UNG vs. DAX
UNG (United States Natural Gas Fund LP) and DAX (Global X DAX Germany ETF) are both exchange-traded funds - UNG is a Oil & Gas fund tracking the Front Month Natural Gas Futures, while DAX is a Europe Equities fund tracking the DAX Index. Both are passively managed. Over the past 10 years, UNG returned -22.45%/yr vs 9.07%/yr for DAX. At a correlation of -0.00, they often move in opposite directions. UNG charges 1.17%/yr vs 0.20%/yr for DAX.
Performance
UNG vs. DAX - Performance Comparison
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Returns By Period
In the year-to-date period, UNG achieves a -16.07% return, which is significantly lower than DAX's -2.21% return. Over the past 10 years, UNG has underperformed DAX with an annualized return of -22.45%, while DAX has yielded a comparatively higher 9.07% annualized return.
UNG
- 1D
- -2.09%
- 1M
- -12.35%
- 6M
- -0.39%
- YTD
- -16.07%
- 1Y
- -35.08%
- 3Y*
- -29.27%
- 5Y*
- -28.40%
- 10Y*
- -22.45%
- ALL TIME*
- -28.43%
DAX
- 1D
- -0.16%
- 1M
- -1.66%
- 6M
- -4.43%
- YTD
- -2.21%
- 1Y
- -0.30%
- 3Y*
- 15.55%
- 5Y*
- 8.39%
- 10Y*
- 9.07%
- ALL TIME*
- 7.28%
UNG vs. DAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -16.07% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
DAX Global X DAX Germany ETF | -2.21% | 39.00% | 10.55% | 23.62% | -18.47% | 7.73% | 12.27% | 22.11% | -22.92% | 28.23% |
Correlation
The correlation between UNG and DAX is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 23, 2014 | -0.00 |
The correlation between UNG and DAX shifts across timeframes, from -0.16 (1 year) to 0.00 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
UNG vs. DAX — Risk / Return Rank
UNG
DAX
UNG vs. DAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and Global X DAX Germany ETF (DAX). 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 | DAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.01 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | -0.02 | -0.86 |
| Martin ratioReturn relative to average drawdown | -1.42 | -0.06 | -1.36 |
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Drawdowns
UNG vs. DAX - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, which is greater than DAX's maximum drawdown of -45.58%. Use the drawdown chart below to compare losses from any high point for UNG and DAX.
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Drawdown Indicators
| UNG | DAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -45.58% | -54.30% |
Max Drawdown (1Y)Largest decline over 1 year | -39.94% | -14.82% | -25.12% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -16.03% | -52.13% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | -38.92% | -53.57% |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | -45.58% | -47.97% |
Current DrawdownCurrent decline from peak | -99.87% | -6.12% | -93.75% |
Average DrawdownAverage peak-to-trough decline | -90.01% | -10.45% | -79.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.99% | 4.99% | +21.00% |
Volatility
UNG vs. DAX - Volatility Comparison
United States Natural Gas Fund LP (UNG) has a higher volatility of 10.17% compared to Global X DAX Germany ETF (DAX) at 4.69%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than DAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNG | DAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.17% | 4.69% | +5.48% |
Volatility (6M)Calculated over the trailing 6-month period | 47.34% | 15.31% | +32.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.71% | 18.04% | +41.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.17% | 20.41% | +43.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.76% | 20.91% | +33.85% |
UNG vs. DAX - Expense Ratio Comparison
UNG has a 1.17% expense ratio, which is higher than DAX's 0.20% expense ratio.
Dividends
UNG vs. DAX - Dividend Comparison
UNG has not paid dividends to shareholders, while DAX's dividend yield for the trailing twelve months is around 2.15%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DAX Global X DAX Germany ETF | 2.15% | 1.47% | 2.24% | 2.48% | 2.80% | 2.65% | 2.25% | 2.47% | 3.33% | 1.73% | 1.78% | 1.41% |
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 DAX have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (10.17%) compared to DAX (4.69%). In terms of maximum drawdown, UNG dropped -99.88% vs DAX's -45.58%.
On 10-year performance, DAX leads with 9.07% vs -22.45% for UNG. On fees, DAX is cheaper at 0.20% per year. On volatility, DAX has been the lower-risk option at 4.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DAX has performed better with a 9.07% return vs -22.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DAX is cheaper with a 0.20% expense ratio, compared with 1.17% for UNG.
DAX has the higher dividend yield at 2.15%, compared with 0.00% for UNG.
UNG is categorized as Oil & Gas, while DAX is Europe Equities. UNG tracks Front Month Natural Gas Futures, while DAX tracks DAX Index. They also come from different issuers: USCF Investments and Global X. Their fees differ too: 1.17% for UNG and 0.20% for DAX.
DAX currently has the higher Sharpe Ratio (-0.02 vs -0.59), 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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