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 -21.37%/yr vs 7.96%/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 -6.20% return, which is significantly lower than COMT's 23.88% return. Over the past 10 years, UNG has underperformed COMT with an annualized return of -21.37%, while COMT has yielded a comparatively higher 7.96% annualized return.
UNG
- 1D
- -2.29%
- 1M
- 5.12%
- YTD
- -6.20%
- 6M
- -10.85%
- 1Y
- -31.71%
- 3Y*
- -27.52%
- 5Y*
- -24.87%
- 10Y*
- -21.37%
COMT
- 1D
- -0.93%
- 1M
- -11.91%
- YTD
- 23.88%
- 6M
- 22.75%
- 1Y
- 25.27%
- 3Y*
- 12.01%
- 5Y*
- 10.76%
- 10Y*
- 7.96%
UNG vs. COMT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -6.20% | -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 | 23.88% | 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 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
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 | -1.73 | ||
| Sortino ratioReturn per unit of downside risk | -2.16 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.22 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 1.63 | -2.43 |
| Martin ratioReturn relative to average drawdown | -1.25 | 6.99 | -8.24 |
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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% | -15.58% | -24.36% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -15.58% | -52.58% |
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 | -99.86% | -15.58% | -84.28% |
Average DrawdownAverage peak-to-trough decline | -89.97% | -24.00% | -65.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.12% | 3.65% | +22.47% |
Volatility
UNG vs. COMT - Volatility Comparison
United States Natural Gas Fund LP (UNG) has a higher volatility of 12.10% compared to iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT) at 5.02%. 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 | 12.10% | 5.02% | +7.08% |
Volatility (6M)Calculated over the trailing 6-month period | 50.87% | 19.24% | +31.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.39% | 21.45% | +38.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.14% | 21.13% | +43.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.80% | 18.86% | +35.94% |
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 6.25%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMT iShares GSCI Commodity Dynamic Roll Strategy ETF | 6.25% | 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 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (12.10%) compared to COMT (5.02%). In terms of maximum drawdown, UNG dropped -99.88% vs COMT's -51.89%.
On 10-year performance, COMT leads with 7.96% vs -21.37% for UNG. On fees, COMT is cheaper at 0.48% per year. On volatility, COMT has been the lower-risk option at 5.02%. 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 7.96% return vs -21.37%. 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 6.25%, 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 (1.20 vs -0.53), 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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