SCHE vs. UNG
SCHE (Schwab Emerging Markets Equity ETF) and UNG (United States Natural Gas Fund LP) are both exchange-traded funds - SCHE is a Emerging Markets Equities fund tracking the FTSE Emerging Index, while UNG is a Oil & Gas fund tracking the Front Month Natural Gas. Both are passively managed. Over the past 10 years, SCHE returned 9.02%/yr vs -21.38%/yr for UNG. At a 0.03 correlation, their price movements are largely independent. SCHE charges 0.11%/yr vs 1.28%/yr for UNG.
Performance
SCHE vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, SCHE achieves a 10.50% return, which is significantly higher than UNG's -7.42% return. Over the past 10 years, SCHE has outperformed UNG with an annualized return of 9.02%, while UNG has yielded a comparatively lower -21.38% annualized return.
SCHE
- 1D
- 0.84%
- 1M
- -0.58%
- YTD
- 10.50%
- 6M
- 12.18%
- 1Y
- 26.49%
- 3Y*
- 16.79%
- 5Y*
- 4.83%
- 10Y*
- 9.02%
UNG
- 1D
- 1.70%
- 1M
- 1.70%
- YTD
- -7.42%
- 6M
- -10.84%
- 1Y
- -30.62%
- 3Y*
- -23.83%
- 5Y*
- -24.47%
- 10Y*
- -21.38%
SCHE vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCHE Schwab Emerging Markets Equity ETF | 10.50% | 26.54% | 10.60% | 8.93% | -17.84% | -0.65% | 14.49% | 20.31% | -13.57% | 32.70% |
UNG United States Natural Gas Fund LP | -7.42% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
Correlation
The correlation between SCHE and UNG is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 14, 2010 | 0.03 |
The correlation between SCHE and UNG shifts across timeframes, from -0.19 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SCHE vs. UNG — Risk / Return Rank
SCHE
UNG
SCHE vs. UNG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab Emerging Markets Equity ETF (SCHE) 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.
| SCHE | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.94 | ||
| Sortino ratioReturn per unit of downside risk | +2.40 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.95 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | -0.67 | +2.86 |
| Martin ratioReturn relative to average drawdown | 7.70 | -0.97 | +8.67 |
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Drawdowns
SCHE vs. UNG - Drawdown Comparison
The maximum SCHE drawdown since its inception was -36.20%, smaller than the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for SCHE and UNG.
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Drawdown Indicators
| SCHE | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.20% | -99.88% | +63.68% |
Max Drawdown (1Y)Largest decline over 1 year | -11.29% | -43.86% | +32.57% |
Max Drawdown (3Y)Largest decline over 3 years | -17.08% | -68.16% | +51.08% |
Max Drawdown (5Y)Largest decline over 5 years | -33.31% | -92.49% | +59.18% |
Max Drawdown (10Y)Largest decline over 10 years | -36.20% | -93.55% | +57.35% |
Current DrawdownCurrent decline from peak | -2.66% | -99.86% | +97.20% |
Average DrawdownAverage peak-to-trough decline | -12.58% | -89.96% | +77.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.20% | 30.28% | -27.08% |
Volatility
SCHE vs. UNG - Volatility Comparison
The current volatility for Schwab Emerging Markets Equity ETF (SCHE) is 6.91%, while United States Natural Gas Fund LP (UNG) has a volatility of 12.64%. This indicates that SCHE 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
| SCHE | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.91% | 12.64% | -5.73% |
Volatility (6M)Calculated over the trailing 6-month period | 14.48% | 52.01% | -37.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.97% | 60.61% | -43.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.79% | 64.11% | -46.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.49% | 54.77% | -35.28% |
SCHE vs. UNG - Expense Ratio Comparison
SCHE has a 0.11% expense ratio, which is lower than UNG's 1.28% expense ratio.
Dividends
SCHE vs. UNG - Dividend Comparison
SCHE's dividend yield for the trailing twelve months is around 2.61%, while UNG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCHE Schwab Emerging Markets Equity ETF | 2.61% | 2.88% | 3.03% | 3.83% | 2.88% | 2.86% | 2.09% | 3.27% | 2.64% | 2.31% | 2.27% | 2.50% |
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
SCHE and UNG have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (12.64%) compared to SCHE (6.91%). In terms of maximum drawdown, SCHE dropped -36.20% vs UNG's -99.88%.
On 10-year performance, SCHE leads with 9.02% vs -21.38% for UNG. On fees, SCHE is cheaper at 0.11% per year. On volatility, SCHE has been the lower-risk option at 6.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SCHE has performed better with a 9.02% return vs -21.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHE is cheaper with a 0.11% expense ratio, compared with 1.28% for UNG.
SCHE has the higher dividend yield at 2.61%, compared with 0.00% for UNG.
SCHE is categorized as Emerging Markets Equities, while UNG is Oil & Gas. SCHE tracks FTSE Emerging Index, while UNG tracks Front Month Natural Gas. They also come from different issuers: Charles Schwab and Concierge Technologies. Their fees differ too: 0.11% for SCHE and 1.28% for UNG.
SCHE currently has the higher Sharpe Ratio (1.45 vs -0.49), 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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