USCI vs. UNL
USCI (United States Commodity Index Fund) and UNL (United States 12 Month Natural Gas Fund LP) are both exchange-traded funds - USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity (TR), while UNL is a Oil & Gas fund tracking the 12 Month Natural Gas. Both are passively managed. Over the past 10 years, USCI returned 8.86%/yr vs -3.81%/yr for UNL. At a 0.20 correlation, their price movements are largely independent. USCI charges 1.03%/yr vs 0.90%/yr for UNL.
Performance
USCI vs. UNL - Performance Comparison
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Returns By Period
In the year-to-date period, USCI achieves a 28.22% return, which is significantly higher than UNL's -11.00% return. Over the past 10 years, USCI has outperformed UNL with an annualized return of 8.86%, while UNL has yielded a comparatively lower -3.81% annualized return.
USCI
- 1D
- 0.11%
- 1M
- -1.22%
- YTD
- 28.22%
- 6M
- 26.35%
- 1Y
- 40.33%
- 3Y*
- 23.15%
- 5Y*
- 19.28%
- 10Y*
- 8.86%
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%
USCI vs. UNL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USCI United States Commodity Index Fund | 28.22% | 17.63% | 17.24% | -0.00% | 29.47% | 33.07% | -11.47% | -1.68% | -11.76% | 6.32% |
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% |
Correlation
The correlation between USCI and UNL is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
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 11, 2010 | 0.20 |
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Return for Risk
USCI vs. UNL — Risk / Return Rank
USCI
UNL
USCI vs. UNL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Commodity Index Fund (USCI) and United States 12 Month Natural Gas Fund LP (UNL). 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.
| USCI | UNL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.22 | ||
| Sortino ratioReturn per unit of downside risk | +4.07 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 0.87 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 4.64 | -0.81 | +5.45 |
| Martin ratioReturn relative to average drawdown | 16.18 | -1.30 | +17.47 |
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
| USCI | UNL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.43 | -0.79 | +3.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.05 | -0.14 | +1.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | -0.11 | +0.67 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | -0.40 | +0.70 |
Drawdowns
USCI vs. UNL - Drawdown Comparison
The maximum USCI drawdown since its inception was -66.41%, smaller than the maximum UNL drawdown of -89.00%. Use the drawdown chart below to compare losses from any high point for USCI and UNL.
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Drawdown Indicators
| USCI | UNL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.41% | -89.00% | +22.59% |
Max Drawdown (1Y)Largest decline over 1 year | -8.73% | -35.11% | +26.38% |
Max Drawdown (3Y)Largest decline over 3 years | -12.01% | -48.16% | +36.15% |
Max Drawdown (5Y)Largest decline over 5 years | -18.84% | -78.12% | +59.28% |
Max Drawdown (10Y)Largest decline over 10 years | -45.82% | -78.12% | +32.30% |
Current DrawdownCurrent decline from peak | -3.10% | -88.37% | +85.27% |
Average DrawdownAverage peak-to-trough decline | -29.51% | -73.36% | +43.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 21.92% | -19.42% |
Volatility
USCI vs. UNL - Volatility Comparison
The current volatility for United States Commodity Index Fund (USCI) is 4.51%, while United States 12 Month Natural Gas Fund LP (UNL) has a volatility of 8.36%. This indicates that USCI experiences smaller price fluctuations and is considered to be less risky than UNL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USCI | UNL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.51% | 8.36% | -3.85% |
Volatility (6M)Calculated over the trailing 6-month period | 13.93% | 32.00% | -18.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.70% | 35.82% | -19.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.44% | 41.76% | -23.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.85% | 33.84% | -17.99% |
USCI vs. UNL - Expense Ratio Comparison
USCI has a 1.03% expense ratio, which is higher than UNL's 0.90% expense ratio.
Dividends
USCI vs. UNL - Dividend Comparison
Neither USCI nor UNL has paid dividends to shareholders.
Frequently Asked Questions
USCI and UNL have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNL has higher volatility (8.36%) compared to USCI (4.51%). In terms of maximum drawdown, USCI dropped -66.41% vs UNL's -89.00%.
On 10-year performance, USCI leads with 8.86% vs -3.81% for UNL. On fees, UNL is cheaper at 0.90% per year. On volatility, USCI has been the lower-risk option at 4.51%. 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 8.86% return vs -3.81%. 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.
USCI and UNL have nearly identical dividend yields, around 0.00%.
USCI is categorized as Commodities, while UNL is Oil & Gas. USCI tracks SummerHaven Dynamic Commodity (TR), while UNL tracks 12 Month Natural Gas. Their fees differ too: 1.03% for USCI and 0.90% for UNL.
USCI currently has the higher Sharpe Ratio (2.43 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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