GSSC vs. UNG
GSSC (Goldman Sachs ActiveBeta US Small Cap Equity ETF) and UNG (United States Natural Gas Fund LP) are both exchange-traded funds - GSSC is a Small Cap Growth Equities fund tracking the Goldman Sachs ActiveBeta U.S. Small Cap Equity Index, while UNG is a Oil & Gas fund tracking the Front Month Natural Gas Futures. Both are passively managed. Over the past 5 years, GSSC returned 9.16%/yr vs -29.56%/yr for UNG. Their 0.04 correlation means their historical movements had little consistent relationship. GSSC charges 0.20%/yr vs 1.17%/yr for UNG.
Performance
GSSC vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, GSSC achieves a 20.74% return, which is significantly higher than UNG's -17.54% return.
GSSC
- 1D
- 1.91%
- 1M
- 0.62%
- 6M
- 14.82%
- YTD
- 20.74%
- 1Y
- 36.16%
- 3Y*
- 16.16%
- 5Y*
- 9.16%
- 10Y*
- —
- ALL TIME*
- 10.74%
UNG
- 1D
- 0.50%
- 1M
- -12.69%
- 6M
- -20.39%
- YTD
- -17.54%
- 1Y
- -25.77%
- 3Y*
- -28.62%
- 5Y*
- -29.56%
- 10Y*
- -22.65%
- ALL TIME*
- -28.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.32M | $3.92M | $3.01M | |
| $81.89M | $81.97M | $83.57M |
GSSC vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GSSC Goldman Sachs ActiveBeta US Small Cap Equity ETF | 20.74% | 10.76% | 11.14% | 17.27% | -16.81% | 24.13% | 16.02% | 23.14% | -9.24% | 8.39% |
UNG United States Natural Gas Fund LP | -17.54% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -15.38% |
Correlation
The correlation between GSSC and UNG is -0.27, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.27 |
Correlation (3Y) Balances recent behavior with more history. | -0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2017 | 0.04 |
The correlation between GSSC and UNG shifts across timeframes, from -0.27 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GSSC vs. UNG — Risk / Return Rank
GSSC
UNG
GSSC vs. UNG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta US Small Cap Equity ETF (GSSC) 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.
| GSSC | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.41 | ||
| Sortino ratioReturn per unit of downside risk | +3.09 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 0.96 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | -0.62 | +4.05 |
| Martin ratioReturn relative to average drawdown | 11.64 | -1.02 | +12.67 |
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Drawdowns
GSSC vs. UNG - Drawdown Comparison
The maximum GSSC drawdown since its inception was -41.38%, smaller than the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for GSSC and UNG.
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Drawdown Indicators
| GSSC | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.38% | -99.88% | +58.50% |
Max Drawdown (1Y)Largest decline over 1 year | -10.56% | -42.01% | +31.45% |
Max Drawdown (3Y)Largest decline over 3 years | -26.05% | -69.26% | +43.21% |
Max Drawdown (5Y)Largest decline over 5 years | -27.81% | -92.75% | +64.94% |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.77% | — |
Current DrawdownCurrent decline from peak | -0.45% | -99.88% | +99.43% |
Average DrawdownAverage peak-to-trough decline | -8.88% | -90.03% | +81.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.11% | 25.26% | -22.15% |
Volatility
GSSC vs. UNG - Volatility Comparison
The current volatility for Goldman Sachs ActiveBeta US Small Cap Equity ETF (GSSC) is 4.21%, while United States Natural Gas Fund LP (UNG) has a volatility of 10.03%. This indicates that GSSC 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
| GSSC | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.21% | 10.03% | -5.82% |
Volatility (6M)Calculated over the trailing 6-month period | 13.26% | 40.36% | -27.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.47% | 59.10% | -40.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.18% | 64.16% | -42.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.91% | 54.70% | -31.79% |
GSSC vs. UNG - Expense Ratio Comparison
GSSC has a 0.20% expense ratio, which is lower than UNG's 1.17% expense ratio.
Dividends
GSSC vs. UNG - Dividend Comparison
GSSC's dividend yield for the trailing twelve months is around 1.03%, while UNG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GSSC Goldman Sachs ActiveBeta US Small Cap Equity ETF | 1.03% | 1.17% | 1.42% | 1.33% | 1.31% | 1.00% | 0.94% | 1.24% | 1.21% | 0.73% |
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% |
Frequently Asked Questions
GSSC and UNG have a correlation of -0.27, 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 GSSC (4.21%). In terms of maximum drawdown, GSSC dropped -41.38% vs UNG's -99.88%.
On 5-year performance, GSSC leads with 9.16% vs -29.56% for UNG. On fees, GSSC is cheaper at 0.20% per year. On volatility, GSSC has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GSSC has performed better with a 9.16% return vs -29.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSSC is cheaper with a 0.20% expense ratio, compared with 1.17% for UNG.
GSSC has the higher dividend yield at 1.03%, compared with 0.00% for UNG.
GSSC is categorized as Small Cap Growth Equities, while UNG is Oil & Gas. GSSC tracks Goldman Sachs ActiveBeta U.S. Small Cap Equity Index, while UNG tracks Front Month Natural Gas Futures. They also come from different issuers: Goldman Sachs and USCF. Their fees differ too: 0.20% for GSSC and 1.17% for UNG.
GSSC currently has the higher Sharpe Ratio (1.97 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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