PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
PHO vs. UNG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PHO vs. UNG

Last updated Jun 4, 2026

PHO (Invesco Water Resources ETF) and UNG (United States Natural Gas Fund LP) are both exchange-traded funds - PHO is a Water Equities fund tracking the NASDAQ OMX US Water Index, while UNG is a Oil & Gas fund tracking the Front Month Natural Gas. Both are passively managed. Over the past 10 years, PHO returned 11.55%/yr vs -20.48%/yr for UNG. At a 0.05 correlation, their price movements are largely independent. PHO charges 0.60%/yr vs 1.28%/yr for UNG.

Performance

PHO vs. UNG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Water Resources ETF (PHO) and United States Natural Gas Fund LP (UNG). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, PHO achieves a -5.40% return, which is significantly lower than UNG's -4.49% return. Over the past 10 years, PHO has outperformed UNG with an annualized return of 11.55%, while UNG has yielded a comparatively lower -20.48% annualized return.

PHO

1D
0.30%
1M
-1.41%
YTD
-5.40%
6M
-7.93%
1Y
-3.67%
3Y*
7.71%
5Y*
5.22%
10Y*
11.55%

UNG

1D
2.09%
1M
6.94%
YTD
-4.49%
6M
-24.31%
1Y
-30.96%
3Y*
-21.19%
5Y*
-23.11%
10Y*
-20.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PHO vs. UNG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PHO
Invesco Water Resources ETF		-5.40%7.62%8.59%18.85%-14.86%31.28%20.83%37.57%-6.40%23.55%
UNG
United States Natural Gas Fund LP		-4.49%-27.07%-17.11%-64.04%12.89%35.76%-45.43%-31.77%5.96%-37.58%

Correlation

The correlation between PHO and UNG is -0.25, 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

-0.25

Correlation (3Y)
Calculated over the trailing 3-year period

-0.04

Correlation (5Y)
Calculated over the trailing 5-year period

0.03

Correlation (10Y)
Calculated over the trailing 10-year period

0.03

Correlation (All Time)
Calculated using the full available price history since Apr 19, 2007

0.05

The correlation between PHO and UNG shifts across timeframes, from -0.25 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco Water Resources ETF

United States Natural Gas Fund LP

Often compared with PHO:
PHO vs. FIWPHO vs. CGWPHO vs. PIOPHO vs. AQWAPHO vs. SPYPHO vs. VOOPHO vs. EVX
Often compared with UNG:
UNG vs. BOILUNG vs. FCGUNG vs. UNLUNG vs. LNGUNG vs. BNOUNG vs. WEATUNG vs. KOLD

Return for Risk

PHO vs. UNG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PHO
PHO Risk / Return Rank: 66
Overall Rank
PHO Sharpe Ratio Rank: 66
Sharpe Ratio Rank
PHO Sortino Ratio Rank: 66
Sortino Ratio Rank
PHO Omega Ratio Rank: 66
Omega Ratio Rank
PHO Calmar Ratio Rank: 66
Calmar Ratio Rank
PHO Martin Ratio Rank: 55
Martin Ratio Rank
UNG
UNG Risk / Return Rank: 44
Overall Rank
UNG Sharpe Ratio Rank: 44
Sharpe Ratio Rank
UNG Sortino Ratio Rank: 55
Sortino Ratio Rank
UNG Omega Ratio Rank: 55
Omega Ratio Rank
UNG Calmar Ratio Rank: 33
Calmar Ratio Rank
UNG Martin Ratio Rank: 44
Martin Ratio Rank
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.

PHO vs. UNG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Water Resources ETF (PHO) 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.

PHOUNGDifference

Sharpe ratio

Return per unit of total volatility

-0.25

-0.51

+0.26

Sortino ratio

Return per unit of downside risk

-0.25

-0.42

+0.16

Omega ratio

Gain probability vs. loss probability

0.97

0.95

+0.02

Calmar ratio

Return relative to maximum drawdown

-0.27

-0.71

+0.44

Martin ratio

Return relative to average drawdown

-0.69

-1.04

+0.35

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHO vs. UNG - Sharpe Ratio Comparison

The current PHO Sharpe Ratio is -0.25, which is higher than the UNG Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of PHO and UNG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

PHOUNGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.25

-0.51

+0.26

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.29

-0.36

+0.65

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.60

-0.37

+0.97

Sharpe Ratio (All Time)

Calculated using the full available price history

0.34

-0.57

+0.92

Drawdowns

PHO vs. UNG - Drawdown Comparison

The maximum PHO drawdown since its inception was -55.62%, smaller than the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for PHO and UNG.

Loading charts...

Drawdown Indicators

PHOUNGDifference

Max Drawdown

Largest peak-to-trough decline

-55.62%

-99.88%

+44.26%

Max Drawdown (1Y)

Largest decline over 1 year

-13.78%

-43.86%

+30.08%

Max Drawdown (3Y)

Largest decline over 3 years

-19.19%

-68.16%

+48.97%

Max Drawdown (5Y)

Largest decline over 5 years

-28.60%

-92.49%

+63.89%

Max Drawdown (10Y)

Largest decline over 10 years

-34.92%

-93.55%

+58.63%

Current Drawdown

Current decline from peak

-10.62%

-99.86%

+89.24%

Average Drawdown

Average peak-to-trough decline

-10.18%

-89.96%

+79.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.31%

29.68%

-24.37%

Volatility

PHO vs. UNG - Volatility Comparison

The current volatility for Invesco Water Resources ETF (PHO) is 4.01%, while United States Natural Gas Fund LP (UNG) has a volatility of 13.09%. This indicates that PHO 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.

Loading charts...

Volatility by Period

PHOUNGDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.01%

13.09%

-9.08%

Volatility (6M)

Calculated over the trailing 6-month period

10.92%

52.96%

-42.04%

Volatility (1Y)

Calculated over the trailing 1-year period

15.03%

60.48%

-45.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.35%

64.10%

-45.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.45%

54.78%

-35.33%

PHO vs. UNG - Expense Ratio Comparison

PHO has a 0.60% expense ratio, which is lower than UNG's 1.28% expense ratio.

Dividends

PHO vs. UNG - Dividend Comparison

PHO's dividend yield for the trailing twelve months is around 0.58%, while UNG has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
PHO
Invesco Water Resources ETF		0.58%0.54%0.45%0.59%0.49%0.20%0.39%0.43%0.46%0.34%0.47%0.75%
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

PHO and UNG have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UNG has higher volatility (13.09%) compared to PHO (4.01%). In terms of maximum drawdown, PHO dropped -55.62% vs UNG's -99.88%.

On 10-year performance, PHO leads with 11.55% vs -20.48% for UNG. On fees, PHO is cheaper at 0.60% per year. On volatility, PHO has been the lower-risk option at 4.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, PHO has performed better with a 11.55% return vs -20.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PHO is cheaper with a 0.60% expense ratio, compared with 1.28% for UNG.

PHO has the higher dividend yield at 0.58%, compared with 0.00% for UNG.

PHO is categorized as Water Equities, while UNG is Oil & Gas. PHO tracks NASDAQ OMX US Water Index, while UNG tracks Front Month Natural Gas. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.60% for PHO and 1.28% for UNG.

PHO currently has the higher Sharpe Ratio (-0.25 vs -0.51), 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.

Portfolio Optimizer

Find the right allocation for PHO and UNG

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer