UNG vs UNL
United States Natural Gas Fund LP vs United States 12 Month Natural Gas Fund
Which is better, UNG or UNL?
Each has led over a different period.
UNG has a lower expense ratio. UNG led over 1Y, UNL over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.94.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | UNG | UNL |
|---|---|---|
| Expense Ratio | 1.17%Best | 1.65% |
| AUM | $569M | $14M |
| Dividend Yield | 0.00% | 0.00% |
| Holdings | 27 | 57 |
| YTD Return | -15.26%Best | -24.84% |
| 1Y Return | -29.81%Best | -35.43% |
| 3Y Return (annualized) | -27.59% | -21.02%Best |
| 5Y Return (annualized) | -31.65% | -17.16%Best |
| Volatility (annualized) | 47.5% | 30.6%Best |
| Max Drawdown | - | -91.0% |
| $10,000 over 5 years | $1,492 | $3,901Best |
| Fund Family | USCF Investments | USCF Investments |
| Category | Commodity | Commodity |
| Style | Energy | Energy |
| Inception | Apr 18, 2007 | Nov 18, 2009 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 18, 2009 to Nov 11, 2026 (17 years).
UNG vs UNL growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 17 years both funds cover.
UNG vs UNL Performance
United States Natural Gas Fund LP (UNG) is an ETF from USCF Investments and United States 12 Month Natural Gas Fund (UNL) is an ETF from USCF Investments. Over the past year UNG returned -29.81% while UNL returned -35.43%. Year to date, UNG is down 15.26% versus a loss of 24.84% for UNL.
Over three years, UNG compounded at -27.59% per year against -21.02% for UNL; over five years the annualized figures are -31.65% and -17.16% respectively. Across the full 17-year window we track, UNL has the edge at -12.08% annualized vs -24.28%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UNG has been the more volatile fund, with annualized monthly volatility of 47.5% compared with 30.6% for UNL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at 0.94. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
UNG charges 1.17% per year while UNL charges 1.65%. On a $10,000 position that is $117 vs $165 annually, a gap of $48 per year that compounds over a long holding period. On income, UNG currently yields 0.00% against 0.00% for UNL.
Holdings Overlap
We hold position weights for 1 holding in UNG and 24 in UNL, totalling 6.7% and 99.8% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 1 positions we hold weights for in UNG and 24 in UNL, against full books of 27 and 57.
You are not choosing between two funds in isolation.
Whichever of UNG and UNL you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, UNG or UNL?
UNG has an expense ratio of 1.17% while UNL charges 1.65%. UNG is the cheaper option, by $48 a year on a $10,000 investment.
Which performed better, UNG or UNL?
Over the past year UNG returned -29.81% vs -35.43% for UNL, so UNG leads on 1-year performance. Over the longest common window we track (17 years), UNG annualized -24.28% vs -12.08% for UNL. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, UNG or UNL?
UNG has been the more volatile fund at 47.5% annualized versus 30.6% for UNL.
Should I hold both UNG and UNL?
UNG and UNL have a monthly-return correlation of 0.94, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, UNG or UNL?
UNG yields 0.00% while UNL yields 0.00%, so UNL currently pays the higher dividend yield.
Is UNL better than UNG?
UNG has a lower expense ratio. UNG led over 1Y, UNL over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.94. Which one suits a particular account depends on what it is for. This is information, not a recommendation.