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 Futures. Both are passively managed. Over the past 10 years, DAX returned 9.07%/yr vs -22.45%/yr for UNG. At a correlation of -0.00, they often move in opposite directions. DAX charges 0.20%/yr vs 1.17%/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 -2.21% return, which is significantly higher than UNG's -16.07% return. Over the past 10 years, DAX has outperformed UNG with an annualized return of 9.07%, while UNG has yielded a comparatively lower -22.45% annualized return.
DAX
- 1D
- -0.16%
- 1M
- -1.66%
- 6M
- -4.43%
- YTD
- -2.21%
- 1Y
- -0.30%
- 3Y*
- 15.55%
- 5Y*
- 8.39%
- 10Y*
- 9.07%
- ALL TIME*
- 7.28%
UNG
- 1D
- -2.09%
- 1M
- -12.35%
- 6M
- -0.39%
- YTD
- -16.07%
- 1Y
- -35.08%
- 3Y*
- -29.27%
- 5Y*
- -28.40%
- 10Y*
- -22.45%
- ALL TIME*
- -28.43%
DAX vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DAX Global X DAX Germany ETF | -2.21% | 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 | -16.07% | -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 -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 23, 2014 | -0.00 |
The correlation between DAX and UNG shifts across timeframes, from -0.16 (1 year) to 0.00 (5 years), reflecting how their relationship changes across market environments.
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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 | +0.57 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.93 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | -0.88 | +0.86 |
| Martin ratioReturn relative to average drawdown | -0.06 | -1.42 | +1.36 |
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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% | -39.94% | +25.12% |
Max Drawdown (3Y)Largest decline over 3 years | -16.03% | -68.16% | +52.13% |
Max Drawdown (5Y)Largest decline over 5 years | -38.92% | -92.49% | +53.57% |
Max Drawdown (10Y)Largest decline over 10 years | -45.58% | -93.55% | +47.97% |
Current DrawdownCurrent decline from peak | -6.12% | -99.87% | +93.75% |
Average DrawdownAverage peak-to-trough decline | -10.45% | -90.01% | +79.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.99% | 25.99% | -21.00% |
Volatility
DAX vs. UNG - Volatility Comparison
The current volatility for Global X DAX Germany ETF (DAX) is 4.69%, while United States Natural Gas Fund LP (UNG) has a volatility of 10.17%. 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 | 4.69% | 10.17% | -5.48% |
Volatility (6M)Calculated over the trailing 6-month period | 15.31% | 47.34% | -32.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.04% | 59.71% | -41.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.41% | 64.17% | -43.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.91% | 54.76% | -33.85% |
DAX vs. UNG - Expense Ratio Comparison
DAX has a 0.20% expense ratio, which is lower than UNG's 1.17% expense ratio.
Dividends
DAX vs. UNG - Dividend Comparison
DAX's dividend yield for the trailing twelve months is around 2.15%, 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 | 2.15% | 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 -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (10.17%) compared to DAX (4.69%). In terms of maximum drawdown, DAX dropped -45.58% vs UNG's -99.88%.
On 10-year performance, DAX leads with 9.07% vs -22.45% for UNG. On fees, DAX is cheaper at 0.20% per year. On volatility, DAX has been the lower-risk option at 4.69%. 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 9.07% return vs -22.45%. 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 1.17% for UNG.
DAX has the higher dividend yield at 2.15%, 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 Futures. They also come from different issuers: Global X and USCF Investments. Their fees differ too: 0.20% for DAX and 1.17% for UNG.
DAX currently has the higher Sharpe Ratio (-0.02 vs -0.59), 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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