UNL vs. USCI
UNL (United States 12 Month Natural Gas Fund LP) and USCI (United States Commodity Index Fund) are both exchange-traded funds - UNL is a Oil & Gas fund tracking the 12 Month Natural Gas, while USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return. Both are passively managed. Over the past 10 years, UNL returned -5.27%/yr vs 8.69%/yr for USCI. At a 0.19 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 1.03%/yr for USCI.
Performance
UNL vs. USCI - Performance Comparison
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Returns By Period
In the year-to-date period, UNL achieves a -18.43% return, which is significantly lower than USCI's 27.35% return. Over the past 10 years, UNL has underperformed USCI with an annualized return of -5.27%, while USCI has yielded a comparatively higher 8.69% annualized return.
UNL
- 1D
- -0.43%
- 1M
- -7.38%
- 6M
- -8.23%
- YTD
- -18.43%
- 1Y
- -32.89%
- 3Y*
- -18.22%
- 5Y*
- -9.93%
- 10Y*
- -5.27%
USCI
- 1D
- -0.68%
- 1M
- 5.16%
- 6M
- 21.95%
- YTD
- 27.35%
- 1Y
- 33.06%
- 3Y*
- 21.21%
- 5Y*
- 19.56%
- 10Y*
- 8.69%
UNL vs. USCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -18.43% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -21.47% |
USCI United States Commodity Index Fund | 27.35% | 17.63% | 17.24% | -0.00% | 29.47% | 33.07% | -11.47% | -1.68% | -11.76% | 6.32% |
Correlation
The correlation between UNL and USCI is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2010 | 0.19 |
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Return for Risk
UNL vs. USCI — Risk / Return Rank
UNL
USCI
UNL vs. USCI - 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 Commodity Index Fund (USCI). 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 | USCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.89 | ||
| Sortino ratioReturn per unit of downside risk | -3.86 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.33 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | 2.97 | -3.99 |
| Martin ratioReturn relative to average drawdown | -1.70 | 9.37 | -11.06 |
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Drawdowns
UNL vs. USCI - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.34%, which is greater than USCI's maximum drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for UNL and USCI.
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Drawdown Indicators
| UNL | USCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.34% | -66.41% | -22.93% |
Max Drawdown (1Y)Largest decline over 1 year | -32.44% | -11.19% | -21.25% |
Max Drawdown (3Y)Largest decline over 3 years | -49.75% | -12.01% | -37.74% |
Max Drawdown (5Y)Largest decline over 5 years | -78.79% | -18.84% | -59.95% |
Max Drawdown (10Y)Largest decline over 10 years | -78.79% | -45.82% | -32.97% |
Current DrawdownCurrent decline from peak | -89.34% | -3.75% | -85.59% |
Average DrawdownAverage peak-to-trough decline | -73.45% | -29.34% | -44.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.97% | 3.54% | +16.43% |
Volatility
UNL vs. USCI - Volatility Comparison
United States 12 Month Natural Gas Fund LP (UNL) has a higher volatility of 5.62% compared to United States Commodity Index Fund (USCI) at 5.21%. This indicates that UNL's price experiences larger fluctuations and is considered to be riskier than USCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | USCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.62% | 5.21% | +0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 28.58% | 14.33% | +14.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.05% | 17.01% | +18.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.75% | 18.43% | +23.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.82% | 15.89% | +17.93% |
UNL vs. USCI - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is lower than USCI's 1.03% expense ratio.
Dividends
UNL vs. USCI - Dividend Comparison
Neither UNL nor USCI has paid dividends to shareholders.
Frequently Asked Questions
UNL and USCI have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNL has higher volatility (5.62%) compared to USCI (5.21%). In terms of maximum drawdown, UNL dropped -89.34% vs USCI's -66.41%.
On 10-year performance, USCI leads with 8.69% vs -5.27% for UNL. On fees, UNL is cheaper at 0.90% per year. On volatility, USCI has been the lower-risk option at 5.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USCI has performed better with a 8.69% return vs -5.27%. 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 1.03% for USCI.
UNL and USCI have nearly identical dividend yields, around 0.00%.
UNL is categorized as Oil & Gas, while USCI is Commodities. UNL tracks 12 Month Natural Gas, while USCI tracks SummerHaven Dynamic Commodity Index Total Return. They also come from different issuers: Concierge Technologies and United States Commodity Funds. Their fees differ too: 0.90% for UNL and 1.03% for USCI.
USCI currently has the higher Sharpe Ratio (1.95 vs -0.94), 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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