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 -5.23%/yr vs -22.36%/yr for UNG. Their correlation of 0.94 suggests significant overlap in exposure. UNL charges 0.90%/yr vs 1.17%/yr for UNG.
Performance
UNL vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, UNL achieves a -18.29% return, which is significantly lower than UNG's -15.42% return. Over the past 10 years, UNL has outperformed UNG with an annualized return of -5.23%, while UNG has yielded a comparatively lower -22.36% annualized return.
UNL
- 1D
- -0.41%
- 1M
- -5.93%
- 6M
- -10.40%
- YTD
- -18.29%
- 1Y
- -30.69%
- 3Y*
- -18.45%
- 5Y*
- -9.87%
- 10Y*
- -5.23%
UNG
- 1D
- -2.17%
- 1M
- -8.63%
- 6M
- -7.25%
- YTD
- -15.42%
- 1Y
- -30.50%
- 3Y*
- -27.45%
- 5Y*
- -27.34%
- 10Y*
- -22.36%
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 | -18.29% | -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 | -15.42% | -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 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 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.
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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 | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.95 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.77 | -0.17 |
| Martin ratioReturn relative to average drawdown | -1.56 | -1.20 | -0.36 |
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Drawdowns
UNL vs. UNG - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.32%, 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.
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Drawdown Indicators
| UNL | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.32% | -99.88% | +10.56% |
Max Drawdown (1Y)Largest decline over 1 year | -32.78% | -39.94% | +7.16% |
Max Drawdown (3Y)Largest decline over 3 years | -49.67% | -68.16% | +18.49% |
Max Drawdown (5Y)Largest decline over 5 years | -78.75% | -92.49% | +13.74% |
Max Drawdown (10Y)Largest decline over 10 years | -78.75% | -93.55% | +14.80% |
Current DrawdownCurrent decline from peak | -89.32% | -99.87% | +10.55% |
Average DrawdownAverage peak-to-trough decline | -73.43% | -90.00% | +16.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.65% | 25.43% | -5.78% |
Volatility
UNL vs. UNG - Volatility Comparison
The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 5.82%, while United States Natural Gas Fund LP (UNG) has a volatility of 11.04%. 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.
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Volatility by Period
| UNL | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.82% | 11.04% | -5.22% |
Volatility (6M)Calculated over the trailing 6-month period | 29.30% | 49.52% | -20.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.19% | 59.76% | -24.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.75% | 64.19% | -22.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.84% | 54.76% | -20.92% |
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 0.94, 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 (11.04%) compared to UNL (5.82%). In terms of maximum drawdown, UNL dropped -89.32% vs UNG's -99.88%.
On 10-year performance, UNL leads with -5.23% vs -22.36% for UNG. On fees, UNL is cheaper at 0.90% per year. On volatility, UNL has been the lower-risk option at 5.82%. 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 -5.23% return vs -22.36%. 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 Investments. Their fees differ too: 0.90% for UNL and 1.17% for UNG.
UNG currently has the higher Sharpe Ratio (-0.51 vs -0.88), 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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