CPER vs. UNG
CPER (United States Copper Index Fund) and UNG (United States Natural Gas Fund LP) are both exchange-traded funds - CPER is a Copper fund tracking the SummerHaven Copper Index Total Return, while UNG is a Oil & Gas fund tracking the Front Month Natural Gas Futures. Both are passively managed. Over the past 10 years, CPER returned 9.70%/yr vs -22.36%/yr for UNG. At a 0.03 correlation, their price movements are largely independent. CPER charges 1.06%/yr vs 1.17%/yr for UNG.
Performance
CPER vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, CPER achieves a 8.52% return, which is significantly higher than UNG's -15.42% return. Over the past 10 years, CPER has outperformed UNG with an annualized return of 9.70%, while UNG has yielded a comparatively lower -22.36% annualized return.
CPER
- 1D
- -0.13%
- 1M
- -4.07%
- 6M
- 2.87%
- YTD
- 8.52%
- 1Y
- 9.94%
- 3Y*
- 16.17%
- 5Y*
- 7.76%
- 10Y*
- 9.70%
UNG
- 1D
- -2.17%
- 1M
- -8.63%
- 6M
- -7.25%
- YTD
- -15.42%
- 1Y
- -30.50%
- 3Y*
- -27.45%
- 5Y*
- -27.34%
- 10Y*
- -22.36%
CPER vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CPER United States Copper Index Fund | 8.52% | 38.95% | 4.23% | 4.55% | -15.14% | 25.21% | 23.90% | 6.66% | -21.91% | 28.80% |
UNG United States Natural Gas Fund LP | -15.42% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
Correlation
The correlation between CPER and UNG is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2011 | 0.03 |
The correlation between CPER and UNG shifts across timeframes, from -0.08 (1 year) to 0.04 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
CPER vs. UNG — Risk / Return Rank
CPER
UNG
CPER vs. UNG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Copper Index Fund (CPER) 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.
| CPER | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.81 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.95 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.40 | -0.77 | +1.17 |
| Martin ratioReturn relative to average drawdown | 0.82 | -1.20 | +2.02 |
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Drawdowns
CPER vs. UNG - Drawdown Comparison
The maximum CPER drawdown since its inception was -54.04%, smaller than the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for CPER and UNG.
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Drawdown Indicators
| CPER | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.04% | -99.88% | +45.84% |
Max Drawdown (1Y)Largest decline over 1 year | -24.77% | -39.94% | +15.17% |
Max Drawdown (3Y)Largest decline over 3 years | -24.77% | -68.16% | +43.39% |
Max Drawdown (5Y)Largest decline over 5 years | -34.75% | -92.49% | +57.74% |
Max Drawdown (10Y)Largest decline over 10 years | -38.42% | -93.55% | +55.13% |
Current DrawdownCurrent decline from peak | -6.55% | -99.87% | +93.32% |
Average DrawdownAverage peak-to-trough decline | -25.26% | -90.00% | +64.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.10% | 25.43% | -13.33% |
Volatility
CPER vs. UNG - Volatility Comparison
The current volatility for United States Copper Index Fund (CPER) is 7.76%, while United States Natural Gas Fund LP (UNG) has a volatility of 11.04%. This indicates that CPER 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
| CPER | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.76% | 11.04% | -3.28% |
Volatility (6M)Calculated over the trailing 6-month period | 22.02% | 49.52% | -27.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.11% | 59.76% | -25.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.11% | 64.19% | -37.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.08% | 54.76% | -30.68% |
CPER vs. UNG - Expense Ratio Comparison
CPER has a 1.06% expense ratio, which is lower than UNG's 1.17% expense ratio.
Dividends
CPER vs. UNG - Dividend Comparison
Neither CPER nor UNG has paid dividends to shareholders.
Frequently Asked Questions
CPER and UNG have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (11.04%) compared to CPER (7.76%). In terms of maximum drawdown, CPER dropped -54.04% vs UNG's -99.88%.
On 10-year performance, CPER leads with 9.70% vs -22.36% for UNG. On fees, CPER is cheaper at 1.06% per year. On volatility, CPER has been the lower-risk option at 7.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CPER has performed better with a 9.70% return vs -22.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CPER is cheaper with a 1.06% expense ratio, compared with 1.17% for UNG.
CPER and UNG have nearly identical dividend yields, around 0.00%.
CPER is categorized as Copper, while UNG is Oil & Gas. CPER tracks SummerHaven Copper Index Total Return, while UNG tracks Front Month Natural Gas Futures. They also come from different issuers: USCF and USCF Investments. Their fees differ too: 1.06% for CPER and 1.17% for UNG.
CPER currently has the higher Sharpe Ratio (0.29 vs -0.51), 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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