UNG vs. GC=F

Last updated Jun 9, 2026

UNG (United States Natural Gas Fund LP) is Oil & Gas fund tracking the Front Month Natural Gas, while GC=F (Gold Futures) is an asset. At a 0.01 correlation, their price movements are largely independent.

Performance

UNG vs. GC=F - Performance Comparison

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

Returns By Period

UNG

• 1D: -2.57%
• 1M: 7.57%
• YTD: -7.26%
• 6M: -24.55%
• 1Y: -33.82%
• 3Y*: -22.97%
• 5Y*: -23.84%
• 10Y*: -21.26%

GC=F

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UNG vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UNG United States Natural Gas Fund LP	-7.26%	-27.07%	-17.11%	-64.04%	-13.34%
GC=F Gold Futures	0.00%	0.00%	0.00%	0.00%	5.84%

Correlation

The correlation between UNG and GC=F is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 31, 2022	0.01

Return for Risk

UNG vs. GC=F — 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: 4

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. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and Gold Futures (GC=F). 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	GC=F	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	—	—
Sortino ratio: Return per unit of downside risk	-0.51	—	—
Omega ratio: Gain probability vs. loss probability	0.94	—	—
Calmar ratio: Return relative to maximum drawdown	-0.77	—	—
Martin ratio: Return relative to average drawdown	-1.13	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	UNG	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.56	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.37	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.57	—	—

Drawdowns

Drawdown Indicators

	UNG	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-99.88%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-43.86%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-68.16%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-92.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-93.55%	—	—
Current Drawdown Current decline from peak	-99.86%	—	—
Average Drawdown Average peak-to-trough decline	-89.97%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	29.93%	—	—

Volatility

Volatility by Period

	UNG	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.75%	—	—
Volatility (6M) Calculated over the trailing 6-month period	53.10%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	60.78%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	64.14%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.78%	—	—

Frequently Asked Questions

Can I hold both UNG and GC=F in my portfolio?

UNG and GC=F have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.