United States 12 Month Natural Gas Fund LP (UNL) IV/HV History
Comparing implied volatility to historical (realized) volatility reveals whether options are priced rich or cheap relative to actual price movement. Persistent gaps can signal trading opportunities.
United States 12 Month Natural Gas Fund LP (UNL) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $8.4M, listed on AMEX, carrying a beta of 1.28 to the broader market. The Benchmark Futures Contracts are the futures contracts on natural gas as traded on the NYMEX that are the near month contract to expire, and the contracts for the following 11 months, for a total of 12 consecutive months’ contracts, except when the near month contract is within two weeks of expiration. public since 2010-01-04.
Snapshot as of May 15, 2026.
- Spot Price
- $6.50
- ATM IV
- 26.0%
- HV 20-Day
- 21.0%
- HV 60-Day
- 31.2%
- IV Rank
- 5.7%
- IV Percentile
- 11.1%
As of May 15, 2026, United States 12 Month Natural Gas Fund LP (UNL) ATM implied volatility is 26.0%. 20-day realized volatility is 21.0%, producing an IV-HV spread of +5.0 vol points. Options are pricing in more volatility than the stock has recently delivered, the volatility risk premium. IV rank is 5.7%.
How UNL iv/hv history Data Feeds Strategy Selection
Strategy selection on United States 12 Month Natural Gas Fund LP options does not derive from any single metric in isolation. The iv/hv history view above sits inside a broader read: ATM IV currently sits at 26.0% and dealer gamma exposure is positive, so dealer hedging is mechanically mean-reverting. Combine the iv/hv history data here with the volatility-skew surface, dealer-gamma exposure, max-pain level, and upcoming-events calendar to build a positioning thesis. Risk-defined structures (credit spreads, debit spreads, iron condors) are usually safer than naked positions while the regime is uncertain; the data on this page anchors the inputs but does not by itself constitute a trade thesis.
Learn how implied vs realized volatility is reported and how to read the data →
Frequently asked UNL iv/hv history questions
- Is UNL options pricing rich or cheap right now?
- As of May 15, 2026, United States 12 Month Natural Gas Fund LP (UNL) ATM IV is 26.0% against 20-day realized volatility of 21.0%. IV rank is 5.7%. UNL options are pricing in more volatility than the stock has recently realized: a positive variance risk premium worth 5.0 vol points.
- What is the UNL variance risk premium?
- The variance risk premium is the persistent gap between implied and subsequently realized volatility. In equity markets it averages positive because option sellers demand compensation for bearing variance shocks. UNL is currently priced consistently with this premium, which is one input to whether short-vol or long-vol structures carry their typical edge.
- What does UNL IV rank mean for strategy selection?
- IV rank normalizes the current ATM IV to its 1-year range: 0% is the low, 100% is the high. UNL's current rank of 5.7% signals where current pricing sits in its own 1-year history. High-rank regimes typically favor premium-selling structures (credit spreads, condors, covered calls); low-rank regimes typically favor premium-buying or long-volatility structures.