UGA vs. UNG
UGA (United States Gasoline Fund LP) and UNG (United States Natural Gas Fund LP) are both Oil & Gas funds from Concierge Technologies - UGA tracks the Front Month Unleaded Gasoline while UNG tracks the Front Month Natural Gas. Both are passively managed. Over the past 10 years, UGA returned 14.27%/yr vs -20.42%/yr for UNG. At a 0.13 correlation, their price movements are largely independent. UGA charges 0.75%/yr vs 1.28%/yr for UNG.
Performance
UGA vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, UGA achieves a 70.69% return, which is significantly higher than UNG's -1.14% return. Over the past 10 years, UGA has outperformed UNG with an annualized return of 14.27%, while UNG has yielded a comparatively lower -20.42% annualized return.
UGA
- 1D
- -2.73%
- 1M
- -12.25%
- YTD
- 70.69%
- 6M
- 59.72%
- 1Y
- 79.48%
- 3Y*
- 20.80%
- 5Y*
- 24.41%
- 10Y*
- 14.27%
UNG
- 1D
- 3.50%
- 1M
- 13.91%
- YTD
- -1.14%
- 6M
- -22.61%
- 1Y
- -28.33%
- 3Y*
- -21.15%
- 5Y*
- -22.57%
- 10Y*
- -20.42%
UGA vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGA United States Gasoline Fund LP | 70.69% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
UNG United States Natural Gas Fund LP | -1.14% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
Correlation
The correlation between UGA and UNG is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008 | 0.13 |
The correlation between UGA and UNG shifts across timeframes, from 0.09 (3 years) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UGA vs. UNG — Risk / Return Rank
UGA
UNG
UGA vs. UNG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund LP (UGA) 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.
| UGA | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.74 | ||
| Sortino ratioReturn per unit of downside risk | +3.04 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 0.96 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 5.37 | -0.65 | +6.02 |
| Martin ratioReturn relative to average drawdown | 12.86 | -0.95 | +13.81 |
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
| UGA | UNG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.27 | -0.47 | +2.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | -0.35 | +1.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | -0.37 | +0.76 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | -0.57 | +0.68 |
Drawdowns
UGA vs. UNG - Drawdown Comparison
The maximum UGA drawdown since its inception was -86.59%, smaller than the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for UGA and UNG.
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Drawdown Indicators
| UGA | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.59% | -99.88% | +13.29% |
Max Drawdown (1Y)Largest decline over 1 year | -14.88% | -43.86% | +28.98% |
Max Drawdown (3Y)Largest decline over 3 years | -26.68% | -68.16% | +41.48% |
Max Drawdown (5Y)Largest decline over 5 years | -38.11% | -92.49% | +54.38% |
Max Drawdown (10Y)Largest decline over 10 years | -75.89% | -93.55% | +17.66% |
Current DrawdownCurrent decline from peak | -14.75% | -99.85% | +85.10% |
Average DrawdownAverage peak-to-trough decline | -36.76% | -89.96% | +53.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.20% | 29.75% | -23.55% |
Volatility
UGA vs. UNG - Volatility Comparison
The current volatility for United States Gasoline Fund LP (UGA) is 11.64%, while United States Natural Gas Fund LP (UNG) has a volatility of 12.99%. This indicates that UGA 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
| UGA | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.64% | 12.99% | -1.35% |
Volatility (6M)Calculated over the trailing 6-month period | 30.48% | 53.06% | -22.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.27% | 60.59% | -25.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.40% | 64.11% | -29.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.27% | 54.78% | -17.51% |
UGA vs. UNG - Expense Ratio Comparison
UGA has a 0.75% expense ratio, which is lower than UNG's 1.28% expense ratio.
Dividends
UGA vs. UNG - Dividend Comparison
Neither UGA nor UNG has paid dividends to shareholders.
Frequently Asked Questions
UGA and UNG have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (12.99%) compared to UGA (11.64%). In terms of maximum drawdown, UGA dropped -86.59% vs UNG's -99.88%.
On 10-year performance, UGA leads with 14.27% vs -20.42% for UNG. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 11.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGA has performed better with a 14.27% return vs -20.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 1.28% for UNG.
UGA and UNG have nearly identical dividend yields, around 0.00%.
UGA tracks Front Month Unleaded Gasoline, while UNG tracks Front Month Natural Gas. Their fees differ too: 0.75% for UGA and 1.28% for UNG.
UGA currently has the higher Sharpe Ratio (2.27 vs -0.47), 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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