UNG vs. BNO

Last updated Jun 23, 2026

UNG (United States Natural Gas Fund LP) and BNO (United States Brent Oil Fund LP) are both Oil & Gas funds from USCF Investments - 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 -21.19%/yr vs 11.40%/yr for BNO. At a 0.11 correlation, their price movements are largely independent. UNG charges 1.17%/yr vs 1.00%/yr for BNO.

Performance

UNG vs. BNO - Performance Comparison

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

Returns By Period

In the year-to-date period, UNG achieves a -4.00% return, which is significantly lower than BNO's 52.26% return. Over the past 10 years, UNG has underperformed BNO with an annualized return of -21.19%, while BNO has yielded a comparatively higher 11.40% annualized return.

UNG

• 1D: 0.26%
• 1M: 7.59%
• YTD: -4.00%
• 6M: -0.68%
• 1Y: -33.35%
• 3Y*: -26.96%
• 5Y*: -24.05%
• 10Y*: -21.19%

BNO

• 1D: -1.73%
• 1M: -21.60%
• YTD: 52.26%
• 6M: 50.77%
• 1Y: 30.19%
• 3Y*: 19.86%
• 5Y*: 17.50%
• 10Y*: 11.40%

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

UNG vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UNG United States Natural Gas Fund LP	-4.00%	-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	52.26%	-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 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	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 (3 years) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

UNG vs. BNO — Risk / Return Rank

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

UNG

UNG Risk / Return Rank: 4
UNG Sharpe Ratio Rank: 4
UNG Sortino Ratio Rank: 5
UNG Omega Ratio Rank: 5
UNG Calmar Ratio Rank: 2
UNG Martin Ratio Rank: 2

BNO

BNO Risk / Return Rank: 23
BNO Sharpe Ratio Rank: 21
BNO Sortino Ratio Rank: 22
BNO Omega Ratio Rank: 23
BNO Calmar Ratio Rank: 23
BNO Martin Ratio Rank: 25

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.

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 ratio: Return per unit of total volatility	-0.55	0.73	-1.28
Sortino ratio: Return per unit of downside risk	-0.50	1.23	-1.72
Omega ratio: Gain probability vs. loss probability	0.94	1.16	-0.22
Calmar ratio: Return relative to maximum drawdown	-0.84	1.07	-1.91
Martin ratio: Return relative to average drawdown	-1.28	3.33	-4.61

UNG vs. BNO - Sharpe Ratio Comparison

The current UNG Sharpe Ratio is -0.55, which is lower than the BNO Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of UNG and BNO, 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

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.

Drawdown Indicators

	UNG	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-99.88%	-87.06%	-12.82%
Max Drawdown (1Y) Largest decline over 1 year	-39.94%	-28.29%	-11.65%
Max Drawdown (3Y) Largest decline over 3 years	-68.16%	-28.29%	-39.87%
Max Drawdown (5Y) Largest decline over 5 years	-92.49%	-33.70%	-58.79%
Max Drawdown (10Y) Largest decline over 10 years	-93.55%	-75.18%	-18.37%
Current Drawdown Current decline from peak	-99.86%	-28.29%	-71.57%
Average Drawdown Average peak-to-trough decline	-89.97%	-40.10%	-49.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.14%	10.51%	+18.63%

Volatility

UNG vs. BNO - Volatility Comparison

United States Natural Gas Fund LP (UNG) has a higher volatility of 11.95% compared to United States Brent Oil Fund LP (BNO) at 10.98%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UNG	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.95%	10.98%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	51.06%	37.28%	+13.78%
Volatility (1Y) Calculated over the trailing 1-year period	60.47%	41.73%	+18.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	64.14%	35.65%	+28.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.79%	36.71%	+18.08%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UNG and BNO in my portfolio?

UNG and BNO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UNG or BNO?

UNG has higher volatility (11.95%) compared to BNO (10.98%). In terms of maximum drawdown, UNG dropped -99.88% vs BNO's -87.06%.

Which ETF is better, UNG or BNO?

On 10-year performance, BNO leads with 11.40% vs -21.19% for UNG. On fees, BNO is cheaper at 1.00% per year. On volatility, BNO has been the lower-risk option at 10.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UNG or BNO?

Over the 10-year period, BNO has performed better with a 11.40% return vs -21.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UNG or BNO?

BNO is cheaper with a 1.00% expense ratio, compared with 1.17% for UNG.

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

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

What is the main difference between UNG and BNO?

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.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (0.73 vs -0.55), 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.