United States 12 Month Natural Gas Fund LP (UNL) Performance
UNL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −27.6% since Dec 31, 2025
- 1 year
- −32.3% total return
- 5 years
- −17.7% a year
- 10 years
- −6.9% a year
- Since first price
- −12.2% a year since 2009
UNL trailing returns vs SPY, QQQ, AGG
| Period | UNL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −8.9% | −8.9% | −1.0% | −5.0% | +0.9% |
| 3 months | −13.2% | −13.2% | +3.2% | +1.9% | −0.4% |
| 6 months | −18.0% | −18.0% | +7.8% | +8.4% | −1.5% |
| YTD | −27.6% | −27.6% | +12.3% | +15.1% | −1.0% |
| 1 year | −32.3% | −32.3% | +14.4% | +15.9% | −1.1% |
| 3 years | −51.4%−21.4%/yr | −51.4% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −62.3%−17.7%/yr | −62.3% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −51.3%−6.9%/yr | −51.3% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −80.0%−10.2%/yr | −80.0% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionNov 18, 2009 | −88.9%−12.2%/yr | −88.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: UNL vs SPY
From Nov 18, 2009: UNL grew to $1,111, SPY to $92,239.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
UNL returns by calendar year
5 of 16 full years positive. Best 2021 (+54.4%), worst 2023 (−50.2%). 2026 is year to date.
UNL annual returns table
| Year | UNL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −27.6% | −38.6% | +12.3% | +15.1% | −1.0% |
| 2025 | −9.7% | −34.0% | +17.7% | +20.8% | +7.2% |
| 2024 | −4.8% | −29.0% | +24.9% | +25.6% | +1.3% |
| 2023 | −50.2% | −51.6% | +26.2% | +54.9% | +5.7% |
| 2022 | +47.0% | −39.3% | −18.2% | −32.6% | −13.0% |
| 2021 | +54.4% | −26.5% | +28.7% | +27.4% | −1.8% |
| 2020 | −9.5% | −20.8% | +18.3% | +48.6% | +7.5% |
| 2019 | −18.8% | −25.0% | +31.2% | +39.0% | +8.5% |
| 2018 | +12.5% | −11.5% | −4.6% | −0.1% | +0.1% |
| 2017 | −21.5% | −24.5% | +21.7% | +32.7% | +3.6% |
| 2016 | +20.6% | −21.4% | +12.0% | +7.1% | +2.4% |
| 2015 | −29.8% | −41.6% | +1.2% | +9.4% | +0.5% |
| 2014 | −24.7% | −34.9% | +13.5% | +19.2% | +6.0% |
| 2013 | +6.4% | −23.6% | +32.3% | +36.6% | −2.0% |
| 2012 | −18.4% | −31.5% | +16.0% | +18.1% | +3.8% |
| 2011 | −39.6% | −42.4% | +1.9% | +3.4% | +7.7% |
| 2010 | −35.5% | −44.0% | +15.1% | +19.9% | +6.4% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
UNL largest drawdowns
Now 90.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 28, 2009 | −90.6% | Oct 23, 2026 | not yet | 16.8 years | 16.8 years so far |
| Nov 27, 2009 | −12.5% | Dec 3, 2009 | Dec 10, 2009 | 6 days | 13 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
UNL risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2009 |
|---|---|---|---|---|
| Annualized return | −19.4% | −17.1% | −5.6% | −12.1% |
| Volatility (annualized) | 29.1% | 42.6% | 34.9% | 30.7% |
| Sharpe ratio | -0.74 | -0.31 | -0.06 | -0.31 |
| Sortino ratio | -0.91 | -0.45 | -0.09 | -0.43 |
| Best month | +17.8% | +34.1% | +34.1% | +34.1% |
| Worst month | −20.7% | −27.4% | −27.4% | −27.4% |
| Best 12 months | +32.4% | +72.1% | +192.5% | +192.5% |
| Worst 12 months | −40.9% | −58.9% | −58.9% | −58.9% |
| Positive months | 44% | 42% | 48% | 43% |
| Beta vs S&P 500 | -0.44 | 0.13 | 0.09 | — |
| Correlation with S&P 500 | -0.19 | 0.05 | 0.04 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
UNL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 192 | −58.9% | −9.2% | +192.5% | 34% |
| 3-year (a year) | 168 | −34.4% | −11.1% | +47.0% | 23% |
| 5-year (a year) | 144 | −24.6% | −7.9% | +22.6% | 26% |
| 10-year (a year) | 84 | −17.3% | −5.6% | +5.1% | 11% |
Every holding period starting at a month-end since 2009. Returns for 3 years and longer are annualized.
UNL performance overview
United States 12 Month Natural Gas Fund LP (UNL) returned −32.3% over the past year and −6.9% a year over ten years, with distributions reinvested. Since its first recorded price in 2009 it has returned −12.2% a year, turning $10,000 into about $1,111. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −90.6%, from Dec 28, 2009 to Oct 23, 2026; the fund has not yet regained that high. UNL finished 5 of its 16 full calendar years with a gain; the best year was 2021 (+54.4%) and the worst 2023 (−50.2%). Volatility has been 30.7% a year.
Related: UNL chart. See the UNL overview for the latest quote and fund facts.
UNL performance FAQ
What is the UNL return over the past year?
UNL returned −32.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 32.3%.
What is the average annual return of UNL?
UNL has returned −17.7% a year over 5 years, −6.9% a year over 10 years, −12.2% a year since November 18, 2009 (total return, distributions reinvested).
How much would $10,000 invested in UNL be worth?
$10,000 invested in UNL at its first recorded close on November 18, 2009 would be worth about $1,111 on October 23, 2026 with distributions reinvested.
What was the worst year for UNL?
The worst calendar year was 2023, with a total return of −50.2%. The best was 2021 at +54.4%.
What is the biggest drawdown of UNL?
The largest peak-to-trough decline was −90.6% between December 28, 2009 and October 23, 2026. It has not yet recovered to that high; it is 90.6% below its peak.
How volatile is UNL?
Over the past 3 years UNL had an annualized volatility of 29.1% and a Sharpe ratio of -0.74 (excess return over 1–3 month T-bills per unit of risk).