IEF vs. UNG
IEF (iShares 7-10 Year Treasury Bond ETF) and UNG (United States Natural Gas Fund LP) are both exchange-traded funds - IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, while UNG is a Oil & Gas fund tracking the Front Month Natural Gas Futures. Both are passively managed. Over the past 10 years, IEF returned 0.49%/yr vs -22.45%/yr for UNG. At a correlation of -0.05, they often move in opposite directions. IEF charges 0.15%/yr vs 1.17%/yr for UNG.
Performance
IEF vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, IEF achieves a -0.82% return, which is significantly higher than UNG's -16.07% return. Over the past 10 years, IEF has outperformed UNG with an annualized return of 0.49%, while UNG has yielded a comparatively lower -22.45% annualized return.
IEF
- 1D
- -0.32%
- 1M
- -0.54%
- 6M
- -0.58%
- YTD
- -0.82%
- 1Y
- 2.96%
- 3Y*
- 2.64%
- 5Y*
- -1.58%
- 10Y*
- 0.49%
- ALL TIME*
- 3.37%
UNG
- 1D
- -2.09%
- 1M
- -12.35%
- 6M
- -0.39%
- YTD
- -16.07%
- 1Y
- -35.08%
- 3Y*
- -29.27%
- 5Y*
- -28.40%
- 10Y*
- -22.45%
- ALL TIME*
- -28.43%
IEF vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | -0.82% | 8.03% | -0.63% | 3.64% | -15.15% | -3.33% | 10.01% | 8.03% | 0.99% | 2.55% |
UNG United States Natural Gas Fund LP | -16.07% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
Correlation
The correlation between IEF and UNG is -0.05, 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 (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2007 | -0.05 |
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Return for Risk
IEF vs. UNG — Risk / Return Rank
IEF
UNG
IEF vs. UNG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 7-10 Year Treasury Bond ETF (IEF) 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.
| IEF | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.22 | ||
| Sortino ratioReturn per unit of downside risk | +1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.93 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.73 | -0.88 | +1.61 |
| Martin ratioReturn relative to average drawdown | 1.82 | -1.42 | +3.24 |
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Drawdowns
IEF vs. UNG - Drawdown Comparison
The maximum IEF drawdown since its inception was -23.93%, smaller than the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for IEF and UNG.
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Drawdown Indicators
| IEF | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.93% | -99.88% | +75.95% |
Max Drawdown (1Y)Largest decline over 1 year | -4.07% | -39.94% | +35.87% |
Max Drawdown (3Y)Largest decline over 3 years | -7.05% | -68.16% | +61.11% |
Max Drawdown (5Y)Largest decline over 5 years | -21.40% | -92.49% | +71.09% |
Max Drawdown (10Y)Largest decline over 10 years | -23.93% | -93.55% | +69.62% |
Current DrawdownCurrent decline from peak | -11.49% | -99.87% | +88.38% |
Average DrawdownAverage peak-to-trough decline | -5.37% | -90.01% | +84.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.63% | 25.99% | -24.36% |
Volatility
IEF vs. UNG - Volatility Comparison
The current volatility for iShares 7-10 Year Treasury Bond ETF (IEF) is 1.40%, while United States Natural Gas Fund LP (UNG) has a volatility of 10.17%. This indicates that IEF 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
| IEF | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.40% | 10.17% | -8.77% |
Volatility (6M)Calculated over the trailing 6-month period | 3.62% | 47.34% | -43.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.71% | 59.71% | -55.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.70% | 64.17% | -56.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.61% | 54.76% | -48.15% |
IEF vs. UNG - Expense Ratio Comparison
IEF has a 0.15% expense ratio, which is lower than UNG's 1.17% expense ratio.
Dividends
IEF vs. UNG - Dividend Comparison
IEF's dividend yield for the trailing twelve months is around 3.93%, while UNG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | 3.93% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
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
IEF and UNG have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (10.17%) compared to IEF (1.40%). In terms of maximum drawdown, IEF dropped -23.93% vs UNG's -99.88%.
On 10-year performance, IEF leads with 0.49% vs -22.45% for UNG. On fees, IEF is cheaper at 0.15% per year. On volatility, IEF has been the lower-risk option at 1.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IEF has performed better with a 0.49% return vs -22.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEF is cheaper with a 0.15% expense ratio, compared with 1.17% for UNG.
IEF has the higher dividend yield at 3.93%, compared with 0.00% for UNG.
IEF is categorized as Government Bonds, while UNG is Oil & Gas. IEF tracks ICE U.S. Treasury 7-10 Year Bond Index, while UNG tracks Front Month Natural Gas Futures. They also come from different issuers: iShares and USCF Investments. Their fees differ too: 0.15% for IEF and 1.17% for UNG.
IEF currently has the higher Sharpe Ratio (0.63 vs -0.59), 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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