UNL vs. XELA

Last updated Jun 23, 2026

UNL (United States 12 Month Natural Gas Fund LP) is Oil & Gas fund tracking the 12 Month Natural Gas, while XELA (Exela Technologies, Inc.) is a stock. Over the past 10 years, UNL returned -4.37%/yr vs -83.67%/yr for XELA. At a 0.04 correlation, their price movements are largely independent.

Performance

UNL vs. XELA - 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 Exela Technologies, Inc. (XELA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UNL achieves a -11.72% return, which is significantly higher than XELA's -85.45% return. Over the past 10 years, UNL has outperformed XELA with an annualized return of -4.37%, while XELA has yielded a comparatively lower -83.67% annualized return.

UNL

• 1D: -0.38%
• 1M: 3.74%
• YTD: -11.72%
• 6M: -9.35%
• 1Y: -31.64%
• 3Y*: -17.42%
• 5Y*: -6.97%
• 10Y*: -4.37%

XELA

• 1D: -85.45%
• 1M: 0.00%
• YTD: -85.45%
• 6M: -94.67%
• 1Y: -85.59%
• 3Y*: -93.07%
• 5Y*: -95.05%
• 10Y*: -83.67%

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

UNL vs. XELA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UNL United States 12 Month Natural Gas Fund LP	-11.72%	-9.67%	-4.78%	-50.20%	47.01%	54.42%	-9.54%	-18.78%	12.53%	-21.47%
XELA Exela Technologies, Inc.	-85.45%	-99.01%	-66.96%	-79.51%	-99.53%	-29.58%	1.79%	-89.51%	-24.47%	-48.24%

Correlation

The correlation between UNL and XELA is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Mar 9, 2015	0.04

Return for Risk

UNL vs. XELA — 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

XELA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. XELA - 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 Exela Technologies, Inc. (XELA). 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	XELA	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	-0.02	-0.87
Sortino ratio: Return per unit of downside risk	-1.14	35.73	-36.87
Omega ratio: Gain probability vs. loss probability	0.85	6.44	-5.59
Calmar ratio: Return relative to maximum drawdown	-0.97	-0.89	-0.08
Martin ratio: Return relative to average drawdown	-1.56	-1.16	-0.40

UNL vs. XELA - Sharpe Ratio Comparison

The current UNL Sharpe Ratio is -0.89, which is lower than the XELA Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of UNL and XELA, 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. XELA - Drawdown Comparison

The maximum UNL drawdown since its inception was -89.00%, smaller than the maximum XELA drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UNL and XELA.

Drawdown Indicators

	UNL	XELA	Difference
Max Drawdown Largest peak-to-trough decline	-89.00%	-100.00%	+11.00%
Max Drawdown (1Y) Largest decline over 1 year	-32.65%	-99.59%	+66.94%
Max Drawdown (3Y) Largest decline over 3 years	-48.16%	-99.98%	+51.82%
Max Drawdown (5Y) Largest decline over 5 years	-78.12%	-100.00%	+21.88%
Max Drawdown (10Y) Largest decline over 10 years	-78.12%	-100.00%	+21.88%
Current Drawdown Current decline from peak	-88.46%	-100.00%	+11.54%
Average Drawdown Average peak-to-trough decline	-73.38%	-70.76%	-2.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.72%	89.92%	-67.20%

Volatility

UNL vs. XELA - Volatility Comparison

The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 7.13%, while Exela Technologies, Inc. (XELA) has a volatility of 533.67%. This indicates that UNL experiences smaller price fluctuations and is considered to be less risky than XELA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UNL	XELA	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.13%	533.67%	-526.54%
Volatility (6M) Calculated over the trailing 6-month period	30.59%	896.22%	-865.63%
Volatility (1Y) Calculated over the trailing 1-year period	35.79%	5,900.84%	-5,865.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.76%	2,561.52%	-2,519.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.85%	1,805.21%	-1,771.36%

Dividends

UNL vs. XELA - Dividend Comparison

Neither UNL nor XELA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UNL and XELA in my portfolio?

UNL and XELA have a correlation of -0.01, 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 XELA?

XELA has higher volatility (533.67%) compared to UNL (7.13%). In terms of maximum drawdown, UNL dropped -89.00% vs XELA's -100.00%.

Which has better risk-adjusted returns?

XELA currently has the higher Sharpe Ratio (-0.01 vs -0.89), 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.