- ISIN
- US9123184098
- CUSIP
- 912318300
- Issuer
- USCF Investments
- Inception Date
- Apr 18, 2007
- Region
- North America (U.S.)
- Category
- Oil & Gas
- Leveraged
- 1x (No leverage)
- Index Tracked
- Front Month Natural Gas Futures
- Domicile
- United States
- Distribution Policy
- Accumulating
- Asset Class
- Commodity
- Assets Under Management
- $591M
Share Price Chart
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Performance
UNG Performance Chart
United States Natural Gas Fund LP (UNG) is down 4.0% since the beginning of the year. UNG is currently trading at $12 per share. Investors who bought $1,000 worth of UNG shares 5 years ago would now be looking at an investment worth $253.
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Returns By Period
United States Natural Gas Fund LP (UNG) has returned -4.00% so far this year and -33.35% over the past 12 months. Over the last ten years, UNG has returned -21.19% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
United States Natural Gas Fund LP
- 1D
- 0.26%
- 1M
- 7.59%
- YTD
- -4.00%
- 6M
- -0.68%
- 1Y
- -33.35%
- 3Y*
- -26.96%
- 5Y*
- -24.05%
- 10Y*
- -21.19%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
UNG Monthly Returns History
Based on dividend-adjusted daily data since Apr 18, 2007, UNG's average daily return is -0.08%, while the average monthly return is -1.77%.
Historically, 41% of months were positive and 59% were negative. The best month was Jul 2022 with a return of +50.6%, while the worst month was Jan 2023 at -33.9%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 10 months.
On a daily basis, UNG closed higher 48% of trading days. The best single day was Jan 20, 2026 with a return of +19.8%, while the worst single day was Feb 2, 2026 at -24.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 37.85% | -31.83% | 1.82% | -9.63% | 12.55% | -1.34% | -4.00% | ||||||
| 2025 | -3.69% | 25.63% | 6.24% | -22.54% | -6.15% | -2.74% | -11.06% | -5.59% | 1.87% | 1.38% | 11.17% | -16.77% | -27.07% |
| 2024 | -3.21% | -15.74% | -11.91% | -0.89% | 21.81% | -0.91% | -22.32% | -1.26% | 22.14% | -22.17% | 13.53% | 16.49% | -17.11% |
| 2023 | -33.90% | -2.15% | -23.90% | 1.01% | -11.55% | 19.68% | -4.18% | -0.00% | -3.94% | 9.81% | -26.40% | -8.15% | -64.04% |
| 2022 | 36.19% | -9.11% | 27.55% | 26.77% | 11.64% | -31.89% | 50.55% | 10.59% | -26.13% | -12.83% | 4.12% | -33.55% | 12.89% |
| 2021 | 2.28% | 9.67% | -7.17% | 9.71% | 0.10% | 24.33% | 5.20% | 11.34% | 31.59% | -8.43% | -18.31% | -17.18% | 35.76% |
Benchmark Metrics
United States Natural Gas Fund LP has an annualized alpha of -20.62%, beta of 0.22, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since April 18, 2007.
- This ETF participated in 127.36% of S&P 500 Index downside but only -27.27% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.22 may look defensive, but with R2 of 0.01 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.01 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -20.62%
- Beta
- 0.22
- R²
- 0.01
- Upside Capture
- -27.27%
- Downside Capture
- 127.36%
Expense Ratio
UNG has a high expense ratio of 1.17%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
UNG ranks 4 for risk / return — in the bottom 4% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and compare them to S&P 500 Index.
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.
| UNG | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.58 | ||
| Sortino ratioReturn per unit of downside risk | -3.25 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.37 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 2.78 | -3.62 |
| Martin ratioReturn relative to average drawdown | -1.28 | 12.44 | -13.72 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the United States Natural Gas Fund LP. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the United States Natural Gas Fund LP was 99.88%, occurring on Apr 29, 2026. The portfolio has not yet recovered.
The current United States Natural Gas Fund LP drawdown is 99.86%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -99.88%Apr 2026 | 17y 10mo | — | 17y 12moJul 2008 - now |
2007 bear market2007 | -36.72%Aug 2007 | 3mo 15d | 8mo 1d | 11mo 16dMay 2007 - Apr 2008 |
Financial crisis2007–2009 | -6.30%May 2008 | 2d | 6d | 8dApr 2008 - May 2008 |
Financial crisis2007–2009 | -5.82%May 2008 | 7d | 2d | 9dMay 2008 - May 2008 |
Financial crisis2007–2009 | -4.77%May 2008 | 0s | 5d | 5dMay 2008 - Jun 2008 |
Drawdown Indicators
| UNG | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -56.78% | -43.10% |
Max Drawdown (1Y)Largest decline over 1 year | -39.94% | -9.10% | -30.84% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -18.90% | -49.26% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | -25.43% | -67.06% |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | -33.92% | -59.63% |
Current DrawdownCurrent decline from peak | -99.86% | -1.80% | -98.06% |
Average DrawdownAverage peak-to-trough decline | -89.97% | -10.71% | -79.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.14% | 2.03% | +27.11% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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