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 10.81%/yr vs -21.19%/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 11.01% return, which is significantly higher than UNG's -4.00% return. Over the past 10 years, CPER has outperformed UNG with an annualized return of 10.81%, while UNG has yielded a comparatively lower -21.19% annualized return.
CPER
- 1D
- -0.13%
- 1M
- -0.28%
- YTD
- 11.01%
- 6M
- 15.06%
- 1Y
- 28.13%
- 3Y*
- 18.14%
- 5Y*
- 8.01%
- 10Y*
- 10.81%
UNG
- 1D
- 0.26%
- 1M
- 7.59%
- YTD
- -4.00%
- 6M
- -0.68%
- 1Y
- -33.35%
- 3Y*
- -26.96%
- 5Y*
- -24.05%
- 10Y*
- -21.19%
CPER vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CPER United States Copper Index Fund | 11.01% | 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 | -4.00% | -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 -0.09, 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 | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
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 -0.09 (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 | +1.37 | ||
| Sortino ratioReturn per unit of downside risk | +1.66 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.94 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | -0.84 | +1.98 |
| Martin ratioReturn relative to average drawdown | 2.36 | -1.28 | +3.64 |
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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 | -4.41% | -99.86% | +95.45% |
Average DrawdownAverage peak-to-trough decline | -25.33% | -89.97% | +64.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.96% | 29.14% | -17.18% |
Volatility
CPER vs. UNG - Volatility Comparison
The current volatility for United States Copper Index Fund (CPER) is 8.46%, while United States Natural Gas Fund LP (UNG) has a volatility of 11.95%. 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 | 8.46% | 11.95% | -3.49% |
Volatility (6M)Calculated over the trailing 6-month period | 23.27% | 51.06% | -27.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.91% | 60.47% | -25.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.02% | 64.14% | -37.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.09% | 54.79% | -30.70% |
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 -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (11.95%) compared to CPER (8.46%). In terms of maximum drawdown, CPER dropped -54.04% vs UNG's -99.88%.
On 10-year performance, CPER leads with 10.81% vs -21.19% for UNG. On fees, CPER is cheaper at 1.06% per year. On volatility, CPER has been the lower-risk option at 8.46%. 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 10.81% return vs -21.19%. 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 (0.81 vs -0.55), 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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