UGA vs. UNG

Last updated Jun 26, 2026

UGA (United States Gasoline Fund LP) and UNG (United States Natural Gas Fund LP) are both Oil & Gas funds - UGA tracks the Front Month Unleaded Gasoline while UNG tracks the Front Month Natural Gas Futures. Both are passively managed. Over the past 10 years, UGA returned 14.74%/yr vs -21.41%/yr for UNG. At a 0.13 correlation, their price movements are largely independent. UGA charges 0.75%/yr vs 1.17%/yr for UNG.

Performance

UGA vs. UNG - Performance Comparison

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

Returns By Period

In the year-to-date period, UGA achieves a 66.14% return, which is significantly higher than UNG's -4.16% return. Over the past 10 years, UGA has outperformed UNG with an annualized return of 14.74%, while UNG has yielded a comparatively lower -21.41% annualized return.

UGA

• 1D: 4.14%
• 1M: -5.40%
• YTD: 66.14%
• 6M: 62.36%
• 1Y: 70.24%
• 3Y*: 19.22%
• 5Y*: 23.21%
• 10Y*: 14.74%

UNG

• 1D: 0.17%
• 1M: 7.70%
• YTD: -4.16%
• 6M: -5.17%
• 1Y: -25.87%
• 3Y*: -27.47%
• 5Y*: -24.93%
• 10Y*: -21.41%

*Multi-year figures are annualized to reflect compound growth (CAGR)

UGA vs. UNG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UGA United States Gasoline Fund LP	66.14%	-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	-4.16%	-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 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.08
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 28, 2008	0.13

Return for Risk

UGA vs. UNG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UGA

UGA Risk / Return Rank: 69
UGA Sharpe Ratio Rank: 73
UGA Sortino Ratio Rank: 63
UGA Omega Ratio Rank: 64
UGA Calmar Ratio Rank: 77
UGA Martin Ratio Rank: 67

UNG

UNG Risk / Return Rank: 5
UNG Sharpe Ratio Rank: 6
UNG Sortino Ratio Rank: 6
UNG Omega Ratio Rank: 6
UNG Calmar Ratio Rank: 4
UNG Martin Ratio Rank: 5

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.

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.

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.

	UGA	UNG	Difference
Sharpe ratio: Return per unit of total volatility	2.03	-0.43	+2.46
Sortino ratio: Return per unit of downside risk	2.55	-0.26	+2.81
Omega ratio: Gain probability vs. loss probability	1.34	0.97	+0.37
Calmar ratio: Return relative to maximum drawdown	3.47	-0.65	+4.12
Martin ratio: Return relative to average drawdown	10.69	-1.01	+11.70

UGA vs. UNG - Sharpe Ratio Comparison

The current UGA Sharpe Ratio is 2.03, which is higher than the UNG Sharpe Ratio of -0.43. The chart below compares the historical Sharpe Ratios of UGA 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.

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.

Drawdown Indicators

	UGA	UNG	Difference
Max Drawdown Largest peak-to-trough decline	-86.59%	-99.88%	+13.29%
Max Drawdown (1Y) Largest decline over 1 year	-20.32%	-39.94%	+19.62%
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 Drawdown Current decline from peak	-17.02%	-99.86%	+82.84%
Average Drawdown Average peak-to-trough decline	-36.69%	-89.97%	+53.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.59%	25.62%	-19.03%

Volatility

UGA vs. UNG - Volatility Comparison

The current volatility for United States Gasoline Fund LP (UGA) is 8.84%, while United States Natural Gas Fund LP (UNG) has a volatility of 11.62%. 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.

Volatility by Period

	UGA	UNG	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.84%	11.62%	-2.78%
Volatility (6M) Calculated over the trailing 6-month period	30.92%	50.81%	-19.89%
Volatility (1Y) Calculated over the trailing 1-year period	34.74%	60.16%	-25.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.52%	64.12%	-29.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.24%	54.78%	-17.54%

UGA vs. UNG - Expense Ratio Comparison

UGA has a 0.75% expense ratio, which is lower than UNG's 1.17% expense ratio.

Dividends

UGA vs. UNG - Dividend Comparison

Neither UGA nor UNG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UGA and UNG in my portfolio?

UGA and UNG have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UGA or UNG?

UNG has higher volatility (11.62%) compared to UGA (8.84%). In terms of maximum drawdown, UGA dropped -86.59% vs UNG's -99.88%.

Which ETF is better, UGA or UNG?

On 10-year performance, UGA leads with 14.74% vs -21.41% for UNG. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 8.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGA or UNG?

Over the 10-year period, UGA has performed better with a 14.74% return vs -21.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGA or UNG?

UGA is cheaper with a 0.75% expense ratio, compared with 1.17% for UNG.

Which ETF pays a higher dividend yield, UGA or UNG?

UGA and UNG have nearly identical dividend yields, around 0.00%.

What is the main difference between UGA and UNG?

UGA tracks Front Month Unleaded Gasoline, while UNG tracks Front Month Natural Gas Futures. They also come from different issuers: Concierge Technologies and USCF Investments. Their fees differ too: 0.75% for UGA and 1.17% for UNG.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (2.03 vs -0.43), 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.