UNG vs. ^NDX
UNG (United States Natural Gas Fund LP) is Oil & Gas fund tracking the Front Month Natural Gas, while ^NDX (NASDAQ 100 Index) is an index. Over the past 10 years, UNG returned -21.26%/yr vs 20.76%/yr for ^NDX. At a 0.04 correlation, their price movements are largely independent.
Performance
UNG vs. ^NDX - Performance Comparison
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Returns By Period
In the year-to-date period, UNG achieves a -7.26% return, which is significantly lower than ^NDX's 16.49% return. Over the past 10 years, UNG has underperformed ^NDX with an annualized return of -21.26%, while ^NDX has yielded a comparatively higher 20.76% annualized return.
UNG
- 1D
- -2.57%
- 1M
- 7.57%
- YTD
- -7.26%
- 6M
- -24.55%
- 1Y
- -33.82%
- 3Y*
- -22.97%
- 5Y*
- -23.84%
- 10Y*
- -21.26%
^NDX
- 1D
- 1.58%
- 1M
- 0.61%
- YTD
- 16.49%
- 6M
- 14.77%
- 1Y
- 35.16%
- 3Y*
- 26.51%
- 5Y*
- 16.32%
- 10Y*
- 20.76%
UNG vs. ^NDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -7.26% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
^NDX NASDAQ 100 Index | 16.49% | 20.17% | 24.88% | 53.81% | -32.97% | 26.63% | 47.58% | 37.96% | -1.04% | 31.52% |
Correlation
The correlation between UNG and ^NDX is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2007 | 0.04 |
The correlation between UNG and ^NDX shifts across timeframes, from -0.20 (1 year) to 0.04 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
UNG vs. ^NDX — Risk / Return Rank
UNG
^NDX
UNG vs. ^NDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and NASDAQ 100 Index (^NDX). 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.
| UNG | ^NDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.66 | ||
| Sortino ratioReturn per unit of downside risk | -3.23 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.37 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 2.91 | -3.69 |
| Martin ratioReturn relative to average drawdown | -1.13 | 11.03 | -12.17 |
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
| UNG | ^NDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.56 | 2.10 | -2.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | 0.72 | -1.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.39 | 0.92 | -1.31 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.57 | 0.57 | -1.14 |
Drawdowns
UNG vs. ^NDX - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, which is greater than ^NDX's maximum drawdown of -82.90%. Use the drawdown chart below to compare losses from any high point for UNG and ^NDX.
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Drawdown Indicators
| UNG | ^NDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -82.90% | -16.98% |
Max Drawdown (1Y)Largest decline over 1 year | -43.86% | -12.12% | -31.74% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -22.93% | -45.23% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | -35.56% | -56.93% |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | -35.56% | -57.99% |
Current DrawdownCurrent decline from peak | -99.86% | -4.06% | -95.80% |
Average DrawdownAverage peak-to-trough decline | -89.97% | -24.62% | -65.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.93% | 3.20% | +26.73% |
Volatility
UNG vs. ^NDX - Volatility Comparison
United States Natural Gas Fund LP (UNG) has a higher volatility of 13.75% compared to NASDAQ 100 Index (^NDX) at 6.84%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than ^NDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNG | ^NDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.75% | 6.84% | +6.91% |
Volatility (6M)Calculated over the trailing 6-month period | 53.10% | 13.26% | +39.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.78% | 16.87% | +43.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.14% | 22.70% | +41.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.78% | 22.59% | +32.19% |
Frequently Asked Questions
UNG and ^NDX have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (13.75%) compared to ^NDX (6.84%). In terms of maximum drawdown, UNG dropped -99.88% vs ^NDX's -82.90%.
^NDX currently has the higher Sharpe Ratio (2.10 vs -0.56), 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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