UNG vs. DBE
UNG (United States Natural Gas Fund LP) and DBE (Invesco DB Energy Fund) are both Oil & Gas funds - UNG tracks the Front Month Natural Gas while DBE tracks the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, UNG returned -20.42%/yr vs 11.58%/yr for DBE. At a 0.27 correlation, their price movements are largely independent. UNG charges 1.28%/yr vs 0.78%/yr for DBE.
Performance
UNG vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, UNG achieves a -1.14% return, which is significantly lower than DBE's 79.04% return. Over the past 10 years, UNG has underperformed DBE with an annualized return of -20.42%, while DBE has yielded a comparatively higher 11.58% annualized return.
UNG
- 1D
- 3.50%
- 1M
- 13.91%
- YTD
- -1.14%
- 6M
- -22.61%
- 1Y
- -28.33%
- 3Y*
- -21.15%
- 5Y*
- -22.57%
- 10Y*
- -20.42%
DBE
- 1D
- -2.52%
- 1M
- -6.01%
- YTD
- 79.04%
- 6M
- 69.31%
- 1Y
- 81.31%
- 3Y*
- 22.41%
- 5Y*
- 19.05%
- 10Y*
- 11.58%
UNG vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -1.14% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
DBE Invesco DB Energy Fund | 79.04% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between UNG and DBE is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2007 | 0.27 |
The correlation between UNG and DBE shifts across timeframes, from 0.24 (10 years) to 0.35 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UNG vs. DBE — Risk / Return Rank
UNG
DBE
UNG vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and Invesco DB Energy Fund (DBE). 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.
| UNG | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.80 | ||
| Sortino ratioReturn per unit of downside risk | -3.20 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.39 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 5.67 | -6.32 |
| Martin ratioReturn relative to average drawdown | -0.95 | 11.08 | -12.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UNG | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.47 | 2.33 | -2.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.35 | 0.65 | -1.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.37 | 0.41 | -0.78 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.57 | 0.09 | -0.66 |
Drawdowns
UNG vs. DBE - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, which is greater than DBE's maximum drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for UNG and DBE.
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Drawdown Indicators
| UNG | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -86.69% | -13.19% |
Max Drawdown (1Y)Largest decline over 1 year | -43.86% | -14.41% | -29.45% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -23.89% | -44.27% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | -38.74% | -53.75% |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | -60.84% | -32.71% |
Current DrawdownCurrent decline from peak | -99.85% | -32.03% | -67.82% |
Average DrawdownAverage peak-to-trough decline | -89.96% | -57.30% | -32.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.75% | 7.37% | +22.38% |
Volatility
UNG vs. DBE - Volatility Comparison
United States Natural Gas Fund LP (UNG) and Invesco DB Energy Fund (DBE) have volatilities of 12.99% and 13.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNG | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.99% | 13.05% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 53.06% | 30.97% | +22.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.59% | 35.07% | +25.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.11% | 29.41% | +34.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.78% | 28.34% | +26.44% |
UNG vs. DBE - Expense Ratio Comparison
UNG has a 1.28% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
UNG vs. DBE - Dividend Comparison
UNG has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.16%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.16% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
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% |
Frequently Asked Questions
UNG and DBE have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (13.05%) compared to UNG (12.99%). In terms of maximum drawdown, UNG dropped -99.88% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.58% vs -20.42% for UNG. On fees, DBE is cheaper at 0.78% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 11.58% return vs -20.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 1.28% for UNG.
DBE has the higher dividend yield at 2.16%, compared with 0.00% for UNG.
UNG tracks Front Month Natural Gas, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Concierge Technologies and Invesco. Their fees differ too: 1.28% for UNG and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.33 vs -0.47), 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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