UNG vs. COMT
UNG (United States Natural Gas Fund LP) and COMT (iShares GSCI Commodity Dynamic Roll Strategy ETF) are both exchange-traded funds - UNG is a Oil & Gas fund tracking the Front Month Natural Gas Futures, while COMT is a Commodities fund tracking the S&P GSCI Dynamic Roll (USD) Total Return Index. Both are passively managed. Over the past 10 years, UNG returned -22.23%/yr vs 8.33%/yr for COMT. At a 0.20 correlation, their price movements are largely independent. UNG charges 1.17%/yr vs 0.48%/yr for COMT.
Performance
UNG vs. COMT - Performance Comparison
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Returns By Period
In the year-to-date period, UNG achieves a -15.01% return, which is significantly lower than COMT's 30.19% return. Over the past 10 years, UNG has underperformed COMT with an annualized return of -22.23%, while COMT has yielded a comparatively higher 8.33% annualized return.
UNG
- 1D
- -1.23%
- 1M
- -11.39%
- 6M
- 1.17%
- YTD
- -15.01%
- 1Y
- -34.05%
- 3Y*
- -27.27%
- 5Y*
- -27.30%
- 10Y*
- -22.23%
COMT
- 1D
- -0.49%
- 1M
- 2.53%
- 6M
- 26.18%
- YTD
- 30.19%
- 1Y
- 33.20%
- 3Y*
- 12.71%
- 5Y*
- 11.75%
- 10Y*
- 8.33%
UNG vs. COMT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -15.01% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
COMT iShares GSCI Commodity Dynamic Roll Strategy ETF | 30.19% | 6.07% | 5.96% | -6.56% | 19.45% | 36.88% | -18.66% | 10.81% | -6.67% | 11.70% |
Correlation
The correlation between UNG and COMT is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2014 | 0.20 |
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Return for Risk
UNG vs. COMT — Risk / Return Rank
UNG
COMT
UNG vs. COMT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT). 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 | COMT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.12 | ||
| Sortino ratioReturn per unit of downside risk | -2.67 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.27 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 1.90 | -2.75 |
| Martin ratioReturn relative to average drawdown | -1.32 | 6.35 | -7.67 |
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Drawdowns
UNG vs. COMT - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, which is greater than COMT's maximum drawdown of -51.89%. Use the drawdown chart below to compare losses from any high point for UNG and COMT.
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Drawdown Indicators
| UNG | COMT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -51.89% | -47.99% |
Max Drawdown (1Y)Largest decline over 1 year | -39.94% | -17.57% | -22.37% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -17.57% | -50.59% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | -29.00% | -63.49% |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | -39.22% | -54.33% |
Current DrawdownCurrent decline from peak | -99.87% | -11.28% | -88.59% |
Average DrawdownAverage peak-to-trough decline | -90.00% | -23.95% | -66.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.76% | 5.24% | +20.52% |
Volatility
UNG vs. COMT - Volatility Comparison
United States Natural Gas Fund LP (UNG) has a higher volatility of 10.58% compared to iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT) at 5.91%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than COMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNG | COMT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.58% | 5.91% | +4.67% |
Volatility (6M)Calculated over the trailing 6-month period | 48.34% | 19.67% | +28.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.59% | 21.54% | +38.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.19% | 21.20% | +42.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.74% | 18.85% | +35.89% |
UNG vs. COMT - Expense Ratio Comparison
UNG has a 1.17% expense ratio, which is higher than COMT's 0.48% expense ratio.
Dividends
UNG vs. COMT - Dividend Comparison
UNG has not paid dividends to shareholders, while COMT's dividend yield for the trailing twelve months is around 5.95%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMT iShares GSCI Commodity Dynamic Roll Strategy ETF | 5.95% | 7.74% | 4.90% | 5.19% | 29.79% | 17.79% | 0.36% | 2.61% | 11.65% | 5.16% | 0.52% | 1.44% |
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 COMT 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.
UNG has higher volatility (10.58%) compared to COMT (5.91%). In terms of maximum drawdown, UNG dropped -99.88% vs COMT's -51.89%.
On 10-year performance, COMT leads with 8.33% vs -22.23% for UNG. On fees, COMT is cheaper at 0.48% per year. On volatility, COMT has been the lower-risk option at 5.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, COMT has performed better with a 8.33% return vs -22.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COMT is cheaper with a 0.48% expense ratio, compared with 1.17% for UNG.
COMT has the higher dividend yield at 5.95%, compared with 0.00% for UNG.
UNG is categorized as Oil & Gas, while COMT is Commodities. UNG tracks Front Month Natural Gas Futures, while COMT tracks S&P GSCI Dynamic Roll (USD) Total Return Index. They also come from different issuers: USCF Investments and iShares. Their fees differ too: 1.17% for UNG and 0.48% for COMT.
COMT currently has the higher Sharpe Ratio (1.55 vs -0.57), 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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