UNG vs. CPER
UNG (United States Natural Gas Fund LP) and CPER (United States Copper Index Fund) are both exchange-traded funds - UNG is a Oil & Gas fund tracking the Front Month Natural Gas Futures, while CPER is a Copper fund tracking the SummerHaven Copper Index Total Return. Both are passively managed. Over the past 10 years, UNG returned -21.37%/yr vs 10.37%/yr for CPER. At a 0.03 correlation, their price movements are largely independent. UNG charges 1.17%/yr vs 1.06%/yr for CPER.
Performance
UNG vs. CPER - 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 CPER's 6.75% return. Over the past 10 years, UNG has underperformed CPER with an annualized return of -21.37%, while CPER has yielded a comparatively higher 10.37% 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%
CPER
- 1D
- -3.84%
- 1M
- -4.11%
- YTD
- 6.75%
- 6M
- 9.28%
- 1Y
- 21.76%
- 3Y*
- 16.60%
- 5Y*
- 7.10%
- 10Y*
- 10.37%
UNG vs. CPER - 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% |
CPER United States Copper Index Fund | 6.75% | 38.95% | 4.23% | 4.55% | -15.14% | 25.21% | 23.90% | 6.66% | -21.91% | 28.80% |
Correlation
The correlation between UNG and CPER is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2011 | 0.03 |
The correlation between UNG and CPER shifts across timeframes, from -0.08 (1 year) to 0.04 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
UNG vs. CPER — Risk / Return Rank
UNG
CPER
UNG vs. CPER - 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 Copper Index Fund (CPER). 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 | CPER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.15 | ||
| Sortino ratioReturn per unit of downside risk | -1.41 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.16 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 0.88 | -1.68 |
| Martin ratioReturn relative to average drawdown | -1.25 | 1.82 | -3.07 |
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Drawdowns
UNG vs. CPER - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, which is greater than CPER's maximum drawdown of -54.04%. Use the drawdown chart below to compare losses from any high point for UNG and CPER.
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Drawdown Indicators
| UNG | CPER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -54.04% | -45.84% |
Max Drawdown (1Y)Largest decline over 1 year | -39.94% | -24.77% | -15.17% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -24.77% | -43.39% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | -34.75% | -57.74% |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | -38.42% | -55.13% |
Current DrawdownCurrent decline from peak | -99.86% | -8.08% | -91.78% |
Average DrawdownAverage peak-to-trough decline | -89.97% | -25.32% | -64.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.12% | 11.97% | +14.15% |
Volatility
UNG vs. CPER - Volatility Comparison
United States Natural Gas Fund LP (UNG) has a higher volatility of 12.10% compared to United States Copper Index Fund (CPER) at 9.34%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than CPER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNG | CPER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.10% | 9.34% | +2.76% |
Volatility (6M)Calculated over the trailing 6-month period | 50.87% | 23.62% | +27.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.39% | 35.07% | +25.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.14% | 27.06% | +37.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.80% | 24.11% | +30.69% |
UNG vs. CPER - Expense Ratio Comparison
UNG has a 1.17% expense ratio, which is higher than CPER's 1.06% expense ratio.
Dividends
UNG vs. CPER - Dividend Comparison
Neither UNG nor CPER has paid dividends to shareholders.
Frequently Asked Questions
UNG and CPER have a correlation of -0.08, 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 CPER (9.34%). In terms of maximum drawdown, UNG dropped -99.88% vs CPER's -54.04%.
On 10-year performance, CPER leads with 10.37% vs -21.37% for UNG. On fees, CPER is cheaper at 1.06% per year. On volatility, CPER has been the lower-risk option at 9.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CPER has performed better with a 10.37% return vs -21.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CPER is cheaper with a 1.06% expense ratio, compared with 1.17% for UNG.
UNG and CPER have nearly identical dividend yields, around 0.00%.
UNG is categorized as Oil & Gas, while CPER is Copper. UNG tracks Front Month Natural Gas Futures, while CPER tracks SummerHaven Copper Index Total Return. They also come from different issuers: USCF Investments and USCF. Their fees differ too: 1.17% for UNG and 1.06% for CPER.
CPER currently has the higher Sharpe Ratio (0.62 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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