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 11.34%/yr vs -22.25%/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 69.05% return, which is significantly higher than UNG's -14.19% return. Over the past 10 years, DBE has outperformed UNG with an annualized return of 11.34%, while UNG has yielded a comparatively lower -22.25% annualized return.
DBE
- 1D
- 1.79%
- 1M
- 0.60%
- 6M
- 61.38%
- YTD
- 69.05%
- 1Y
- 57.89%
- 3Y*
- 17.83%
- 5Y*
- 17.23%
- 10Y*
- 11.34%
UNG
- 1D
- 1.45%
- 1M
- -7.31%
- 6M
- -7.07%
- YTD
- -14.19%
- 1Y
- -31.20%
- 3Y*
- -27.11%
- 5Y*
- -26.96%
- 10Y*
- -22.25%
DBE vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 69.05% | -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 | -14.19% | -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 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
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 | +2.14 | ||
| Sortino ratioReturn per unit of downside risk | +2.66 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.94 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | -0.78 | +3.14 |
| Martin ratioReturn relative to average drawdown | 7.10 | -1.22 | +8.33 |
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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 | -24.72% | -39.94% | +15.22% |
Max Drawdown (3Y)Largest decline over 3 years | -24.72% | -68.16% | +43.44% |
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 | -35.82% | -99.87% | +64.05% |
Average DrawdownAverage peak-to-trough decline | -57.19% | -90.00% | +32.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.17% | 25.54% | -17.37% |
Volatility
DBE vs. UNG - Volatility Comparison
Invesco DB Energy Fund (DBE) has a higher volatility of 12.20% compared to United States Natural Gas Fund LP (UNG) at 10.78%. 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 | 12.20% | 10.78% | +1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 32.74% | 48.89% | -16.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.99% | 59.66% | -23.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.88% | 64.19% | -34.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.40% | 54.76% | -26.36% |
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 2.29%, while UNG has not paid dividends to shareholders.
| Position | 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% |
Frequently Asked Questions
DBE and UNG have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.20%) compared to UNG (10.78%). In terms of maximum drawdown, DBE dropped -86.69% vs UNG's -99.88%.
On 10-year performance, DBE leads with 11.34% vs -22.25% for UNG. On fees, DBE is cheaper at 0.78% per year. On volatility, UNG has been the lower-risk option at 10.78%. 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 11.34% return vs -22.25%. 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 2.29%, 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 (1.62 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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