GBPUSD=X vs. UNG
GBPUSD=X (GBP/USD) is a currency, while UNG (United States Natural Gas Fund LP) is Oil & Gas fund tracking the Front Month Natural Gas. Over the past 10 years, GBPUSD=X returned -0.52%/yr vs -21.38%/yr for UNG. At a 0.04 correlation, their price movements are largely independent.
Performance
GBPUSD=X vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, GBPUSD=X achieves a -0.45% return, which is significantly higher than UNG's -7.42% return. Over the past 10 years, GBPUSD=X has outperformed UNG with an annualized return of -0.52%, while UNG has yielded a comparatively lower -21.38% annualized return.
GBPUSD=X
- 1D
- -0.16%
- 1M
- -0.95%
- YTD
- -0.45%
- 6M
- 0.22%
- 1Y
- -1.60%
- 3Y*
- 2.03%
- 5Y*
- -1.04%
- 10Y*
- -0.52%
UNG
- 1D
- 1.70%
- 1M
- 3.37%
- YTD
- -7.42%
- 6M
- -10.84%
- 1Y
- -29.37%
- 3Y*
- -23.83%
- 5Y*
- -24.47%
- 10Y*
- -21.38%
GBPUSD=X vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBPUSD=X GBP/USD | -0.45% | 7.55% | -1.67% | 5.28% | -10.69% | -0.91% | 3.06% | 4.01% | -5.66% | 9.52% |
UNG United States Natural Gas Fund LP | -7.42% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
Correlation
The correlation between GBPUSD=X and UNG is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2007 | 0.04 |
The correlation between GBPUSD=X and UNG shifts across timeframes, from -0.10 (1 year) to 0.04 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GBPUSD=X vs. UNG — Risk / Return Rank
GBPUSD=X
UNG
GBPUSD=X vs. UNG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GBP/USD (GBPUSD=X) 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.
| GBPUSD=X | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 0.95 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | -0.67 | +0.43 |
| Martin ratioReturn relative to average drawdown | -0.47 | -0.97 | +0.50 |
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Drawdowns
GBPUSD=X vs. UNG - Drawdown Comparison
The maximum GBPUSD=X drawdown since its inception was -49.29%, smaller than the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for GBPUSD=X and UNG.
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Drawdown Indicators
| GBPUSD=X | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.29% | -99.88% | +50.59% |
Max Drawdown (1Y)Largest decline over 1 year | -5.26% | -43.86% | +38.60% |
Max Drawdown (3Y)Largest decline over 3 years | -9.34% | -68.16% | +58.82% |
Max Drawdown (5Y)Largest decline over 5 years | -24.23% | -92.49% | +68.26% |
Max Drawdown (10Y)Largest decline over 10 years | -27.99% | -93.55% | +65.56% |
Current DrawdownCurrent decline from peak | -36.44% | -99.86% | +63.42% |
Average DrawdownAverage peak-to-trough decline | -31.18% | -89.96% | +58.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 30.28% | -27.72% |
Volatility
GBPUSD=X vs. UNG - Volatility Comparison
The current volatility for GBP/USD (GBPUSD=X) is 1.22%, while United States Natural Gas Fund LP (UNG) has a volatility of 12.64%. This indicates that GBPUSD=X 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
| GBPUSD=X | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 12.64% | -11.42% |
Volatility (6M)Calculated over the trailing 6-month period | 4.96% | 52.01% | -47.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.25% | 60.61% | -54.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.24% | 64.11% | -55.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.09% | 54.77% | -45.68% |
Frequently Asked Questions
GBPUSD=X and UNG have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (12.64%) compared to GBPUSD=X (1.22%). In terms of maximum drawdown, GBPUSD=X dropped -49.29% vs UNG's -99.88%.
GBPUSD=X currently has the higher Sharpe Ratio (-0.21 vs -0.49), 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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