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^NDX vs. UNG
Performance
Return for Risk
Drawdowns
Volatility

^NDX vs. UNG

Last updated Jun 9, 2026

^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. Over the past 10 years, ^NDX returned 20.76%/yr vs -21.26%/yr for UNG. At a 0.04 correlation, their price movements are largely independent.

Performance

^NDX vs. UNG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NASDAQ 100 Index (^NDX) and United States Natural Gas Fund LP (UNG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ^NDX achieves a 16.49% return, which is significantly higher than UNG's -7.26% return. Over the past 10 years, ^NDX has outperformed UNG with an annualized return of 20.76%, while UNG has yielded a comparatively lower -21.26% annualized return.

^NDX

1D
1.58%
1M
0.61%
YTD
16.49%
6M
14.77%
1Y
35.16%
3Y*
26.51%
5Y*
16.32%
10Y*
20.76%

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)

^NDX vs. UNG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
^NDX
NASDAQ 100 Index		16.49%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		-7.26%-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 -0.20, 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

-0.20

Correlation (3Y)
Calculated over the trailing 3-year period

-0.05

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 19, 2007

0.04

The correlation between ^NDX and UNG shifts across timeframes, from -0.20 (1 year) to 0.04 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

NASDAQ 100 Index

United States Natural Gas Fund LP

Often compared with ^NDX:
^NDX vs. BRK-B^NDX vs. SPY^NDX vs. ARKK^NDX vs. ^IXIC^NDX vs. TSLA^NDX vs. VOO^NDX vs. NQ=F
Often compared with UNG:
UNG vs. BOILUNG vs. FCGUNG vs. UNLUNG vs. LNGUNG vs. BNOUNG vs. WEATUNG vs. KOLD

Return for Risk

^NDX vs. UNG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
^NDX
^NDX Risk / Return Rank: 7676
Overall Rank
^NDX Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
^NDX Sortino Ratio Rank: 7575
Sortino Ratio Rank
^NDX Omega Ratio Rank: 7979
Omega Ratio Rank
^NDX Calmar Ratio Rank: 7575
Calmar Ratio Rank
^NDX Martin Ratio Rank: 7575
Martin Ratio Rank
UNG
UNG Risk / Return Rank: 44
Overall Rank
UNG Sharpe Ratio Rank: 55
Sharpe Ratio Rank
UNG Sortino Ratio Rank: 55
Sortino Ratio Rank
UNG Omega Ratio Rank: 55
Omega Ratio Rank
UNG Calmar Ratio Rank: 22
Calmar Ratio Rank
UNG Martin Ratio Rank: 44
Martin Ratio Rank
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.

^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.

^NDXUNGDifference
Sharpe ratioReturn per unit of total volatility
2.10
-0.56

+2.66

Sortino ratioReturn per unit of downside risk
2.72
-0.51

+3.23

Omega ratioGain probability vs. loss probability

1.37

0.94

+0.43

Calmar ratioReturn relative to maximum drawdown

2.91

-0.77

+3.69

Martin ratioReturn relative to average drawdown

11.03

-1.13

+12.17

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^NDX vs. UNG - Sharpe Ratio Comparison

The current ^NDX Sharpe Ratio is 2.10, which is higher than the UNG Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of ^NDX 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.

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Sharpe Ratios by Period

^NDXUNGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.10

-0.56

+2.66

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.72

-0.37

+1.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.92

-0.39

+1.31

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

-0.57

+1.14

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

^NDXUNGDifference

Max Drawdown

Largest peak-to-trough decline

-82.90%

-99.88%

+16.98%

Max Drawdown (1Y)

Largest decline over 1 year

-12.12%

-43.86%

+31.74%

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 Drawdown

Current decline from peak

-4.06%

-99.86%

+95.80%

Average Drawdown

Average peak-to-trough decline

-24.62%

-89.97%

+65.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

29.93%

-26.73%

Volatility

^NDX vs. UNG - Volatility Comparison

The current volatility for NASDAQ 100 Index (^NDX) is 6.84%, while United States Natural Gas Fund LP (UNG) has a volatility of 13.75%. 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

^NDXUNGDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.84%

13.75%

-6.91%

Volatility (6M)

Calculated over the trailing 6-month period

13.26%

53.10%

-39.84%

Volatility (1Y)

Calculated over the trailing 1-year period

16.87%

60.78%

-43.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.70%

64.14%

-41.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.59%

54.78%

-32.19%

Frequently Asked Questions

^NDX and UNG have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UNG has higher volatility (13.75%) compared to ^NDX (6.84%). In terms of maximum drawdown, ^NDX dropped -82.90% vs UNG's -99.88%.

^NDX currently has the higher Sharpe Ratio (2.10 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.

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