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^XNG vs. CL=F
Performance
Return for Risk
Drawdowns
Volatility

^XNG vs. CL=F

Last updated Jun 5, 2026

^XNG (NYSE Arca Natural Gas Index) is an index, while CL=F (Crude Oil WTI) is an asset. Over the past 10 years, ^XNG returned 3.71%/yr vs 6.46%/yr for CL=F. At a 0.41 correlation, their price movements are largely independent.

Performance

^XNG vs. CL=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYSE Arca Natural Gas Index (^XNG) and Crude Oil WTI (CL=F). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ^XNG achieves a 19.47% return, which is significantly lower than CL=F's 61.81% return. Over the past 10 years, ^XNG has underperformed CL=F with an annualized return of 3.71%, while CL=F has yielded a comparatively higher 6.46% annualized return.

^XNG

1D
0.92%
1M
-5.06%
YTD
19.47%
6M
14.72%
1Y
23.56%
3Y*
17.55%
5Y*
15.69%
10Y*
3.71%

CL=F

1D
-3.24%
1M
-9.15%
YTD
61.81%
6M
55.71%
1Y
47.83%
3Y*
8.74%
5Y*
6.01%
10Y*
6.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

^XNG vs. CL=F - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
^XNG
NYSE Arca Natural Gas Index		19.47%9.44%16.55%2.82%22.57%54.17%-17.49%-3.37%-32.78%-15.65%
CL=F
Crude Oil WTI		61.81%-19.41%-0.82%-10.70%7.44%53.98%-19.98%32.92%-24.35%12.51%

Correlation

The correlation between ^XNG and CL=F is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.47

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

0.40

Correlation (5Y)
Calculated over the trailing 5-year period

0.46

Correlation (10Y)
Calculated over the trailing 10-year period

0.50

Correlation (All Time)
Calculated using the full available price history since Mar 18, 1994

0.41

Compare stocks, funds, or ETFs

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NYSE Arca Natural Gas Index

Crude Oil WTI

Often compared with ^XNG:
^XNG vs. BOIL^XNG vs. ^GSPC^XNG vs. KOLD^XNG vs. SPY^XNG vs. BZ=F^XNG vs. HYGW^XNG vs. XBIT
Often compared with CL=F:
CL=F vs. BZ=FCL=F vs. CVXCL=F vs. NQ=FCL=F vs. SLBCL=F vs. SPYCL=F vs. ES=FCL=F vs. FANG

Return for Risk

^XNG vs. CL=F — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
^XNG
^XNG Risk / Return Rank: 5353
Overall Rank
^XNG Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
^XNG Sortino Ratio Rank: 5151
Sortino Ratio Rank
^XNG Omega Ratio Rank: 5252
Omega Ratio Rank
^XNG Calmar Ratio Rank: 5656
Calmar Ratio Rank
^XNG Martin Ratio Rank: 5252
Martin Ratio Rank
CL=F
CL=F Risk / Return Rank: 2424
Overall Rank
CL=F Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
CL=F Sortino Ratio Rank: 2929
Sortino Ratio Rank
CL=F Omega Ratio Rank: 2121
Omega Ratio Rank
CL=F Calmar Ratio Rank: 2727
Calmar Ratio Rank
CL=F Martin Ratio Rank: 2020
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.

^XNG vs. CL=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYSE Arca Natural Gas Index (^XNG) and Crude Oil WTI (CL=F). 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.

^XNGCL=FDifference
Sharpe ratioReturn per unit of total volatility
1.53
0.86

+0.67

Sortino ratioReturn per unit of downside risk
2.08
1.35

+0.73

Omega ratioGain probability vs. loss probability

1.26

1.20

+0.05

Calmar ratioReturn relative to maximum drawdown

2.30

1.57

+0.73

Martin ratioReturn relative to average drawdown

6.69

2.56

+4.13

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

^XNG vs. CL=F - Sharpe Ratio Comparison

The current ^XNG Sharpe Ratio is 1.53, which is higher than the CL=F Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of ^XNG and CL=F, 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

^XNGCL=FDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.53

0.86

+0.67

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.72

0.15

+0.58

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.13

0.12

0.00

Sharpe Ratio (All Time)

Calculated using the full available price history

0.21

0.06

+0.14

Drawdowns

^XNG vs. CL=F - Drawdown Comparison

The maximum ^XNG drawdown since its inception was -84.52%, smaller than the maximum CL=F drawdown of -92.04%. Use the drawdown chart below to compare losses from any high point for ^XNG and CL=F.

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Drawdown Indicators

^XNGCL=FDifference

Max Drawdown

Largest peak-to-trough decline

-84.52%

-92.04%

+7.52%

Max Drawdown (1Y)

Largest decline over 1 year

-10.29%

-27.07%

+16.78%

Max Drawdown (3Y)

Largest decline over 3 years

-14.10%

-39.46%

+25.36%

Max Drawdown (5Y)

Largest decline over 5 years

-25.27%

-53.86%

+28.59%

Max Drawdown (10Y)

Largest decline over 10 years

-77.64%

-84.82%

+7.18%

Current Drawdown

Current decline from peak

-12.78%

-36.05%

+23.27%

Average Drawdown

Average peak-to-trough decline

-27.28%

-40.80%

+13.52%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.53%

12.32%

-8.79%

Volatility

^XNG vs. CL=F - Volatility Comparison

The current volatility for NYSE Arca Natural Gas Index (^XNG) is 6.17%, while Crude Oil WTI (CL=F) has a volatility of 15.67%. This indicates that ^XNG experiences smaller price fluctuations and is considered to be less risky than CL=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

^XNGCL=FDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.17%

15.67%

-9.50%

Volatility (6M)

Calculated over the trailing 6-month period

12.48%

46.59%

-34.11%

Volatility (1Y)

Calculated over the trailing 1-year period

15.59%

49.35%

-33.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.81%

38.92%

-17.11%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

29.08%

49.55%

-20.47%

Frequently Asked Questions

^XNG and CL=F have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CL=F has higher volatility (15.67%) compared to ^XNG (6.17%). In terms of maximum drawdown, ^XNG dropped -84.52% vs CL=F's -92.04%.

^XNG currently has the higher Sharpe Ratio (1.53 vs 0.86), 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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