NGAS.L vs. USO
NGAS.L (WisdomTree Natural Gas ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - NGAS.L is a Commodities fund tracking the Bloomberg Natural Gas Sub Total Return Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, NGAS.L returned -23.35%/yr vs 4.07%/yr for USO. At a 0.11 correlation, their price movements are largely independent. NGAS.L charges 0.49%/yr vs 0.86%/yr for USO.
Performance
NGAS.L vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, NGAS.L achieves a -11.49% return, which is significantly lower than USO's 103.67% return. Over the past 10 years, NGAS.L has underperformed USO with an annualized return of -23.35%, while USO has yielded a comparatively higher 4.07% annualized return.
NGAS.L
- 1D
- 2.07%
- 1M
- 4.84%
- YTD
- -11.49%
- 6M
- -29.61%
- 1Y
- -36.85%
- 3Y*
- -25.66%
- 5Y*
- -25.67%
- 10Y*
- -23.35%
USO
- 1D
- 2.62%
- 1M
- -4.57%
- YTD
- 103.67%
- 6M
- 99.35%
- 1Y
- 101.55%
- 3Y*
- 29.98%
- 5Y*
- 24.41%
- 10Y*
- 4.07%
NGAS.L vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NGAS.L WisdomTree Natural Gas ETF | -11.49% | -24.72% | -26.18% | -65.28% | 20.27% | 25.42% | -43.27% | -40.74% | 2.93% | -37.77% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between NGAS.L and USO is 0.08, 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 | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2006 | 0.11 |
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Return for Risk
NGAS.L vs. USO — Risk / Return Rank
NGAS.L
USO
NGAS.L vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Natural Gas ETF (NGAS.L) and United States Oil Fund LP (USO). 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.
| NGAS.L | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.97 | ||
| Sortino ratioReturn per unit of downside risk | -3.64 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.38 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 5.01 | -5.78 |
| Martin ratioReturn relative to average drawdown | -1.11 | 9.42 | -10.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NGAS.L | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 2.31 | -2.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.44 | 0.68 | -1.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.46 | 0.10 | -0.56 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | -0.18 | -0.42 |
Drawdowns
NGAS.L vs. USO - Drawdown Comparison
The maximum NGAS.L drawdown since its inception was -99.91%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for NGAS.L and USO.
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Drawdown Indicators
| NGAS.L | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.91% | -98.19% | -1.72% |
Max Drawdown (1Y)Largest decline over 1 year | -47.73% | -20.39% | -27.34% |
Max Drawdown (3Y)Largest decline over 3 years | -70.31% | -26.05% | -44.26% |
Max Drawdown (5Y)Largest decline over 5 years | -93.13% | -36.23% | -56.90% |
Max Drawdown (10Y)Largest decline over 10 years | -94.91% | -86.75% | -8.16% |
Current DrawdownCurrent decline from peak | -99.91% | -85.01% | -14.90% |
Average DrawdownAverage peak-to-trough decline | -89.09% | -75.30% | -13.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.25% | 10.82% | +22.43% |
Volatility
NGAS.L vs. USO - Volatility Comparison
The current volatility for WisdomTree Natural Gas ETF (NGAS.L) is 11.19%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that NGAS.L experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NGAS.L | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.19% | 14.87% | -3.68% |
Volatility (6M)Calculated over the trailing 6-month period | 47.23% | 38.23% | +9.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.38% | 44.20% | +11.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.00% | 36.06% | +22.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.65% | 39.00% | +11.65% |
NGAS.L vs. USO - Expense Ratio Comparison
NGAS.L has a 0.49% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
NGAS.L vs. USO - Dividend Comparison
Neither NGAS.L nor USO has paid dividends to shareholders.
Frequently Asked Questions
NGAS.L and USO have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, NGAS.L is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NGAS.L is cheaper with a 0.49% expense ratio, compared with 0.86% for USO.
NGAS.L is categorized as Commodities, while USO is Oil & Gas. NGAS.L tracks Bloomberg Natural Gas Sub Total Return Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: WisdomTree and USCF. Their fees differ too: 0.49% for NGAS.L and 0.86% for USO.
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