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 Index Total Return, while UNL is a Oil & Gas fund tracking the 12 Month Natural Gas. Both are passively managed. Over the past 10 years, USCI returned 8.92%/yr vs -5.25%/yr for UNL. Their 0.20 correlation means their historical movements had little consistent relationship. 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 27.88% return, which is significantly higher than UNL's -18.43% return. Over the past 10 years, USCI has outperformed UNL with an annualized return of 8.92%, while UNL has yielded a comparatively lower -5.25% annualized return.
USCI
- 1D
- -1.75%
- 1M
- 7.73%
- 6M
- 23.25%
- YTD
- 27.88%
- 1Y
- 35.81%
- 3Y*
- 19.39%
- 5Y*
- 19.79%
- 10Y*
- 8.92%
- ALL TIME*
- 4.38%
UNL
- 1D
- 0.11%
- 1M
- -5.05%
- 6M
- -17.42%
- YTD
- -18.43%
- 1Y
- -25.86%
- 3Y*
- -18.35%
- 5Y*
- -11.98%
- 10Y*
- -5.25%
- ALL TIME*
- -12.55%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $201.90K | $282.26K | $431.49K | |
| $1.26M | $1.23M | $1.84M |
USCI vs. UNL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USCI United States Commodity Index Fund | 27.88% | 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 | -18.43% | -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 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.20 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.19 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 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.
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.
| USCI | UNL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.84 | ||
| Sortino ratioReturn per unit of downside risk | +3.68 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 0.88 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | -0.78 | +3.99 |
| Martin ratioReturn relative to average drawdown | 10.27 | -1.32 | +11.59 |
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Drawdowns
USCI vs. UNL - Drawdown Comparison
The maximum USCI drawdown since its inception was -66.41%, smaller than the maximum UNL drawdown of -89.48%. 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% | -89.48% | +23.07% |
Max Drawdown (1Y)Largest decline over 1 year | -11.19% | -33.33% | +22.14% |
Max Drawdown (3Y)Largest decline over 3 years | -12.01% | -50.42% | +38.41% |
Max Drawdown (5Y)Largest decline over 5 years | -18.84% | -79.07% | +60.23% |
Max Drawdown (10Y)Largest decline over 10 years | -45.82% | -79.07% | +33.25% |
Current DrawdownCurrent decline from peak | -3.57% | -89.34% | +85.77% |
Average DrawdownAverage peak-to-trough decline | -29.26% | -73.49% | +44.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.50% | 19.64% | -16.14% |
Volatility
USCI vs. UNL - Volatility Comparison
United States Commodity Index Fund (USCI) has a higher volatility of 5.70% compared to United States 12 Month Natural Gas Fund LP (UNL) at 5.26%. This indicates that USCI's price experiences larger fluctuations and is considered to be riskier 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 | 5.70% | 5.26% | +0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 13.93% | 24.99% | -11.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.19% | 34.80% | -17.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.44% | 41.71% | -23.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.93% | 33.81% | -17.88% |
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 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USCI has higher volatility (5.70%) compared to UNL (5.26%). In terms of maximum drawdown, USCI dropped -66.41% vs UNL's -89.48%.
On 10-year performance, USCI leads with 8.92% vs -5.25% for UNL. On fees, UNL is cheaper at 0.90% per year. On volatility, UNL has been the lower-risk option at 5.26%. 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 8.92% return vs -5.25%. 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 Index Total Return, while UNL tracks 12 Month Natural Gas. They also come from different issuers: USCF and Concierge Technologies. Their fees differ too: 1.03% for USCI and 0.90% for UNL.
USCI currently has the higher Sharpe Ratio (2.10 vs -0.75), 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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