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 Nasdaq FactSet 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 4.86%/yr vs -22.61%/yr for UNG. Their 0.27 correlation means their historical movements had little consistent relationship. FCG charges 0.59%/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 26.67% return, which is significantly higher than UNG's -17.94% return. Over the past 10 years, FCG has outperformed UNG with an annualized return of 4.86%, while UNG has yielded a comparatively lower -22.61% annualized return.
FCG
- 1D
- 1.91%
- 1M
- 11.01%
- 6M
- 15.79%
- YTD
- 26.67%
- 1Y
- 31.20%
- 3Y*
- 7.40%
- 5Y*
- 19.13%
- 10Y*
- 4.86%
- ALL TIME*
- -4.44%
UNG
- 1D
- 0.50%
- 1M
- -13.13%
- 6M
- -40.47%
- YTD
- -17.94%
- 1Y
- -26.14%
- 3Y*
- -28.64%
- 5Y*
- -28.82%
- 10Y*
- -22.61%
- ALL TIME*
- -28.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $18.46M | $17.58M | $23.74M | |
| $82.18M | $81.43M | $85.25M |
FCG vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCG First Trust Natural Gas ETF | 26.67% | -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 | -17.94% | -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 0.32, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.32 |
Correlation (3Y) Balances recent behavior with more history. | 0.29 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.31 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 | +1.43 | ||
| Sortino ratioReturn per unit of downside risk | +1.70 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.96 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | -0.62 | +2.00 |
| Martin ratioReturn relative to average drawdown | 3.45 | -1.04 | +4.49 |
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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 | -19.67% | -42.01% | +22.34% |
Max Drawdown (3Y)Largest decline over 3 years | -29.44% | -69.26% | +39.82% |
Max Drawdown (5Y)Largest decline over 5 years | -33.33% | -92.75% | +59.42% |
Max Drawdown (10Y)Largest decline over 10 years | -85.04% | -93.77% | +8.73% |
Current DrawdownCurrent decline from peak | -74.46% | -99.88% | +25.42% |
Average DrawdownAverage peak-to-trough decline | -65.45% | -90.02% | +24.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.87% | 25.13% | -17.26% |
Volatility
FCG vs. UNG - Volatility Comparison
The current volatility for First Trust Natural Gas ETF (FCG) is 8.83%, while United States Natural Gas Fund LP (UNG) has a volatility of 10.03%. 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 | 8.83% | 10.03% | -1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 21.32% | 42.08% | -20.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.51% | 59.01% | -31.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.08% | 64.14% | -31.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.24% | 54.70% | -16.46% |
FCG vs. UNG - Expense Ratio Comparison
FCG has a 0.59% 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 2.17%, 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 | 2.17% | 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 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (10.03%) compared to FCG (8.83%). In terms of maximum drawdown, FCG dropped -97.20% vs UNG's -99.88%.
On 10-year performance, FCG leads with 4.86% vs -22.61% for UNG. On fees, FCG is cheaper at 0.59% per year. On volatility, FCG has been the lower-risk option at 8.83%. 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 4.86% return vs -22.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FCG is cheaper with a 0.59% expense ratio, compared with 1.17% for UNG.
FCG has the higher dividend yield at 2.17%, compared with 0.00% for UNG.
FCG is categorized as Energy Equities, while UNG is Oil & Gas. FCG tracks Nasdaq FactSet Natural Gas Index, while UNG tracks Front Month Natural Gas Futures. They also come from different issuers: First Trust and USCF. Their fees differ too: 0.59% for FCG and 1.17% for UNG.
FCG currently has the higher Sharpe Ratio (0.98 vs -0.44), 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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