UNG vs. FPEI
UNG (United States Natural Gas Fund LP) and FPEI (First Trust Institutional Preferred Securities & Income ETF) are both exchange-traded funds - UNG is a Oil & Gas fund tracking the Front Month Natural Gas, while FPEI is a Preferred Stock/Convertible Bonds fund actively managed by First Trust. UNG is passively managed, while FPEI is actively managed. Over the past 5 years, UNG returned -22.57%/yr vs 4.21%/yr for FPEI. At a 0.04 correlation, their price movements are largely independent. UNG charges 1.28%/yr vs 0.85%/yr for FPEI.
Performance
UNG vs. FPEI - 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 FPEI's 1.61% 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%
FPEI
- 1D
- 0.05%
- 1M
- 0.62%
- YTD
- 1.61%
- 6M
- 1.98%
- 1Y
- 8.42%
- 3Y*
- 10.64%
- 5Y*
- 4.21%
- 10Y*
- —
UNG vs. FPEI - 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% | -11.26% |
FPEI First Trust Institutional Preferred Securities & Income ETF | 1.61% | 9.82% | 10.94% | 6.29% | -8.19% | 4.63% | 7.08% | 15.86% | -4.29% | 2.23% |
Correlation
The correlation between UNG and FPEI is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Aug 24, 2017 | 0.04 |
The correlation between UNG and FPEI shifts across timeframes, from -0.29 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UNG vs. FPEI — Risk / Return Rank
UNG
FPEI
UNG vs. FPEI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and First Trust Institutional Preferred Securities & Income ETF (FPEI). 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 | FPEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.77 | ||
| Sortino ratioReturn per unit of downside risk | -3.99 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.53 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 2.33 | -2.98 |
| Martin ratioReturn relative to average drawdown | -0.95 | 11.60 | -12.55 |
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 | FPEI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.47 | 2.30 | -2.77 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.35 | 0.71 | -1.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.37 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.57 | 0.57 | -1.13 |
Drawdowns
UNG vs. FPEI - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, which is greater than FPEI's maximum drawdown of -27.51%. Use the drawdown chart below to compare losses from any high point for UNG and FPEI.
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Drawdown Indicators
| UNG | FPEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -27.51% | -72.37% |
Max Drawdown (1Y)Largest decline over 1 year | -43.86% | -3.63% | -40.23% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -4.26% | -63.90% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | -16.46% | -76.03% |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | — | — |
Current DrawdownCurrent decline from peak | -99.85% | -0.10% | -99.75% |
Average DrawdownAverage peak-to-trough decline | -89.96% | -3.06% | -86.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.75% | 0.73% | +29.02% |
Volatility
UNG vs. FPEI - Volatility Comparison
United States Natural Gas Fund LP (UNG) has a higher volatility of 12.99% compared to First Trust Institutional Preferred Securities & Income ETF (FPEI) at 0.89%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than FPEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNG | FPEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.99% | 0.89% | +12.10% |
Volatility (6M)Calculated over the trailing 6-month period | 53.06% | 3.06% | +50.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.59% | 3.68% | +56.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.11% | 5.97% | +58.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.78% | 8.85% | +45.93% |
UNG vs. FPEI - Expense Ratio Comparison
UNG has a 1.28% expense ratio, which is higher than FPEI's 0.85% expense ratio.
Dividends
UNG vs. FPEI - Dividend Comparison
UNG has not paid dividends to shareholders, while FPEI's dividend yield for the trailing twelve months is around 5.72%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FPEI First Trust Institutional Preferred Securities & Income ETF | 5.72% | 5.62% | 5.55% | 5.76% | 5.20% | 4.46% | 4.90% | 5.02% | 5.81% | 1.50% |
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% |
Frequently Asked Questions
UNG and FPEI have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (12.99%) compared to FPEI (0.89%). In terms of maximum drawdown, UNG dropped -99.88% vs FPEI's -27.51%.
On 5-year performance, FPEI leads with 4.21% vs -22.57% for UNG. On fees, FPEI is cheaper at 0.85% per year. On volatility, FPEI has been the lower-risk option at 0.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FPEI has performed better with a 4.21% return vs -22.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FPEI is cheaper with a 0.85% expense ratio, compared with 1.28% for UNG.
FPEI has the higher dividend yield at 5.72%, compared with 0.00% for UNG.
UNG is categorized as Oil & Gas, while FPEI is Preferred Stock/Convertible Bonds. They also come from different issuers: Concierge Technologies and First Trust. Their fees differ too: 1.28% for UNG and 0.85% for FPEI.
FPEI currently has the higher Sharpe Ratio (2.30 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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