UNG vs. ENB

Last updated Apr 1, 2026

Compare and contrast key facts about United States Natural Gas Fund LP (UNG) and Enbridge Inc. (ENB).

UNG is a passively managed fund by Concierge Technologies that tracks the performance of the Front Month Natural Gas. It was launched on Apr 18, 2007.

Performance

UNG vs. ENB - Performance Comparison

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

UNG vs. ENB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UNG United States Natural Gas Fund LP	-4.32%	-27.07%	-17.11%	-64.04%	12.89%	35.76%	-45.43%	-31.77%	5.96%	-37.58%
ENB Enbridge Inc.	14.71%	19.51%	26.35%	-1.13%	6.46%	30.83%	-13.60%	36.05%	-15.53%	-2.73%

Returns By Period

In the year-to-date period, UNG achieves a -4.32% return, which is significantly lower than ENB's 14.71% return. Over the past 10 years, UNG has underperformed ENB with an annualized return of -19.74%, while ENB has yielded a comparatively higher 10.17% annualized return.

UNG

• 1D: 0.43%
• 1M: 1.82%
• YTD: -4.32%
• 6M: -10.25%
• 1Y: -45.72%
• 3Y*: -24.96%
• 5Y*: -21.28%
• 10Y*: -19.74%

ENB

• 1D: -0.35%
• 1M: 1.88%
• YTD: 14.71%
• 6M: 10.26%
• 1Y: 29.33%
• 3Y*: 19.97%
• 5Y*: 15.26%
• 10Y*: 10.17%

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

Return for Risk

UNG vs. ENB — Risk / Return Rank

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

UNG

UNG Risk / Return Rank: 2
UNG Sharpe Ratio Rank: 2
UNG Sortino Ratio Rank: 2
UNG Omega Ratio Rank: 2
UNG Calmar Ratio Rank: 1
UNG Martin Ratio Rank: 3

ENB

ENB Risk / Return Rank: 86
ENB Sharpe Ratio Rank: 88
ENB Sortino Ratio Rank: 84
ENB Omega Ratio Rank: 83
ENB Calmar Ratio Rank: 87
ENB Martin Ratio Rank: 85

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. ENB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and Enbridge Inc. (ENB). 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	ENB	Difference
Sharpe ratio Return per unit of total volatility	-0.72	1.73	-2.44
Sortino ratio Return per unit of downside risk	-0.86	2.30	-3.16
Omega ratio Gain probability vs. loss probability	0.89	1.31	-0.41
Calmar ratio Return relative to maximum drawdown	-0.86	3.08	-3.94
Martin ratio Return relative to average drawdown	-1.25	7.65	-8.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UNG vs. ENB - Sharpe Ratio Comparison

The current UNG Sharpe Ratio is -0.72, which is lower than the ENB Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of UNG and ENB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UNG	ENB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.72	1.73	-2.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.33	0.83	-1.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.36	0.42	-0.78
Sharpe Ratio (All Time) Calculated using the full available price history	-0.57	0.52	-1.10

Correlation

The correlation between UNG and ENB is 0.11, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

UNG vs. ENB - Dividend Comparison

UNG has not paid dividends to shareholders, while ENB's dividend yield for the trailing twelve months is around 5.07%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
ENB Enbridge Inc.	5.07%	5.66%	6.28%	7.31%	6.80%	6.85%	7.55%	5.58%	6.68%	4.71%	4.13%	4.71%

Drawdowns

UNG vs. ENB - Drawdown Comparison

The maximum UNG drawdown since its inception was -99.87%, which is greater than ENB's maximum drawdown of -46.35%. Use the drawdown chart below to compare losses from any high point for UNG and ENB.

Drawdown Indicators

	UNG	ENB	Difference
Max Drawdown Largest peak-to-trough decline	-99.87%	-46.35%	-53.52%
Max Drawdown (1Y) Largest decline over 1 year	-52.53%	-9.37%	-43.16%
Max Drawdown (5Y) Largest decline over 5 years	-92.42%	-28.32%	-64.10%
Max Drawdown (10Y) Largest decline over 10 years	-93.49%	-44.07%	-49.42%
Current Drawdown Current decline from peak	-99.86%	-0.81%	-99.05%
Average Drawdown Average peak-to-trough decline	-89.87%	-10.88%	-78.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.10%	3.78%	+32.32%

Volatility

UNG vs. ENB - Volatility Comparison

United States Natural Gas Fund LP (UNG) has a higher volatility of 14.68% compared to Enbridge Inc. (ENB) at 3.51%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than ENB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UNG	ENB	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.68%	3.51%	+11.17%
Volatility (6M) Calculated over the trailing 6-month period	54.10%	11.69%	+42.41%
Volatility (1Y) Calculated over the trailing 1-year period	63.87%	17.09%	+46.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.90%	18.49%	+45.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.87%	24.41%	+30.46%