largest decline over 5 years | -79.07% | -92.75% | +13.68% |
Max Drawdown (10Y)Largest decline over 10 years | -79.07% | -93.77% | +14.70% |
Current DrawdownCurrent decline from peak | -89.35% | -99.88% | +10.53% |
Average DrawdownAverage peak-to-trough decline | -73.49% | -90.02% | +16.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.53% | 25.13% | -5.60% |
Volatility
UNL vs. UNG - Volatility Comparison
The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 5.25%, while United States Natural Gas Fund LP (UNG) has a volatility of 10.03%. This indicates that UNL experiences smaller price fluctuations and is considered to be less risky than UNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UNL | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.25% | 10.03% | -4.78% |
Volatility (6M)Calculated over the trailing 6-month period | 26.04% | 42.08% | -16.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.75% | 59.01% | -24.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.70% | 64.14% | -22.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.81% | 54.70% | -20.89% |
UNL vs. UNG - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is lower than UNG's 1.17% expense ratio.
Dividends
UNL vs. UNG - Dividend Comparison
Neither UNL nor UNG has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.93, UNL and UNG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
UNG has higher volatility (10.03%) compared to UNL (5.25%). In terms of maximum drawdown, UNL dropped -89.48% vs UNG's -99.88%.
On 10-year performance, UNL leads with -5.20% vs -22.61% for UNG. On fees, UNL is cheaper at 0.90% per year. On volatility, UNL has been the lower-risk option at 5.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UNL has performed better with a -5.20% return vs -22.61%. 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 1.17% for UNG.
UNL and UNG have nearly identical dividend yields, around 0.00%.
UNL tracks 12 Month Natural Gas, while UNG tracks Front Month Natural Gas Futures. They also come from different issuers: Concierge Technologies and USCF. Their fees differ too: 0.90% for UNL and 1.17% for UNG.
UNG currently has the higher Sharpe Ratio (-0.44 vs -0.73), 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.
Find the right allocation for UNL and UNG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer