GC=F vs. UNG

Last updated Jun 9, 2026

GC=F (Gold Futures) is an asset, while UNG (United States Natural Gas Fund LP) is Oil & Gas fund tracking the Front Month Natural Gas. At a 0.01 correlation, their price movements are largely independent.

Performance

GC=F vs. UNG - Performance Comparison

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

Returns By Period

GC=F

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UNG

• 1D: -2.57%
• 1M: 7.57%
• YTD: -7.26%
• 6M: -24.55%
• 1Y: -33.82%
• 3Y*: -22.97%
• 5Y*: -23.84%
• 10Y*: -21.26%

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

GC=F vs. UNG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GC=F Gold Futures	0.00%	0.00%	0.00%	0.00%	5.91%
UNG United States Natural Gas Fund LP	-7.26%	-27.07%	-17.11%	-64.04%	-17.11%

Correlation

The correlation between GC=F and UNG is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022	0.01

Return for Risk

GC=F vs. UNG — Risk / Return Rank

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

UNG

UNG Risk / Return Rank: 4
UNG Sharpe Ratio Rank: 5
UNG Sortino Ratio Rank: 5
UNG Omega Ratio Rank: 5
UNG Calmar Ratio Rank: 2
UNG Martin Ratio Rank: 4

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.

GC=F vs. UNG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gold Futures (GC=F) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GC=F	UNG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.56	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.37	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	-0.57	—

Drawdowns

Drawdown Indicators

	GC=F	UNG	Difference
Max Drawdown Largest peak-to-trough decline	—	-99.88%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-43.86%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-68.16%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-92.49%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-93.55%	—
Current Drawdown Current decline from peak	—	-99.86%	—
Average Drawdown Average peak-to-trough decline	—	-89.97%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	29.93%	—

Volatility

Volatility by Period

	GC=F	UNG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.75%	—
Volatility (6M) Calculated over the trailing 6-month period	—	53.10%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	60.78%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	64.14%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	54.78%	—

Frequently Asked Questions

Can I hold both GC=F and UNG in my portfolio?

GC=F and UNG have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.