DBE vs. UNG
DBE (Invesco DB Energy Fund) and UNG (United States Natural Gas Fund LP) are both Oil & Gas funds - DBE tracks the DBIQ Optimum Yield Energy Index while UNG tracks the Front Month Natural Gas Futures. Both are passively managed. Over the past 10 years, DBE returned 10.12%/yr vs -21.37%/yr for UNG. At a 0.27 correlation, their price movements are largely independent. DBE charges 0.78%/yr vs 1.17%/yr for UNG.
Performance
DBE vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, DBE achieves a 53.97% return, which is significantly higher than UNG's -6.20% return. Over the past 10 years, DBE has outperformed UNG with an annualized return of 10.12%, while UNG has yielded a comparatively lower -21.37% annualized return.
DBE
- 1D
- -0.63%
- 1M
- -16.23%
- YTD
- 53.97%
- 6M
- 50.93%
- 1Y
- 43.95%
- 3Y*
- 16.83%
- 5Y*
- 14.66%
- 10Y*
- 10.12%
UNG
- 1D
- -2.29%
- 1M
- 5.12%
- YTD
- -6.20%
- 6M
- -10.85%
- 1Y
- -31.71%
- 3Y*
- -27.52%
- 5Y*
- -24.87%
- 10Y*
- -21.37%
DBE vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 53.97% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
UNG United States Natural Gas Fund LP | -6.20% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
Correlation
The correlation between DBE and UNG is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2007 | 0.27 |
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Return for Risk
DBE vs. UNG — Risk / Return Rank
DBE
UNG
DBE vs. UNG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Energy Fund (DBE) 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.
| DBE | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.80 | ||
| Sortino ratioReturn per unit of downside risk | +2.28 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.94 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | -0.80 | +2.87 |
| Martin ratioReturn relative to average drawdown | 6.89 | -1.25 | +8.13 |
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Drawdowns
DBE vs. UNG - Drawdown Comparison
The maximum DBE drawdown since its inception was -86.69%, smaller than the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for DBE and UNG.
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Drawdown Indicators
| DBE | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.69% | -99.88% | +13.19% |
Max Drawdown (1Y)Largest decline over 1 year | -21.28% | -39.94% | +18.66% |
Max Drawdown (3Y)Largest decline over 3 years | -23.89% | -68.16% | +44.27% |
Max Drawdown (5Y)Largest decline over 5 years | -38.74% | -92.49% | +53.75% |
Max Drawdown (10Y)Largest decline over 10 years | -60.84% | -93.55% | +32.71% |
Current DrawdownCurrent decline from peak | -41.55% | -99.86% | +58.31% |
Average DrawdownAverage peak-to-trough decline | -57.24% | -89.97% | +32.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.42% | 26.12% | -19.70% |
Volatility
DBE vs. UNG - Volatility Comparison
The current volatility for Invesco DB Energy Fund (DBE) is 9.37%, while United States Natural Gas Fund LP (UNG) has a volatility of 12.10%. This indicates that DBE 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
| DBE | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.37% | 12.10% | -2.73% |
Volatility (6M)Calculated over the trailing 6-month period | 31.44% | 50.87% | -19.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.27% | 60.39% | -25.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.58% | 64.14% | -34.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.34% | 54.80% | -26.46% |
DBE vs. UNG - Expense Ratio Comparison
DBE has a 0.78% expense ratio, which is lower than UNG's 1.17% expense ratio.
Dividends
DBE vs. UNG - Dividend Comparison
DBE's dividend yield for the trailing twelve months is around 2.51%, while UNG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.51% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
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% |
Frequently Asked Questions
DBE and UNG have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (12.10%) compared to DBE (9.37%). In terms of maximum drawdown, DBE dropped -86.69% vs UNG's -99.88%.
On 10-year performance, DBE leads with 10.12% vs -21.37% for UNG. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 9.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 10.12% return vs -21.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 1.17% for UNG.
DBE has the higher dividend yield at 2.51%, compared with 0.00% for UNG.
DBE tracks DBIQ Optimum Yield Energy Index, while UNG tracks Front Month Natural Gas Futures. They also come from different issuers: Invesco and USCF Investments. Their fees differ too: 0.78% for DBE and 1.17% for UNG.
DBE currently has the higher Sharpe Ratio (1.27 vs -0.53), 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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