UNG vs. AMLP
UNG (United States Natural Gas Fund LP) and AMLP (Alerian MLP ETF) are both exchange-traded funds - UNG is a Oil & Gas fund tracking the Front Month Natural Gas, while AMLP is a MLPs fund tracking the Alerian MLP Infrastructure Index. Both are passively managed. Over the past 10 years, UNG returned -20.42%/yr vs 6.74%/yr for AMLP. At a 0.13 correlation, their price movements are largely independent. UNG charges 1.28%/yr vs 0.90%/yr for AMLP.
Performance
UNG vs. AMLP - Performance Comparison
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Returns By Period
In the year-to-date period, UNG achieves a -1.14% return, which is significantly lower than AMLP's 17.77% return. Over the past 10 years, UNG has underperformed AMLP with an annualized return of -20.42%, while AMLP has yielded a comparatively higher 6.74% annualized return.
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%
AMLP
- 1D
- 1.25%
- 1M
- 0.71%
- YTD
- 17.77%
- 6M
- 15.18%
- 1Y
- 20.38%
- 3Y*
- 20.70%
- 5Y*
- 17.19%
- 10Y*
- 6.74%
UNG vs. AMLP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
AMLP Alerian MLP ETF | 17.77% | 5.78% | 22.76% | 21.40% | 25.47% | 39.09% | -32.26% | 5.99% | -12.67% | -7.89% |
Correlation
The correlation between UNG and AMLP is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Aug 26, 2010 | 0.13 |
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Return for Risk
UNG vs. AMLP — Risk / Return Rank
UNG
AMLP
UNG vs. AMLP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and Alerian MLP ETF (AMLP). 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 | AMLP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.21 | ||
| Sortino ratioReturn per unit of downside risk | -2.75 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.30 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 2.29 | -2.94 |
| Martin ratioReturn relative to average drawdown | -0.95 | 7.60 | -8.55 |
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 | AMLP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.47 | 1.74 | -2.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.35 | 0.86 | -1.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.37 | 0.24 | -0.62 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.57 | 0.23 | -0.80 |
Drawdowns
UNG vs. AMLP - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, which is greater than AMLP's maximum drawdown of -77.19%. Use the drawdown chart below to compare losses from any high point for UNG and AMLP.
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Drawdown Indicators
| UNG | AMLP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -77.19% | -22.69% |
Max Drawdown (1Y)Largest decline over 1 year | -43.86% | -8.94% | -34.92% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -14.27% | -53.89% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | -20.92% | -71.57% |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | -72.62% | -20.93% |
Current DrawdownCurrent decline from peak | -99.85% | -2.90% | -96.95% |
Average DrawdownAverage peak-to-trough decline | -89.96% | -17.40% | -72.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.75% | 2.69% | +27.06% |
Volatility
UNG vs. AMLP - Volatility Comparison
United States Natural Gas Fund LP (UNG) has a higher volatility of 12.99% compared to Alerian MLP ETF (AMLP) at 5.08%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than AMLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNG | AMLP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.99% | 5.08% | +7.91% |
Volatility (6M)Calculated over the trailing 6-month period | 53.06% | 8.65% | +44.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.59% | 11.88% | +48.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.11% | 19.99% | +44.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.78% | 27.67% | +27.11% |
UNG vs. AMLP - Expense Ratio Comparison
UNG has a 1.28% expense ratio, which is higher than AMLP's 0.90% expense ratio.
Dividends
UNG vs. AMLP - Dividend Comparison
UNG has not paid dividends to shareholders, while AMLP's dividend yield for the trailing twelve months is around 7.55%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AMLP Alerian MLP ETF | 7.55% | 8.36% | 7.70% | 7.86% | 7.70% | 8.55% | 12.31% | 9.12% | 9.29% | 7.97% | 8.09% | 9.84% |
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
UNG and AMLP have a correlation of 0.15, 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 AMLP (5.08%). In terms of maximum drawdown, UNG dropped -99.88% vs AMLP's -77.19%.
On 10-year performance, AMLP leads with 6.74% vs -20.42% for UNG. On fees, AMLP is cheaper at 0.90% per year. On volatility, AMLP has been the lower-risk option at 5.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AMLP has performed better with a 6.74% return vs -20.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AMLP is cheaper with a 0.90% expense ratio, compared with 1.28% for UNG.
AMLP has the higher dividend yield at 7.55%, compared with 0.00% for UNG.
UNG is categorized as Oil & Gas, while AMLP is MLPs. UNG tracks Front Month Natural Gas, while AMLP tracks Alerian MLP Infrastructure Index. They also come from different issuers: Concierge Technologies and SS&C. Their fees differ too: 1.28% for UNG and 0.90% for AMLP.
AMLP currently has the higher Sharpe Ratio (1.74 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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