UNL vs. USO
UNL (United States 12 Month Natural Gas Fund LP) and USO (United States Oil Fund LP) are both Oil & Gas funds - UNL tracks the 12 Month Natural Gas while USO tracks the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, UNL returned -3.81%/yr vs 4.07%/yr for USO. At a 0.12 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 0.86%/yr for USO.
Performance
UNL vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, UNL achieves a -11.00% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, UNL has underperformed USO with an annualized return of -3.81%, while USO has yielded a comparatively higher 4.07% 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%
USO
- 1D
- 2.62%
- 1M
- -4.57%
- YTD
- 103.67%
- 6M
- 99.35%
- 1Y
- 101.55%
- 3Y*
- 29.98%
- 5Y*
- 24.41%
- 10Y*
- 4.07%
UNL vs. USO - 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% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between UNL and USO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2010 | 0.12 |
The correlation between UNL and USO shifts across timeframes, from 0.12 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UNL vs. USO — Risk / Return Rank
UNL
USO
UNL vs. USO - 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 Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.11 | ||
| Sortino ratioReturn per unit of downside risk | -3.86 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.38 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 5.01 | -5.82 |
| Martin ratioReturn relative to average drawdown | -1.30 | 9.42 | -10.71 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UNL | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.79 | 2.31 | -3.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.68 | -0.82 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.11 | 0.10 | -0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.40 | -0.18 | -0.22 |
Drawdowns
UNL vs. USO - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.00%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for UNL and USO.
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Drawdown Indicators
| UNL | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.00% | -98.19% | +9.19% |
Max Drawdown (1Y)Largest decline over 1 year | -35.11% | -20.39% | -14.72% |
Max Drawdown (3Y)Largest decline over 3 years | -48.16% | -26.05% | -22.11% |
Max Drawdown (5Y)Largest decline over 5 years | -78.12% | -36.23% | -41.89% |
Max Drawdown (10Y)Largest decline over 10 years | -78.12% | -86.75% | +8.63% |
Current DrawdownCurrent decline from peak | -88.37% | -85.01% | -3.36% |
Average DrawdownAverage peak-to-trough decline | -73.36% | -75.30% | +1.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.92% | 10.82% | +11.10% |
Volatility
UNL vs. USO - Volatility Comparison
The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 8.36%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that UNL experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.36% | 14.87% | -6.51% |
Volatility (6M)Calculated over the trailing 6-month period | 32.00% | 38.23% | -6.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.82% | 44.20% | -8.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 36.06% | +5.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.84% | 39.00% | -5.16% |
UNL vs. USO - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
UNL vs. USO - Dividend Comparison
Neither UNL nor USO has paid dividends to shareholders.
Frequently Asked Questions
UNL and USO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.87%) compared to UNL (8.36%). In terms of maximum drawdown, UNL dropped -89.00% vs USO's -98.19%.
On 10-year performance, USO leads with 4.07% vs -3.81% for UNL. On fees, USO is cheaper at 0.86% 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, USO has performed better with a 4.07% return vs -3.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 0.90% for UNL.
UNL and USO have nearly identical dividend yields, around 0.00%.
UNL tracks 12 Month Natural Gas, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Concierge Technologies and USCF. Their fees differ too: 0.90% for UNL and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.31 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.
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