SDEU.L vs. UNG
SDEU.L (iShares Germany Government Bond UCITS ETF (Dist)) and UNG (United States Natural Gas Fund LP) are both exchange-traded funds - SDEU.L is a European Government Bonds fund tracking the Bloomberg Euro Agg Govt TR EUR, while UNG is a Oil & Gas fund tracking the Front Month Natural Gas. Both are passively managed. Over the past 10 years, SDEU.L returned -0.29%/yr vs -20.09%/yr for UNG. At a 0.03 correlation, their price movements are largely independent. SDEU.L charges 0.20%/yr vs 1.28%/yr for UNG.
Performance
SDEU.L vs. UNG - Performance Comparison
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Different Trading Currencies
SDEU.L is traded in GBP, while UNG is traded in USD. To make them comparable, the UNG values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, SDEU.L achieves a -1.11% return, which is significantly higher than UNG's -3.86% return. Over the past 10 years, SDEU.L has outperformed UNG with an annualized return of -0.29%, while UNG has yielded a comparatively lower -20.09% annualized return.
SDEU.L
- 1D
- 0.24%
- 1M
- 0.20%
- YTD
- -1.11%
- 6M
- -1.01%
- 1Y
- 2.04%
- 3Y*
- 1.13%
- 5Y*
- -2.81%
- 10Y*
- -0.29%
UNG
- 1D
- -3.11%
- 1M
- 13.79%
- YTD
- -3.86%
- 6M
- -28.76%
- 1Y
- -28.90%
- 3Y*
- -24.09%
- 5Y*
- -22.24%
- 10Y*
- -20.09%
SDEU.L vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDEU.L iShares Germany Government Bond UCITS ETF (Dist) | -1.11% | 3.89% | -3.80% | 2.90% | -13.18% | -9.06% | 8.46% | -2.18% | 3.12% | 1.86% |
UNG United States Natural Gas Fund LP | -3.86% | -32.26% | -15.66% | -65.84% | 26.31% | 37.05% | -47.04% | -34.36% | 12.24% | -42.98% |
Correlation
The correlation between SDEU.L and UNG is -0.04, 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 | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since May 10, 2012 | 0.03 |
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Return for Risk
SDEU.L vs. UNG — Risk / Return Rank
SDEU.L
UNG
SDEU.L vs. UNG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) 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.
| SDEU.L | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 0.96 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.39 | -0.66 | +1.04 |
| Martin ratioReturn relative to average drawdown | 0.81 | -0.97 | +1.78 |
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
| SDEU.L | UNG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.31 | -0.47 | +0.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.38 | -0.35 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.03 | -0.37 | +0.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | -0.53 | +0.59 |
Drawdowns
SDEU.L vs. UNG - Drawdown Comparison
The maximum SDEU.L drawdown since its inception was -27.61%, smaller than the maximum UNG drawdown of -99.82%. Use the drawdown chart below to compare losses from any high point for SDEU.L and UNG.
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Drawdown Indicators
| SDEU.L | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.61% | -99.82% | +72.21% |
Max Drawdown (1Y)Largest decline over 1 year | -4.18% | -44.09% | +39.91% |
Max Drawdown (3Y)Largest decline over 3 years | -7.00% | -70.76% | +63.76% |
Max Drawdown (5Y)Largest decline over 5 years | -20.62% | -93.45% | +72.83% |
Max Drawdown (10Y)Largest decline over 10 years | -27.61% | -94.02% | +66.41% |
Current DrawdownCurrent decline from peak | -23.00% | -99.79% | +76.79% |
Average DrawdownAverage peak-to-trough decline | -11.22% | -89.14% | +77.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 29.89% | -27.89% |
Volatility
SDEU.L vs. UNG - Volatility Comparison
The current volatility for iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) is 1.61%, while United States Natural Gas Fund LP (UNG) has a volatility of 13.68%. This indicates that SDEU.L 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
| SDEU.L | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.61% | 13.68% | -12.07% |
Volatility (6M)Calculated over the trailing 6-month period | 3.81% | 53.45% | -49.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.15% | 61.51% | -56.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.39% | 64.04% | -56.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.60% | 55.08% | -46.48% |
SDEU.L vs. UNG - Expense Ratio Comparison
SDEU.L has a 0.20% expense ratio, which is lower than UNG's 1.28% expense ratio.
Dividends
SDEU.L vs. UNG - Dividend Comparison
SDEU.L's dividend yield for the trailing twelve months is around 2.53%, while UNG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SDEU.L iShares Germany Government Bond UCITS ETF (Dist) | 2.53% | 2.50% | 2.57% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.02% | 0.34% |
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
SDEU.L and UNG have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SDEU.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SDEU.L is cheaper with a 0.20% expense ratio, compared with 1.28% for UNG.
SDEU.L is categorized as European Government Bonds, while UNG is Oil & Gas. SDEU.L tracks Bloomberg Euro Agg Govt TR EUR, while UNG tracks Front Month Natural Gas. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.20% for SDEU.L and 1.28% for UNG.
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