FCG vs. UNG
FCG (First Trust Natural Gas ETF) and UNG (United States Natural Gas Fund LP) are both exchange-traded funds - FCG is a Energy Equities fund tracking the ISE-Revere Natural Gas Index, while UNG is a Oil & Gas fund tracking the Front Month Natural Gas Futures. Both are passively managed. Over the past 10 years, FCG returned 3.88%/yr vs -21.19%/yr for UNG. At a 0.27 correlation, their price movements are largely independent. FCG charges 0.60%/yr vs 1.17%/yr for UNG.
Performance
FCG vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, FCG achieves a 17.24% return, which is significantly higher than UNG's -4.00% return. Over the past 10 years, FCG has outperformed UNG with an annualized return of 3.88%, while UNG has yielded a comparatively lower -21.19% annualized return.
FCG
- 1D
- 1.64%
- 1M
- -9.95%
- YTD
- 17.24%
- 6M
- 18.20%
- 1Y
- 12.39%
- 3Y*
- 10.11%
- 5Y*
- 14.16%
- 10Y*
- 3.88%
UNG
- 1D
- 0.26%
- 1M
- 7.59%
- YTD
- -4.00%
- 6M
- -0.68%
- 1Y
- -33.35%
- 3Y*
- -26.96%
- 5Y*
- -24.05%
- 10Y*
- -21.19%
FCG vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCG First Trust Natural Gas ETF | 17.24% | -2.28% | 4.16% | 2.55% | 47.24% | 98.49% | -23.20% | -15.76% | -34.81% | -11.38% |
UNG United States Natural Gas Fund LP | -4.00% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
Correlation
The correlation between FCG 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 | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since May 11, 2007 | 0.27 |
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Return for Risk
FCG vs. UNG — Risk / Return Rank
FCG
UNG
FCG vs. UNG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Natural Gas ETF (FCG) 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.
| FCG | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.01 | ||
| Sortino ratioReturn per unit of downside risk | +1.27 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.94 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.70 | -0.84 | +1.53 |
| Martin ratioReturn relative to average drawdown | 2.05 | -1.28 | +3.33 |
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Drawdowns
FCG vs. UNG - Drawdown Comparison
The maximum FCG drawdown since its inception was -97.20%, roughly equal to the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for FCG and UNG.
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Drawdown Indicators
| FCG | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.20% | -99.88% | +2.68% |
Max Drawdown (1Y)Largest decline over 1 year | -17.90% | -39.94% | +22.04% |
Max Drawdown (3Y)Largest decline over 3 years | -29.44% | -68.16% | +38.72% |
Max Drawdown (5Y)Largest decline over 5 years | -33.33% | -92.49% | +59.16% |
Max Drawdown (10Y)Largest decline over 10 years | -85.04% | -93.55% | +8.51% |
Current DrawdownCurrent decline from peak | -76.36% | -99.86% | +23.50% |
Average DrawdownAverage peak-to-trough decline | -65.39% | -89.97% | +24.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.68% | 29.14% | -22.46% |
Volatility
FCG vs. UNG - Volatility Comparison
The current volatility for First Trust Natural Gas ETF (FCG) is 9.37%, while United States Natural Gas Fund LP (UNG) has a volatility of 11.95%. This indicates that FCG 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
| FCG | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.37% | 11.95% | -2.58% |
Volatility (6M)Calculated over the trailing 6-month period | 20.54% | 51.06% | -30.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.35% | 60.47% | -33.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.43% | 64.14% | -30.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.32% | 54.79% | -16.47% |
FCG vs. UNG - Expense Ratio Comparison
FCG has a 0.60% expense ratio, which is lower than UNG's 1.17% expense ratio.
Dividends
FCG vs. UNG - Dividend Comparison
FCG's dividend yield for the trailing twelve months is around 2.34%, while UNG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCG First Trust Natural Gas ETF | 2.34% | 2.86% | 2.76% | 3.25% | 3.04% | 1.73% | 3.82% | 2.87% | 1.46% | 1.56% | 1.70% | 4.79% |
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
FCG 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.
UNG has higher volatility (11.95%) compared to FCG (9.37%). In terms of maximum drawdown, FCG dropped -97.20% vs UNG's -99.88%.
On 10-year performance, FCG leads with 3.88% vs -21.19% for UNG. On fees, FCG is cheaper at 0.60% per year. On volatility, FCG 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, FCG has performed better with a 3.88% return vs -21.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FCG is cheaper with a 0.60% expense ratio, compared with 1.17% for UNG.
FCG has the higher dividend yield at 2.34%, compared with 0.00% for UNG.
FCG is categorized as Energy Equities, while UNG is Oil & Gas. FCG tracks ISE-Revere Natural Gas Index, while UNG tracks Front Month Natural Gas Futures. They also come from different issuers: First Trust and USCF Investments. Their fees differ too: 0.60% for FCG and 1.17% for UNG.
FCG currently has the higher Sharpe Ratio (0.46 vs -0.55), 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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