UNG vs. GSSC
UNG (United States Natural Gas Fund LP) and GSSC (Goldman Sachs ActiveBeta US Small Cap Equity ETF) are both exchange-traded funds - UNG is a Oil & Gas fund tracking the Front Month Natural Gas, while GSSC is a Small Cap Growth Equities fund tracking the Goldman Sachs ActiveBeta U.S. Small Cap Equity Index. Both are passively managed. Over the past 5 years, UNG returned -23.11%/yr vs 7.20%/yr for GSSC. At a 0.04 correlation, their price movements are largely independent. UNG charges 1.28%/yr vs 0.20%/yr for GSSC.
Performance
UNG vs. GSSC - Performance Comparison
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Returns By Period
In the year-to-date period, UNG achieves a -4.49% return, which is significantly lower than GSSC's 13.55% return.
UNG
- 1D
- 2.09%
- 1M
- 6.94%
- YTD
- -4.49%
- 6M
- -24.31%
- 1Y
- -30.96%
- 3Y*
- -21.19%
- 5Y*
- -23.11%
- 10Y*
- -20.48%
GSSC
- 1D
- -1.21%
- 1M
- 3.24%
- YTD
- 13.55%
- 6M
- 13.10%
- 1Y
- 30.39%
- 3Y*
- 16.72%
- 5Y*
- 7.20%
- 10Y*
- —
UNG vs. GSSC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -4.49% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -14.52% |
GSSC Goldman Sachs ActiveBeta US Small Cap Equity ETF | 13.55% | 10.76% | 11.14% | 17.27% | -16.81% | 24.13% | 16.02% | 23.14% | -9.24% | 8.77% |
Correlation
The correlation between UNG and GSSC 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 | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2017 | 0.04 |
The correlation between UNG and GSSC 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. GSSC — Risk / Return Rank
UNG
GSSC
UNG vs. GSSC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and Goldman Sachs ActiveBeta US Small Cap Equity ETF (GSSC). 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 | GSSC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.16 | ||
| Sortino ratioReturn per unit of downside risk | -2.78 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.28 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 2.89 | -3.60 |
| Martin ratioReturn relative to average drawdown | -1.04 | 9.64 | -10.69 |
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 | GSSC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.51 | 1.65 | -2.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | 0.34 | -0.70 |
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 | 0.45 | -1.02 |
Drawdowns
UNG vs. GSSC - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, which is greater than GSSC's maximum drawdown of -41.38%. Use the drawdown chart below to compare losses from any high point for UNG and GSSC.
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Drawdown Indicators
| UNG | GSSC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -41.38% | -58.50% |
Max Drawdown (1Y)Largest decline over 1 year | -43.86% | -10.56% | -33.30% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -26.05% | -42.11% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | -27.81% | -64.68% |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | — | — |
Current DrawdownCurrent decline from peak | -99.86% | -1.21% | -98.65% |
Average DrawdownAverage peak-to-trough decline | -89.96% | -9.02% | -80.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.68% | 3.16% | +26.52% |
Volatility
UNG vs. GSSC - Volatility Comparison
United States Natural Gas Fund LP (UNG) has a higher volatility of 13.09% compared to Goldman Sachs ActiveBeta US Small Cap Equity ETF (GSSC) at 5.31%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than GSSC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNG | GSSC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.09% | 5.31% | +7.78% |
Volatility (6M)Calculated over the trailing 6-month period | 52.96% | 12.82% | +40.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.48% | 18.58% | +41.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.10% | 21.26% | +42.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.78% | 23.02% | +31.76% |
UNG vs. GSSC - Expense Ratio Comparison
UNG has a 1.28% expense ratio, which is higher than GSSC's 0.20% expense ratio.
Dividends
UNG vs. GSSC - Dividend Comparison
UNG has not paid dividends to shareholders, while GSSC's dividend yield for the trailing twelve months is around 1.07%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GSSC Goldman Sachs ActiveBeta US Small Cap Equity ETF | 1.07% | 1.17% | 1.42% | 1.33% | 1.31% | 1.00% | 0.94% | 1.24% | 1.21% | 0.73% |
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 GSSC 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 (13.09%) compared to GSSC (5.31%). In terms of maximum drawdown, UNG dropped -99.88% vs GSSC's -41.38%.
On 5-year performance, GSSC leads with 7.20% vs -23.11% for UNG. On fees, GSSC is cheaper at 0.20% per year. On volatility, GSSC has been the lower-risk option at 5.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GSSC has performed better with a 7.20% return vs -23.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSSC is cheaper with a 0.20% expense ratio, compared with 1.28% for UNG.
GSSC has the higher dividend yield at 1.07%, compared with 0.00% for UNG.
UNG is categorized as Oil & Gas, while GSSC is Small Cap Growth Equities. UNG tracks Front Month Natural Gas, while GSSC tracks Goldman Sachs ActiveBeta U.S. Small Cap Equity Index. They also come from different issuers: Concierge Technologies and Goldman Sachs. Their fees differ too: 1.28% for UNG and 0.20% for GSSC.
GSSC currently has the higher Sharpe Ratio (1.65 vs -0.51), 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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