FCG vs. UNG

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Natural Gas ETF (FCG) and United States Natural Gas Fund LP (UNG).

FCG and UNG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FCG is a passively managed fund by First Trust that tracks the performance of the ISE-Revere Natural Gas Index. It was launched on May 8, 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 FCG 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

FCG vs. UNG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Natural Gas ETF (FCG) and United States Natural Gas Fund LP (UNG). The values are adjusted to include any dividend payments, if applicable.

FCG vs. UNG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCG First Trust Natural Gas ETF	35.99%	-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	-4.32%	-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, FCG achieves a 35.99% return, which is significantly higher than UNG's -4.32% return. Over the past 10 years, FCG has outperformed UNG with an annualized return of 7.31%, while UNG has yielded a comparatively lower -19.74% annualized return.

FCG

• 1D: -1.95%
• 1M: 13.98%
• YTD: 35.99%
• 6M: 36.46%
• 1Y: 30.79%
• 3Y*: 15.23%
• 5Y*: 22.03%
• 10Y*: 7.31%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FCG vs. UNG - Expense Ratio Comparison

FCG has a 0.60% expense ratio, which is lower than UNG's 1.28% expense ratio.

UNG

United States Natural Gas Fund LP

FCG

First Trust Natural Gas ETF

Return for Risk

FCG vs. UNG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FCG

FCG Risk / Return Rank: 52
FCG Sharpe Ratio Rank: 55
FCG Sortino Ratio Rank: 53
FCG Omega Ratio Rank: 53
FCG Calmar Ratio Rank: 57
FCG Martin Ratio Rank: 43

UNG

UNG Risk / Return Rank: 2
UNG Sharpe Ratio Rank: 2
UNG Sortino Ratio Rank: 2
UNG Omega Ratio Rank: 2
UNG Calmar Ratio Rank: 1
UNG Martin Ratio Rank: 3

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	FCG	UNG	Difference
Sharpe ratio Return per unit of total volatility	0.95	-0.72	+1.67
Sortino ratio Return per unit of downside risk	1.36	-0.86	+2.22
Omega ratio Gain probability vs. loss probability	1.19	0.89	+0.30
Calmar ratio Return relative to maximum drawdown	1.37	-0.86	+2.23
Martin ratio Return relative to average drawdown	3.92	-1.25	+5.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCG vs. UNG - Sharpe Ratio Comparison

The current FCG Sharpe Ratio is 0.95, which is higher than the UNG Sharpe Ratio of -0.72. The chart below compares the historical Sharpe Ratios of FCG and UNG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FCG	UNG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	-0.72	+1.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	-0.33	+0.99
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	-0.36	+0.55
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	-0.57	+0.47

Correlation

The correlation between FCG 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

FCG vs. UNG - Dividend Comparison

FCG's dividend yield for the trailing twelve months is around 2.02%, while UNG has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCG First Trust Natural Gas ETF	2.02%	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%

Drawdowns

FCG vs. UNG - Drawdown Comparison

The maximum FCG drawdown since its inception was -97.20%, roughly equal to the maximum UNG drawdown of -99.87%. Use the drawdown chart below to compare losses from any high point for FCG and UNG.

Drawdown Indicators

	FCG	UNG	Difference
Max Drawdown Largest peak-to-trough decline	-97.20%	-99.87%	+2.67%
Max Drawdown (1Y) Largest decline over 1 year	-23.23%	-52.53%	+29.30%
Max Drawdown (5Y) Largest decline over 5 years	-33.33%	-92.42%	+59.09%
Max Drawdown (10Y) Largest decline over 10 years	-85.04%	-93.49%	+8.45%
Current Drawdown Current decline from peak	-72.58%	-99.86%	+27.28%
Average Drawdown Average peak-to-trough decline	-65.30%	-89.87%	+24.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.13%	36.10%	-27.97%

Volatility

FCG vs. UNG - Volatility Comparison

The current volatility for First Trust Natural Gas ETF (FCG) is 6.09%, while United States Natural Gas Fund LP (UNG) has a volatility of 14.68%. 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.

Volatility by Period

	FCG	UNG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.09%	14.68%	-8.59%
Volatility (6M) Calculated over the trailing 6-month period	18.28%	54.10%	-35.82%
Volatility (1Y) Calculated over the trailing 1-year period	32.42%	63.87%	-31.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.88%	63.90%	-30.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.28%	54.87%	-16.59%