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. Both are passively managed. Over the past 10 years, DBE returned 11.78%/yr vs -20.48%/yr for UNG. At a 0.27 correlation, their price movements are largely independent. DBE charges 0.78%/yr vs 1.28%/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 79.50% return, which is significantly higher than UNG's -4.49% return. Over the past 10 years, DBE has outperformed UNG with an annualized return of 11.78%, while UNG has yielded a comparatively lower -20.48% annualized return.
DBE
- 1D
- 0.80%
- 1M
- -3.65%
- YTD
- 79.50%
- 6M
- 72.59%
- 1Y
- 82.31%
- 3Y*
- 22.48%
- 5Y*
- 19.20%
- 10Y*
- 11.78%
UNG
- 1D
- 2.09%
- 1M
- 6.94%
- YTD
- -4.49%
- 6M
- -24.31%
- 1Y
- -30.96%
- 3Y*
- -21.19%
- 5Y*
- -23.11%
- 10Y*
- -20.48%
DBE vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 79.50% | -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 | -4.49% | -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 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
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 19, 2007 | 0.27 |
The correlation between DBE and UNG shifts across timeframes, from 0.24 (10 years) to 0.36 (1 year), reflecting how their relationship changes across market environments.
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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.
| DBE | UNG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.37 | -0.51 | +2.88 |
Sortino ratioReturn per unit of downside risk | 2.91 | -0.42 | +3.32 |
Omega ratioGain probability vs. loss probability | 1.39 | 0.95 | +0.45 |
Calmar ratioReturn relative to maximum drawdown | 6.10 | -0.71 | +6.81 |
Martin ratioReturn relative to average drawdown | 11.98 | -1.04 | +13.03 |
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 | 2.37 | -0.51 | +2.88 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.66 | -0.36 | +1.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | -0.37 | +0.79 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | -0.57 | +0.66 |
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 | -14.41% | -43.86% | +29.45% |
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 | -31.85% | -99.86% | +68.01% |
Average DrawdownAverage peak-to-trough decline | -57.31% | -89.96% | +32.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.34% | 29.68% | -22.34% |
Volatility
DBE vs. UNG - Volatility Comparison
Invesco DB Energy Fund (DBE) and United States Natural Gas Fund LP (UNG) have volatilities of 13.47% and 13.09%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 13.47% | 13.09% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 30.80% | 52.96% | -22.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.02% | 60.48% | -25.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.37% | 64.10% | -34.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.33% | 54.78% | -26.45% |
DBE vs. UNG - Expense Ratio Comparison
DBE has a 0.78% expense ratio, which is lower than UNG's 1.28% expense ratio.
Dividends
DBE vs. UNG - Dividend Comparison
DBE'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 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.15% | 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 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (13.47%) compared to UNG (13.09%). In terms of maximum drawdown, DBE dropped -86.69% vs UNG's -99.88%.
On 10-year performance, DBE leads with 11.78% vs -20.48% for UNG. On fees, DBE is cheaper at 0.78% per year. On volatility, UNG has been the lower-risk option at 13.09%. 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 11.78% return vs -20.48%. 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 1.28% for UNG.
DBE has the higher dividend yield at 2.15%, compared with 0.00% for UNG.
DBE tracks DBIQ Optimum Yield Energy Index, while UNG tracks Front Month Natural Gas. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.78% for DBE and 1.28% for UNG.
DBE currently has the higher Sharpe Ratio (2.37 vs -0.51), 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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