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 10.57%/yr vs -22.61%/yr for UNG. Their 0.03 correlation means their historical movements had little consistent relationship. 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 13.16% return, which is significantly higher than UNG's -17.94% return. Over the past 10 years, CPER has outperformed UNG with an annualized return of 10.57%, while UNG has yielded a comparatively lower -22.61% annualized return.
CPER
- 1D
- 0.56%
- 1M
- 6.09%
- 6M
- 8.59%
- YTD
- 13.16%
- 1Y
- 43.49%
- 3Y*
- 17.80%
- 5Y*
- 7.64%
- 10Y*
- 10.57%
- ALL TIME*
- 3.14%
UNG
- 1D
- 0.50%
- 1M
- -13.13%
- 6M
- -40.47%
- YTD
- -17.94%
- 1Y
- -26.14%
- 3Y*
- -28.64%
- 5Y*
- -28.82%
- 10Y*
- -22.61%
- ALL TIME*
- -28.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.98M | $14.74M | $24.58M | |
| $82.18M | $81.43M | $85.25M |
CPER vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CPER United States Copper Index Fund | 13.16% | 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 | -17.94% | -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 -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.07 |
Correlation (3Y) Balances recent behavior with more history. | -0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 -0.07 (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 | +2.03 | ||
| Sortino ratioReturn per unit of downside risk | +2.43 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.96 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | -0.62 | +3.32 |
| Martin ratioReturn relative to average drawdown | 8.40 | -1.04 | +9.44 |
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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 | -16.43% | -42.01% | +25.58% |
Max Drawdown (3Y)Largest decline over 3 years | -24.77% | -69.26% | +44.49% |
Max Drawdown (5Y)Largest decline over 5 years | -34.75% | -92.75% | +58.00% |
Max Drawdown (10Y)Largest decline over 10 years | -38.42% | -93.77% | +55.35% |
Current DrawdownCurrent decline from peak | -2.56% | -99.88% | +97.32% |
Average DrawdownAverage peak-to-trough decline | -25.19% | -90.02% | +64.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.26% | 25.13% | -19.87% |
Volatility
CPER vs. UNG - Volatility Comparison
The current volatility for United States Copper Index Fund (CPER) is 6.29%, while United States Natural Gas Fund LP (UNG) has a volatility of 10.03%. 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 | 6.29% | 10.03% | -3.74% |
Volatility (6M)Calculated over the trailing 6-month period | 21.59% | 42.08% | -20.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.15% | 59.01% | -30.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.08% | 64.14% | -37.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.11% | 54.70% | -30.59% |
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 -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (10.03%) compared to CPER (6.29%). In terms of maximum drawdown, CPER dropped -54.04% vs UNG's -99.88%.
On 10-year performance, CPER leads with 10.57% vs -22.61% for UNG. On fees, CPER is cheaper at 1.06% per year. On volatility, CPER has been the lower-risk option at 6.29%. 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 10.57% return vs -22.61%. 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. Their fees differ too: 1.06% for CPER and 1.17% for UNG.
CPER currently has the higher Sharpe Ratio (1.58 vs -0.44), 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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