UNL vs. USL
UNL (United States 12 Month Natural Gas Fund LP) and USL (United States 12 Month Oil Fund LP) are both Oil & Gas funds from Concierge Technologies - UNL tracks the 12 Month Natural Gas while USL tracks the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, UNL returned -3.81%/yr vs 10.91%/yr for USL. At a 0.13 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 0.88%/yr for USL.
Performance
UNL vs. USL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UNL achieves a -11.00% return, which is significantly lower than USL's 63.07% return. Over the past 10 years, UNL has underperformed USL with an annualized return of -3.81%, while USL has yielded a comparatively higher 10.91% 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%
USL
- 1D
- 1.55%
- 1M
- -1.61%
- YTD
- 63.07%
- 6M
- 59.66%
- 1Y
- 57.86%
- 3Y*
- 18.42%
- 5Y*
- 17.41%
- 10Y*
- 10.91%
UNL vs. USL - 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% |
USL United States 12 Month Oil Fund LP | 63.07% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -14.15% | 2.55% |
Correlation
The correlation between UNL and USL is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2010 | 0.13 |
The correlation between UNL and USL shifts across timeframes, from 0.13 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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. USL — Risk / Return Rank
UNL
USL
UNL vs. USL - 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 12 Month Oil Fund LP (USL). 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 | USL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.83 | ||
| Sortino ratioReturn per unit of downside risk | -3.55 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.34 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 3.47 | -4.28 |
| Martin ratioReturn relative to average drawdown | -1.30 | 7.02 | -8.32 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| UNL | USL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.79 | 2.04 | -2.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.58 | -0.72 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.11 | 0.34 | -0.45 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.40 | 0.01 | -0.41 |
Drawdowns
UNL vs. USL - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.00%, roughly equal to the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for UNL and USL.
Loading charts...
Drawdown Indicators
| UNL | USL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.00% | -89.06% | +0.06% |
Max Drawdown (1Y)Largest decline over 1 year | -35.11% | -16.76% | -18.35% |
Max Drawdown (3Y)Largest decline over 3 years | -48.16% | -23.33% | -24.83% |
Max Drawdown (5Y)Largest decline over 5 years | -78.12% | -33.82% | -44.30% |
Max Drawdown (10Y)Largest decline over 10 years | -78.12% | -66.02% | -12.10% |
Current DrawdownCurrent decline from peak | -88.37% | -38.16% | -50.21% |
Average DrawdownAverage peak-to-trough decline | -73.36% | -61.46% | -11.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.92% | 8.27% | +13.65% |
Volatility
UNL vs. USL - Volatility Comparison
The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 8.36%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that UNL experiences smaller price fluctuations and is considered to be less risky than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UNL | USL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.36% | 10.53% | -2.17% |
Volatility (6M)Calculated over the trailing 6-month period | 32.00% | 23.33% | +8.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.82% | 28.54% | +7.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 30.08% | +11.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.84% | 32.35% | +1.49% |
UNL vs. USL - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than USL's 0.88% expense ratio.
Dividends
UNL vs. USL - Dividend Comparison
Neither UNL nor USL has paid dividends to shareholders.
Frequently Asked Questions
UNL and USL have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USL has higher volatility (10.53%) compared to UNL (8.36%). In terms of maximum drawdown, UNL dropped -89.00% vs USL's -89.06%.
On 10-year performance, USL leads with 10.91% vs -3.81% for UNL. On fees, USL is cheaper at 0.88% 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, USL has performed better with a 10.91% return vs -3.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USL is cheaper with a 0.88% expense ratio, compared with 0.90% for UNL.
UNL and USL have nearly identical dividend yields, around 0.00%.
UNL tracks 12 Month Natural Gas, while USL tracks 12 Month Light Sweet Crude Oil. Their fees differ too: 0.90% for UNL and 0.88% for USL.
USL currently has the higher Sharpe Ratio (2.04 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.
Find the right allocation for UNL and USL
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