UNG vs. BBDC
UNG (United States Natural Gas Fund LP) is Oil & Gas fund tracking the Front Month Natural Gas, while BBDC (Barings BDC, Inc.) is a stock. Over the past 5 years, UNG returned -24.47%/yr vs 6.45%/yr for BBDC. At a 0.06 correlation, their price movements are largely independent.
Performance
UNG vs. BBDC - Performance Comparison
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Returns By Period
In the year-to-date period, UNG achieves a -7.42% return, which is significantly lower than BBDC's -2.86% return.
UNG
- 1D
- 1.70%
- 1M
- 1.70%
- YTD
- -7.42%
- 6M
- -10.84%
- 1Y
- -30.62%
- 3Y*
- -23.83%
- 5Y*
- -24.47%
- 10Y*
- -21.38%
BBDC
- 1D
- 0.00%
- 1M
- 0.43%
- YTD
- -2.86%
- 6M
- -1.25%
- 1Y
- 4.66%
- 3Y*
- 14.63%
- 5Y*
- 6.45%
- 10Y*
- —
UNG vs. BBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -7.42% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 7.06% |
BBDC Barings BDC, Inc. | -2.86% | 8.84% | 23.86% | 18.53% | -18.59% | 29.31% | -3.48% | 20.40% | -9.56% |
Correlation
The correlation between UNG and BBDC is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2018 | 0.06 |
The correlation between UNG and BBDC shifts across timeframes, from -0.10 (1 year) to 0.06 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
UNG vs. BBDC — Risk / Return Rank
UNG
BBDC
UNG vs. BBDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and Barings BDC, Inc. (BBDC). 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.
| UNG | BBDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -0.81 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.05 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | 0.33 | -1.01 |
| Martin ratioReturn relative to average drawdown | -0.97 | 0.73 | -1.70 |
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Drawdowns
UNG vs. BBDC - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, which is greater than BBDC's maximum drawdown of -48.45%. Use the drawdown chart below to compare losses from any high point for UNG and BBDC.
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Drawdown Indicators
| UNG | BBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -48.45% | -51.43% |
Max Drawdown (1Y)Largest decline over 1 year | -43.86% | -12.28% | -31.58% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -24.51% | -43.65% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | -27.55% | -64.94% |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | — | — |
Current DrawdownCurrent decline from peak | -99.86% | -6.42% | -93.44% |
Average DrawdownAverage peak-to-trough decline | -89.96% | -7.98% | -81.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.28% | 5.59% | +24.69% |
Volatility
UNG vs. BBDC - Volatility Comparison
United States Natural Gas Fund LP (UNG) has a higher volatility of 12.64% compared to Barings BDC, Inc. (BBDC) at 6.34%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than BBDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNG | BBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.64% | 6.34% | +6.30% |
Volatility (6M)Calculated over the trailing 6-month period | 52.01% | 15.12% | +36.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.61% | 18.60% | +42.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.11% | 19.39% | +44.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.77% | 24.21% | +30.56% |
Dividends
UNG vs. BBDC - Dividend Comparison
UNG has not paid dividends to shareholders, while BBDC's dividend yield for the trailing twelve months is around 12.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BBDC Barings BDC, Inc. | 12.99% | 12.96% | 10.87% | 11.89% | 11.66% | 7.44% | 7.07% | 5.25% | 21.24% |
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% |
Frequently Asked Questions
UNG and BBDC have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (12.64%) compared to BBDC (6.34%). In terms of maximum drawdown, UNG dropped -99.88% vs BBDC's -48.45%.
BBDC currently has the higher Sharpe Ratio (0.22 vs -0.49), 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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