^GSPC vs. UNG

Last updated Jun 9, 2026

^GSPC (S&P 500 Index) is an index, while UNG (United States Natural Gas Fund LP) is Oil & Gas fund tracking the Front Month Natural Gas. Over the past 10 years, ^GSPC returned 13.45%/yr vs -21.26%/yr for UNG. At a 0.05 correlation, their price movements are largely independent.

Performance

^GSPC vs. UNG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in S&P 500 Index (^GSPC) and United States Natural Gas Fund LP (UNG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^GSPC achieves a 8.18% return, which is significantly higher than UNG's -7.26% return. Over the past 10 years, ^GSPC has outperformed UNG with an annualized return of 13.45%, while UNG has yielded a comparatively lower -21.26% annualized return.

^GSPC

• 1D: 0.30%
• 1M: 0.09%
• YTD: 8.18%
• 6M: 8.17%
• 1Y: 23.42%
• 3Y*: 19.88%
• 5Y*: 11.91%
• 10Y*: 13.45%

UNG

• 1D: -2.57%
• 1M: 7.57%
• YTD: -7.26%
• 6M: -24.55%
• 1Y: -33.82%
• 3Y*: -22.97%
• 5Y*: -23.84%
• 10Y*: -21.26%

*Multi-year figures are annualized to reflect compound growth (CAGR)

^GSPC vs. UNG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^GSPC S&P 500 Index	8.18%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%
UNG United States Natural Gas Fund LP	-7.26%	-27.07%	-17.11%	-64.04%	12.89%	35.76%	-45.43%	-31.77%	5.96%	-37.58%

Correlation

The correlation between ^GSPC and UNG is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Apr 19, 2007	0.05

The correlation between ^GSPC and UNG shifts across timeframes, from -0.19 (1 year) to 0.07 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

^GSPC vs. UNG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^GSPC

^GSPC Risk / Return Rank: 68
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 65
^GSPC Omega Ratio Rank: 71
^GSPC Calmar Ratio Rank: 65
^GSPC Martin Ratio Rank: 79

UNG

UNG Risk / Return Rank: 4
UNG Sharpe Ratio Rank: 5
UNG Sortino Ratio Rank: 5
UNG Omega Ratio Rank: 5
UNG Calmar Ratio Rank: 2
UNG Martin Ratio Rank: 4

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^GSPC vs. UNG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P 500 Index (^GSPC) 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.

	^GSPC	UNG	Difference
Sharpe ratio: Return per unit of total volatility	1.94	-0.56	+2.50
Sortino ratio: Return per unit of downside risk	2.63	-0.51	+3.13
Omega ratio: Gain probability vs. loss probability	1.35	0.94	+0.42
Calmar ratio: Return relative to maximum drawdown	2.59	-0.77	+3.36
Martin ratio: Return relative to average drawdown	11.84	-1.13	+12.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^GSPC vs. UNG - Sharpe Ratio Comparison

The current ^GSPC Sharpe Ratio is 1.94, which is higher than the UNG Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of ^GSPC and UNG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^GSPC	UNG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	-0.56	+2.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	-0.37	+1.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	-0.39	+1.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	-0.57	+1.04

Drawdowns

^GSPC vs. UNG - Drawdown Comparison

The maximum ^GSPC drawdown since its inception was -56.78%, smaller than the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for ^GSPC and UNG.

Drawdown Indicators

	^GSPC	UNG	Difference
Max Drawdown Largest peak-to-trough decline	-56.78%	-99.88%	+43.10%
Max Drawdown (1Y) Largest decline over 1 year	-9.10%	-43.86%	+34.76%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-68.16%	+49.26%
Max Drawdown (5Y) Largest decline over 5 years	-25.43%	-92.49%	+67.06%
Max Drawdown (10Y) Largest decline over 10 years	-33.92%	-93.55%	+59.63%
Current Drawdown Current decline from peak	-2.68%	-99.86%	+97.18%
Average Drawdown Average peak-to-trough decline	-10.72%	-89.97%	+79.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	29.93%	-27.95%

Volatility

^GSPC vs. UNG - Volatility Comparison

The current volatility for S&P 500 Index (^GSPC) is 3.80%, while United States Natural Gas Fund LP (UNG) has a volatility of 13.75%. This indicates that ^GSPC 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.

Volatility by Period

	^GSPC	UNG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	13.75%	-9.95%
Volatility (6M) Calculated over the trailing 6-month period	9.41%	53.10%	-43.69%
Volatility (1Y) Calculated over the trailing 1-year period	12.17%	60.78%	-48.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.94%	64.14%	-47.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	54.78%	-36.69%

Frequently Asked Questions

Can I hold both ^GSPC and UNG in my portfolio?

^GSPC and UNG have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^GSPC or UNG?

UNG has higher volatility (13.75%) compared to ^GSPC (3.80%). In terms of maximum drawdown, ^GSPC dropped -56.78% vs UNG's -99.88%.

Which has better risk-adjusted returns?

^GSPC currently has the higher Sharpe Ratio (1.94 vs -0.56), 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.