DBE vs. UNG
Compare and contrast key facts about Invesco DB Energy Fund (DBE) and United States Natural Gas Fund LP (UNG).
DBE and UNG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DBE is a passively managed fund by Invesco that tracks the performance of the DBIQ Optimum Yield Energy Index. It was launched on Jan 5, 2007. UNG is a passively managed fund by Concierge Technologies that tracks the performance of the Front Month Natural Gas. It was launched on Apr 18, 2007. Both DBE and UNG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
DBE vs. UNG - Performance Comparison
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DBE vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 68.74% | -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 | -4.32% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
Returns By Period
In the year-to-date period, DBE achieves a 68.74% return, which is significantly higher than UNG's -4.32% return. Over the past 10 years, DBE has outperformed UNG with an annualized return of 13.36%, while UNG has yielded a comparatively lower -19.74% annualized return.
DBE
- 1D
- -3.79%
- 1M
- 43.62%
- YTD
- 68.74%
- 6M
- 60.99%
- 1Y
- 56.23%
- 3Y*
- 18.11%
- 5Y*
- 19.81%
- 10Y*
- 13.36%
UNG
- 1D
- 0.43%
- 1M
- 1.82%
- YTD
- -4.32%
- 6M
- -10.25%
- 1Y
- -45.72%
- 3Y*
- -24.96%
- 5Y*
- -21.28%
- 10Y*
- -19.74%
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DBE vs. UNG - Expense Ratio Comparison
DBE has a 0.78% expense ratio, which is lower than UNG's 1.28% expense ratio.
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.
| DBE | UNG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.79 | -0.72 | +2.51 |
Sortino ratioReturn per unit of downside risk | 2.42 | -0.86 | +3.28 |
Omega ratioGain probability vs. loss probability | 1.32 | 0.89 | +0.42 |
Calmar ratioReturn relative to maximum drawdown | 4.08 | -0.86 | +4.94 |
Martin ratioReturn relative to average drawdown | 7.27 | -1.25 | +8.51 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DBE | UNG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.79 | -0.72 | +2.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | -0.33 | +1.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | -0.36 | +0.84 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | -0.57 | +0.65 |
Correlation
The correlation between DBE and UNG is 0.27, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
DBE vs. UNG - Dividend Comparison
DBE's dividend yield for the trailing twelve months is around 2.29%, while UNG has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.29% | 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% |
Drawdowns
DBE vs. UNG - Drawdown Comparison
The maximum DBE drawdown since its inception was -86.69%, smaller than the maximum UNG drawdown of -99.87%. 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% | -99.87% | +13.18% |
Max Drawdown (1Y)Largest decline over 1 year | -14.70% | -52.53% | +37.83% |
Max Drawdown (5Y)Largest decline over 5 years | -38.74% | -92.42% | +53.68% |
Max Drawdown (10Y)Largest decline over 10 years | -60.84% | -93.49% | +32.65% |
Current DrawdownCurrent decline from peak | -35.94% | -99.86% | +63.92% |
Average DrawdownAverage peak-to-trough decline | -57.53% | -89.87% | +32.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.26% | 36.10% | -27.84% |
Volatility
DBE vs. UNG - Volatility Comparison
Invesco DB Energy Fund (DBE) has a higher volatility of 17.01% compared to United States Natural Gas Fund LP (UNG) at 14.68%. This indicates that DBE's price experiences larger fluctuations and is considered to be riskier 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 | 17.01% | 14.68% | +2.33% |
Volatility (6M)Calculated over the trailing 6-month period | 25.33% | 54.10% | -28.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.66% | 63.87% | -32.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.66% | 63.90% | -35.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.87% | 54.87% | -27.00% |