^NDX vs. UNG
^NDX (NASDAQ 100 Index) is an index, while UNG (United States Natural Gas Fund LP) is Oil & Gas fund tracking the Front Month Natural Gas Futures. Over the past 10 years, ^NDX returned 19.88%/yr vs -22.45%/yr for UNG. At a 0.04 correlation, their price movements are largely independent.
Performance
^NDX vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, ^NDX achieves a 13.28% return, which is significantly higher than UNG's -16.07% return. Over the past 10 years, ^NDX has outperformed UNG with an annualized return of 19.88%, while UNG has yielded a comparatively lower -22.45% annualized return.
^NDX
- 1D
- 0.04%
- 1M
- -5.93%
- 6M
- 12.04%
- YTD
- 13.28%
- 1Y
- 24.01%
- 3Y*
- 22.86%
- 5Y*
- 14.02%
- 10Y*
- 19.88%
- ALL TIME*
- 14.59%
UNG
- 1D
- -2.09%
- 1M
- -12.35%
- 6M
- -0.39%
- YTD
- -16.07%
- 1Y
- -35.08%
- 3Y*
- -29.27%
- 5Y*
- -28.40%
- 10Y*
- -22.45%
- ALL TIME*
- -28.43%
^NDX vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^NDX NASDAQ 100 Index | 13.28% | 20.17% | 24.88% | 53.81% | -32.97% | 26.63% | 47.58% | 37.96% | -1.04% | 31.52% |
UNG United States Natural Gas Fund LP | -16.07% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
Correlation
The correlation between ^NDX and UNG is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2007 | 0.04 |
The correlation between ^NDX and UNG shifts across timeframes, from -0.17 (1 year) to 0.04 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
^NDX vs. UNG — Risk / Return Rank
^NDX
UNG
^NDX vs. UNG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NASDAQ 100 Index (^NDX) 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.
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.
| ^NDX | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.88 | ||
| Sortino ratioReturn per unit of downside risk | +2.37 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.93 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 1.99 | -0.88 | +2.87 |
| Martin ratioReturn relative to average drawdown | 6.93 | -1.42 | +8.35 |
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Drawdowns
^NDX vs. UNG - Drawdown Comparison
The maximum ^NDX drawdown since its inception was -82.90%, smaller than the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for ^NDX and UNG.
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Drawdown Indicators
| ^NDX | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.90% | -99.88% | +16.98% |
Max Drawdown (1Y)Largest decline over 1 year | -12.12% | -39.94% | +27.82% |
Max Drawdown (3Y)Largest decline over 3 years | -22.93% | -68.16% | +45.23% |
Max Drawdown (5Y)Largest decline over 5 years | -35.56% | -92.49% | +56.93% |
Max Drawdown (10Y)Largest decline over 10 years | -35.56% | -93.55% | +57.99% |
Current DrawdownCurrent decline from peak | -6.71% | -99.87% | +93.16% |
Average DrawdownAverage peak-to-trough decline | -24.56% | -90.01% | +65.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.47% | 25.99% | -22.52% |
Volatility
^NDX vs. UNG - Volatility Comparison
The current volatility for NASDAQ 100 Index (^NDX) is 7.15%, while United States Natural Gas Fund LP (UNG) has a volatility of 10.17%. This indicates that ^NDX 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.
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Volatility by Period
| ^NDX | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.15% | 10.17% | -3.02% |
Volatility (6M)Calculated over the trailing 6-month period | 15.43% | 47.34% | -31.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.75% | 59.71% | -40.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.00% | 64.17% | -41.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.68% | 54.76% | -32.08% |
Frequently Asked Questions
^NDX and UNG have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (10.17%) compared to ^NDX (7.15%). In terms of maximum drawdown, ^NDX dropped -82.90% vs UNG's -99.88%.
^NDX currently has the higher Sharpe Ratio (1.29 vs -0.59), 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.
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