UNG vs. DBO

Last updated Jul 17, 2026

UNG (United States Natural Gas Fund LP) and DBO (Invesco DB Oil Fund) are both Oil & Gas funds - UNG tracks the Front Month Natural Gas Futures while DBO tracks the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 10 years, UNG returned -22.23%/yr vs 10.34%/yr for DBO. At a 0.16 correlation, their price movements are largely independent. UNG charges 1.17%/yr vs 0.78%/yr for DBO.

Performance

UNG vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Natural Gas Fund LP (UNG) and Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UNG achieves a -15.01% return, which is significantly lower than DBO's 62.54% return. Over the past 10 years, UNG has underperformed DBO with an annualized return of -22.23%, while DBO has yielded a comparatively higher 10.34% 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%

DBO

• 1D: -1.54%
• 1M: 4.37%
• 6M: 58.01%
• YTD: 62.54%
• 1Y: 51.12%
• 3Y*: 15.11%
• 5Y*: 12.25%
• 10Y*: 10.34%

*Multi-year figures are annualized to reflect compound growth (CAGR)

UNG vs. DBO - 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%
DBO Invesco DB Oil Fund	62.54%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%

Correlation

The correlation between UNG and DBO 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	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Apr 18, 2007	0.16

The correlation between UNG and DBO shifts across timeframes, from 0.12 (3 years) to 0.24 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

UNG vs. DBO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UNG

UNG Risk / Return Rank: 4
UNG Sharpe Ratio Rank: 5
UNG Sortino Ratio Rank: 5
UNG Omega Ratio Rank: 5
UNG Calmar Ratio Rank: 2
UNG Martin Ratio Rank: 2

DBO

DBO Risk / Return Rank: 46
DBO Sharpe Ratio Rank: 51
DBO Sortino Ratio Rank: 51
DBO Omega Ratio Rank: 46
DBO Calmar Ratio Rank: 45
DBO Martin Ratio Rank: 39

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UNG vs. DBO - 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 Oil Fund (DBO). 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	DBO	Difference
Sharpe ratio: Return per unit of total volatility	-0.57	1.42	-2.00
Sortino ratio: Return per unit of downside risk	-0.54	2.06	-2.59
Omega ratio: Gain probability vs. loss probability	0.93	1.24	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.86	1.85	-2.71
Martin ratio: Return relative to average drawdown	-1.32	4.96	-6.29

UNG vs. DBO - Sharpe Ratio Comparison

The current UNG Sharpe Ratio is -0.57, which is lower than the DBO Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of UNG and DBO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UNG vs. DBO - Drawdown Comparison

The maximum UNG drawdown since its inception was -99.88%, which is greater than DBO's maximum drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for UNG and DBO.

Drawdown Indicators

	UNG	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-99.88%	-90.18%	-9.70%
Max Drawdown (1Y) Largest decline over 1 year	-39.94%	-27.73%	-12.21%
Max Drawdown (3Y) Largest decline over 3 years	-68.16%	-28.20%	-39.96%
Max Drawdown (5Y) Largest decline over 5 years	-92.49%	-37.68%	-54.81%
Max Drawdown (10Y) Largest decline over 10 years	-93.55%	-61.69%	-31.86%
Current Drawdown Current decline from peak	-99.87%	-57.23%	-42.64%
Average Drawdown Average peak-to-trough decline	-90.00%	-62.22%	-27.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.76%	10.33%	+15.43%

Volatility

UNG vs. DBO - Volatility Comparison

The current volatility for United States Natural Gas Fund LP (UNG) is 10.58%, while Invesco DB Oil Fund (DBO) has a volatility of 13.80%. This indicates that UNG experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UNG	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.58%	13.80%	-3.22%
Volatility (6M) Calculated over the trailing 6-month period	48.34%	31.15%	+17.19%
Volatility (1Y) Calculated over the trailing 1-year period	59.59%	36.05%	+23.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	64.19%	32.93%	+31.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.74%	31.92%	+22.82%

UNG vs. DBO - Expense Ratio Comparison

UNG has a 1.17% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

UNG vs. DBO - Dividend Comparison

UNG has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 2.16%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.16%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
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

Can I hold both UNG and DBO in my portfolio?

UNG and DBO 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.

Which is riskier, UNG or DBO?

DBO has higher volatility (13.80%) compared to UNG (10.58%). In terms of maximum drawdown, UNG dropped -99.88% vs DBO's -90.18%.

Which ETF is better, UNG or DBO?

On 10-year performance, DBO leads with 10.34% vs -22.23% for UNG. On fees, DBO is cheaper at 0.78% per year. On volatility, UNG has been the lower-risk option at 10.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UNG or DBO?

Over the 10-year period, DBO has performed better with a 10.34% return vs -22.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UNG or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 1.17% for UNG.

Which ETF pays a higher dividend yield, UNG or DBO?

DBO has the higher dividend yield at 2.16%, compared with 0.00% for UNG.

What is the main difference between UNG and DBO?

UNG tracks Front Month Natural Gas Futures, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: USCF Investments and Invesco. Their fees differ too: 1.17% for UNG and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (1.42 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.