UNL vs. USCI

Last updated Jun 24, 2026

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 (TR). Both are passively managed. Over the past 10 years, UNL returned -4.56%/yr vs 8.18%/yr for USCI. At a 0.20 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 1.03%/yr for USCI.

Performance

UNL vs. USCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States 12 Month Natural Gas Fund LP (UNL) and United States Commodity Index Fund (USCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UNL achieves a -13.41% return, which is significantly lower than USCI's 19.17% return. Over the past 10 years, UNL has underperformed USCI with an annualized return of -4.56%, while USCI has yielded a comparatively higher 8.18% 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%

USCI

• 1D: -0.23%
• 1M: -7.10%
• YTD: 19.17%
• 6M: 17.13%
• 1Y: 24.71%
• 3Y*: 19.66%
• 5Y*: 18.39%
• 10Y*: 8.18%

*Multi-year figures are annualized to reflect compound growth (CAGR)

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	-13.41%	-9.67%	-4.78%	-50.20%	47.01%	54.42%	-9.54%	-18.78%	12.53%	-21.47%
USCI United States Commodity Index Fund	19.17%	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 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Aug 10, 2010	0.20

Return for Risk

UNL vs. USCI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UNL

UNL Risk / Return Rank: 2
UNL Sharpe Ratio Rank: 2
UNL Sortino Ratio Rank: 3
UNL Omega Ratio Rank: 2
UNL Calmar Ratio Rank: 1
UNL Martin Ratio Rank: 1

USCI

USCI Risk / Return Rank: 46
USCI Sharpe Ratio Rank: 45
USCI Sortino Ratio Rank: 42
USCI Omega Ratio Rank: 41
USCI Calmar Ratio Rank: 53
USCI Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 ratio: Return per unit of total volatility	-0.86	1.50	-2.36
Sortino ratio: Return per unit of downside risk	-1.10	2.04	-3.14
Omega ratio: Gain probability vs. loss probability	0.86	1.26	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.95	2.50	-3.45
Martin ratio: Return relative to average drawdown	-1.52	8.53	-10.05

UNL vs. USCI - Sharpe Ratio Comparison

The current UNL Sharpe Ratio is -0.86, which is lower than the USCI Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of UNL and USCI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UNL vs. USCI - Drawdown Comparison

The maximum UNL drawdown since its inception was -89.00%, 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.

Drawdown Indicators

	UNL	USCI	Difference
Max Drawdown Largest peak-to-trough decline	-89.00%	-66.41%	-22.59%
Max Drawdown (1Y) Largest decline over 1 year	-32.43%	-9.94%	-22.49%
Max Drawdown (3Y) Largest decline over 3 years	-48.16%	-12.01%	-36.15%
Max Drawdown (5Y) Largest decline over 5 years	-78.12%	-18.84%	-59.28%
Max Drawdown (10Y) Largest decline over 10 years	-78.12%	-45.82%	-32.30%
Current Drawdown Current decline from peak	-88.68%	-9.94%	-78.74%
Average Drawdown Average peak-to-trough decline	-73.39%	-29.43%	-43.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.45%	2.91%	+17.54%

Volatility

UNL vs. USCI - Volatility Comparison

United States 12 Month Natural Gas Fund LP (UNL) has a higher volatility of 7.26% compared to United States Commodity Index Fund (USCI) at 3.15%. 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.

Volatility by Period

	UNL	USCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.26%	3.15%	+4.11%
Volatility (6M) Calculated over the trailing 6-month period	30.37%	14.03%	+16.34%
Volatility (1Y) Calculated over the trailing 1-year period	35.76%	16.73%	+19.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.76%	18.35%	+23.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.86%	15.85%	+18.01%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UNL and USCI in my portfolio?

UNL and USCI have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UNL or USCI?

UNL has higher volatility (7.26%) compared to USCI (3.15%). In terms of maximum drawdown, UNL dropped -89.00% vs USCI's -66.41%.

Which ETF is better, UNL or USCI?

On 10-year performance, USCI leads with 8.18% vs -4.56% for UNL. On fees, UNL is cheaper at 0.90% per year. On volatility, USCI has been the lower-risk option at 3.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UNL or USCI?

Over the 10-year period, USCI has performed better with a 8.18% return vs -4.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UNL or USCI?

UNL is cheaper with a 0.90% expense ratio, compared with 1.03% for USCI.

Which ETF pays a higher dividend yield, UNL or USCI?

UNL and USCI have nearly identical dividend yields, around 0.00%.

What is the main difference between UNL and USCI?

UNL is categorized as Oil & Gas, while USCI is Commodities. UNL tracks 12 Month Natural Gas, while USCI tracks SummerHaven Dynamic Commodity (TR). Their fees differ too: 0.90% for UNL and 1.03% for USCI.

Which has better risk-adjusted returns?

USCI currently has the higher Sharpe Ratio (1.50 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.