UNG vs. BNO
UNG (United States Natural Gas Fund LP) and BNO (United States Brent Oil Fund LP) are both Oil & Gas funds from USCF - UNG tracks the Front Month Natural Gas Futures while BNO tracks the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, UNG returned -22.61%/yr vs 15.06%/yr for BNO. Their 0.11 correlation means their historical movements had little consistent relationship. UNG charges 1.17%/yr vs 1.00%/yr for BNO.
Performance
UNG vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, UNG achieves a -17.94% return, which is significantly lower than BNO's 77.90% return. Over the past 10 years, UNG has underperformed BNO with an annualized return of -22.61%, while BNO has yielded a comparatively higher 15.06% annualized return.
UNG
- 1D
- 0.50%
- 1M
- -13.13%
- 6M
- -40.47%
- YTD
- -17.94%
- 1Y
- -26.14%
- 3Y*
- -28.64%
- 5Y*
- -28.82%
- 10Y*
- -22.61%
- ALL TIME*
- -28.48%
BNO
- 1D
- 1.45%
- 1M
- 27.00%
- 6M
- 52.90%
- YTD
- 77.90%
- 1Y
- 62.83%
- 3Y*
- 20.31%
- 5Y*
- 20.89%
- 10Y*
- 15.06%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $82.18M | $81.43M | $85.25M |
UNG vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -17.94% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between UNG and BNO is 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | 0.11 |
The correlation between UNG and BNO shifts across timeframes, from 0.11 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UNG vs. BNO — Risk / Return Rank
UNG
BNO
UNG vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and United States Brent Oil Fund LP (BNO). 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 | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -2.19 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.24 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 1.70 | -2.32 |
| Martin ratioReturn relative to average drawdown | -1.04 | 5.15 | -6.19 |
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Drawdowns
UNG vs. BNO - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, which is greater than BNO's maximum drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for UNG and BNO.
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Drawdown Indicators
| UNG | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -87.06% | -12.82% |
Max Drawdown (1Y)Largest decline over 1 year | -42.01% | -34.46% | -7.55% |
Max Drawdown (3Y)Largest decline over 3 years | -69.26% | -34.46% | -34.80% |
Max Drawdown (5Y)Largest decline over 5 years | -92.75% | -34.46% | -58.29% |
Max Drawdown (10Y)Largest decline over 10 years | -93.77% | -75.18% | -18.59% |
Current DrawdownCurrent decline from peak | -99.88% | -16.21% | -83.67% |
Average DrawdownAverage peak-to-trough decline | -90.02% | -39.99% | -50.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.13% | 11.86% | +13.27% |
Volatility
UNG vs. BNO - Volatility Comparison
The current volatility for United States Natural Gas Fund LP (UNG) is 10.03%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that UNG experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNG | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.03% | 17.47% | -7.44% |
Volatility (6M)Calculated over the trailing 6-month period | 42.08% | 40.96% | +1.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.01% | 44.54% | +14.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.14% | 36.41% | +27.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.70% | 36.98% | +17.72% |
UNG vs. BNO - Expense Ratio Comparison
UNG has a 1.17% expense ratio, which is higher than BNO's 1.00% expense ratio.
Dividends
UNG vs. BNO - Dividend Comparison
Neither UNG nor BNO has paid dividends to shareholders.
Frequently Asked Questions
UNG and BNO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (17.47%) compared to UNG (10.03%). In terms of maximum drawdown, UNG dropped -99.88% vs BNO's -87.06%.
On 10-year performance, BNO leads with 15.06% vs -22.61% for UNG. On fees, BNO is cheaper at 1.00% per year. On volatility, UNG has been the lower-risk option at 10.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNO has performed better with a 15.06% return vs -22.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 1.00% expense ratio, compared with 1.17% for UNG.
UNG and BNO have nearly identical dividend yields, around 0.00%.
UNG tracks Front Month Natural Gas Futures, while BNO tracks Crude Oil Brent ICE Near Term Futures. Their fees differ too: 1.17% for UNG and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs -0.44), 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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