DAX vs. UNG
DAX (Global X DAX Germany ETF) and UNG (United States Natural Gas Fund LP) are both exchange-traded funds - DAX is a Europe Equities fund tracking the DAX Index, while UNG is a Oil & Gas fund tracking the Front Month Natural Gas. Both are passively managed. Over the past 10 years, DAX returned 9.57%/yr vs -21.38%/yr for UNG. At a correlation of -0.00, they often move in opposite directions. DAX charges 0.20%/yr vs 1.28%/yr for UNG.
Performance
DAX vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, DAX achieves a -1.45% return, which is significantly higher than UNG's -7.42% return. Over the past 10 years, DAX has outperformed UNG with an annualized return of 9.57%, while UNG has yielded a comparatively lower -21.38% annualized return.
DAX
- 1D
- 0.26%
- 1M
- 0.49%
- YTD
- -1.45%
- 6M
- -0.46%
- 1Y
- 2.74%
- 3Y*
- 16.82%
- 5Y*
- 7.62%
- 10Y*
- 9.57%
UNG
- 1D
- 1.70%
- 1M
- 3.37%
- YTD
- -7.42%
- 6M
- -10.84%
- 1Y
- -29.37%
- 3Y*
- -23.83%
- 5Y*
- -24.47%
- 10Y*
- -21.38%
DAX vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DAX Global X DAX Germany ETF | -1.45% | 39.00% | 10.55% | 23.62% | -18.47% | 7.73% | 12.27% | 22.11% | -22.92% | 28.23% |
UNG United States Natural Gas Fund LP | -7.42% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
Correlation
The correlation between DAX 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Oct 23, 2014 | -0.00 |
Over the past year, the inverse relationship between DAX and UNG has strengthened: their correlation has moved from -0.00 to -0.20, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
DAX vs. UNG — Risk / Return Rank
DAX
UNG
DAX vs. UNG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X DAX Germany ETF (DAX) 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.
| DAX | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.95 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.19 | -0.67 | +0.86 |
| Martin ratioReturn relative to average drawdown | 0.58 | -0.97 | +1.55 |
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Drawdowns
DAX vs. UNG - Drawdown Comparison
The maximum DAX drawdown since its inception was -45.58%, smaller than the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for DAX and UNG.
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Drawdown Indicators
| DAX | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.58% | -99.88% | +54.30% |
Max Drawdown (1Y)Largest decline over 1 year | -14.82% | -43.86% | +29.04% |
Max Drawdown (3Y)Largest decline over 3 years | -16.03% | -68.16% | +52.13% |
Max Drawdown (5Y)Largest decline over 5 years | -39.72% | -92.49% | +52.77% |
Max Drawdown (10Y)Largest decline over 10 years | -45.58% | -93.55% | +47.97% |
Current DrawdownCurrent decline from peak | -5.39% | -99.86% | +94.47% |
Average DrawdownAverage peak-to-trough decline | -10.49% | -89.96% | +79.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.77% | 30.28% | -25.51% |
Volatility
DAX vs. UNG - Volatility Comparison
The current volatility for Global X DAX Germany ETF (DAX) is 5.86%, while United States Natural Gas Fund LP (UNG) has a volatility of 12.64%. This indicates that DAX 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
| DAX | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.86% | 12.64% | -6.78% |
Volatility (6M)Calculated over the trailing 6-month period | 14.79% | 52.01% | -37.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.01% | 60.61% | -42.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.44% | 64.11% | -43.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.25% | 54.77% | -33.52% |
DAX vs. UNG - Expense Ratio Comparison
DAX has a 0.20% expense ratio, which is lower than UNG's 1.28% expense ratio.
Dividends
DAX vs. UNG - Dividend Comparison
DAX's dividend yield for the trailing twelve months is around 1.50%, while UNG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DAX Global X DAX Germany ETF | 1.50% | 1.47% | 2.24% | 2.48% | 2.80% | 2.65% | 2.25% | 2.47% | 3.33% | 1.73% | 1.78% | 1.41% |
UNG United States Natural Gas Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DAX 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 (12.64%) compared to DAX (5.86%). In terms of maximum drawdown, DAX dropped -45.58% vs UNG's -99.88%.
On 10-year performance, DAX leads with 9.57% vs -21.38% for UNG. On fees, DAX is cheaper at 0.20% per year. On volatility, DAX has been the lower-risk option at 5.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DAX has performed better with a 9.57% return vs -21.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DAX is cheaper with a 0.20% expense ratio, compared with 1.28% for UNG.
DAX has the higher dividend yield at 1.50%, compared with 0.00% for UNG.
DAX is categorized as Europe Equities, while UNG is Oil & Gas. DAX tracks DAX Index, while UNG tracks Front Month Natural Gas. They also come from different issuers: Global X and Concierge Technologies. Their fees differ too: 0.20% for DAX and 1.28% for UNG.
DAX currently has the higher Sharpe Ratio (0.15 vs -0.49), 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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