USL vs. UNG
USL (United States 12 Month Oil Fund LP) and UNG (United States Natural Gas Fund LP) are both Oil & Gas funds from Concierge Technologies - USL tracks the 12 Month Light Sweet Crude Oil while UNG tracks the Front Month Natural Gas. Both are passively managed. Over the past 10 years, USL returned 10.91%/yr vs -20.48%/yr for UNG. At a 0.15 correlation, their price movements are largely independent. USL charges 0.88%/yr vs 1.28%/yr for UNG.
Performance
USL vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, USL achieves a 63.07% return, which is significantly higher than UNG's -4.49% return. Over the past 10 years, USL has outperformed UNG with an annualized return of 10.91%, while UNG has yielded a comparatively lower -20.48% annualized return.
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%
UNG
- 1D
- 2.09%
- 1M
- 6.94%
- YTD
- -4.49%
- 6M
- -24.31%
- 1Y
- -30.96%
- 3Y*
- -21.19%
- 5Y*
- -23.11%
- 10Y*
- -20.48%
USL vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
UNG United States Natural Gas Fund LP | -4.49% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
Correlation
The correlation between USL and UNG 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 | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2007 | 0.15 |
The correlation between USL and UNG shifts across timeframes, from 0.13 (10 years) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
USL vs. UNG — Risk / Return Rank
USL
UNG
USL vs. UNG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund LP (USL) and United States Natural Gas Fund LP (UNG). 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.
| USL | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.55 | ||
| Sortino ratioReturn per unit of downside risk | +3.00 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 0.95 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 3.47 | -0.71 | +4.18 |
| Martin ratioReturn relative to average drawdown | 7.02 | -1.04 | +8.06 |
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
| USL | UNG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | -0.51 | +2.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | -0.36 | +0.94 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.34 | -0.37 | +0.71 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.01 | -0.57 | +0.58 |
Drawdowns
USL vs. UNG - Drawdown Comparison
The maximum USL drawdown since its inception was -89.06%, smaller than the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for USL and UNG.
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Drawdown Indicators
| USL | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.06% | -99.88% | +10.82% |
Max Drawdown (1Y)Largest decline over 1 year | -16.76% | -43.86% | +27.10% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | -68.16% | +44.83% |
Max Drawdown (5Y)Largest decline over 5 years | -33.82% | -92.49% | +58.67% |
Max Drawdown (10Y)Largest decline over 10 years | -66.02% | -93.55% | +27.53% |
Current DrawdownCurrent decline from peak | -38.16% | -99.86% | +61.70% |
Average DrawdownAverage peak-to-trough decline | -61.46% | -89.96% | +28.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.27% | 29.68% | -21.41% |
Volatility
USL vs. UNG - Volatility Comparison
The current volatility for United States 12 Month Oil Fund LP (USL) is 10.53%, while United States Natural Gas Fund LP (UNG) has a volatility of 13.09%. This indicates that USL experiences smaller price fluctuations and is considered to be less risky than UNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USL | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.53% | 13.09% | -2.56% |
Volatility (6M)Calculated over the trailing 6-month period | 23.33% | 52.96% | -29.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.54% | 60.48% | -31.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.08% | 64.10% | -34.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.35% | 54.78% | -22.43% |
USL vs. UNG - Expense Ratio Comparison
USL has a 0.88% expense ratio, which is lower than UNG's 1.28% expense ratio.
Dividends
USL vs. UNG - Dividend Comparison
Neither USL nor UNG has paid dividends to shareholders.
Frequently Asked Questions
USL and UNG 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.
UNG has higher volatility (13.09%) compared to USL (10.53%). In terms of maximum drawdown, USL dropped -89.06% vs UNG's -99.88%.
On 10-year performance, USL leads with 10.91% vs -20.48% for UNG. On fees, USL is cheaper at 0.88% per year. On volatility, USL has been the lower-risk option at 10.53%. 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 -20.48%. 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 1.28% for UNG.
USL and UNG have nearly identical dividend yields, around 0.00%.
USL tracks 12 Month Light Sweet Crude Oil, while UNG tracks Front Month Natural Gas. Their fees differ too: 0.88% for USL and 1.28% for UNG.
USL currently has the higher Sharpe Ratio (2.04 vs -0.51), 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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