UNG vs. HSY

Last updated Jun 13, 2026

UNG (United States Natural Gas Fund LP) is Oil & Gas fund tracking the Front Month Natural Gas, while HSY (The Hershey Company) is a stock. Over the past 10 years, UNG returned -21.38%/yr vs 9.11%/yr for HSY. At a 0.01 correlation, their price movements are largely independent.

Performance

UNG vs. HSY - Performance Comparison

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

Returns By Period

In the year-to-date period, UNG achieves a -7.42% return, which is significantly lower than HSY's 1.25% return. Over the past 10 years, UNG has underperformed HSY with an annualized return of -21.38%, while HSY has yielded a comparatively higher 9.11% annualized return.

UNG

• 1D: 1.70%
• 1M: 1.70%
• YTD: -7.42%
• 6M: -10.84%
• 1Y: -30.62%
• 3Y*: -23.83%
• 5Y*: -24.47%
• 10Y*: -21.38%

HSY

• 1D: 0.45%
• 1M: -3.82%
• YTD: 1.25%
• 6M: 1.34%
• 1Y: 10.63%
• 3Y*: -8.39%
• 5Y*: 3.29%
• 10Y*: 9.11%

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

UNG vs. HSY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UNG United States Natural Gas Fund LP	-7.42%	-27.07%	-17.11%	-64.04%	12.89%	35.76%	-45.43%	-31.77%	5.96%	-37.58%
HSY The Hershey Company	1.25%	10.98%	-6.51%	-17.88%	21.86%	29.58%	5.90%	40.20%	-2.92%	12.33%

Correlation

The correlation between UNG and HSY is -0.11, 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	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since Apr 18, 2007	0.01

The correlation between UNG and HSY shifts across timeframes, from -0.11 (1 year) to 0.02 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

UNG vs. HSY — Risk / Return Rank

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

UNG

UNG Risk / Return Rank: 5
UNG Sharpe Ratio Rank: 5
UNG Sortino Ratio Rank: 6
UNG Omega Ratio Rank: 6
UNG Calmar Ratio Rank: 4
UNG Martin Ratio Rank: 5

HSY

HSY Risk / Return Rank: 50
HSY Sharpe Ratio Rank: 54
HSY Sortino Ratio Rank: 48
HSY Omega Ratio Rank: 46
HSY Calmar Ratio Rank: 51
HSY Martin Ratio Rank: 52

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. HSY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and The Hershey Company (HSY). 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	HSY	Difference
Sharpe ratio: Return per unit of total volatility	-0.49	0.32	-0.81
Sortino ratio: Return per unit of downside risk	-0.36	0.66	-1.02
Omega ratio: Gain probability vs. loss probability	0.95	1.08	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.67	0.35	-1.02
Martin ratio: Return relative to average drawdown	-0.97	0.87	-1.84

UNG vs. HSY - Sharpe Ratio Comparison

The current UNG Sharpe Ratio is -0.49, which is lower than the HSY Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of UNG and HSY, 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. HSY - Drawdown Comparison

The maximum UNG drawdown since its inception was -99.88%, which is greater than HSY's maximum drawdown of -49.15%. Use the drawdown chart below to compare losses from any high point for UNG and HSY.

Drawdown Indicators

	UNG	HSY	Difference
Max Drawdown Largest peak-to-trough decline	-99.88%	-49.15%	-50.73%
Max Drawdown (1Y) Largest decline over 1 year	-43.86%	-25.01%	-18.85%
Max Drawdown (3Y) Largest decline over 3 years	-68.16%	-42.23%	-25.93%
Max Drawdown (5Y) Largest decline over 5 years	-92.49%	-45.25%	-47.24%
Max Drawdown (10Y) Largest decline over 10 years	-93.55%	-45.25%	-48.30%
Current Drawdown Current decline from peak	-99.86%	-28.02%	-71.84%
Average Drawdown Average peak-to-trough decline	-89.96%	-13.10%	-76.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.28%	10.00%	+20.28%

Volatility

UNG vs. HSY - Volatility Comparison

United States Natural Gas Fund LP (UNG) has a higher volatility of 12.64% compared to The Hershey Company (HSY) at 9.48%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than HSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UNG	HSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.64%	9.48%	+3.16%
Volatility (6M) Calculated over the trailing 6-month period	52.01%	20.08%	+31.93%
Volatility (1Y) Calculated over the trailing 1-year period	60.61%	27.49%	+33.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	64.11%	22.77%	+41.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.77%	23.44%	+31.33%

Dividends

UNG vs. HSY - Dividend Comparison

UNG has not paid dividends to shareholders, while HSY's dividend yield for the trailing twelve months is around 3.11%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HSY The Hershey Company	3.11%	3.01%	3.24%	2.39%	1.67%	1.76%	2.07%	2.03%	2.57%	2.24%	2.32%	2.50%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UNG and HSY in my portfolio?

UNG and HSY have a correlation of -0.11, 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 HSY?

UNG has higher volatility (12.64%) compared to HSY (9.48%). In terms of maximum drawdown, UNG dropped -99.88% vs HSY's -49.15%.

Which has better risk-adjusted returns?

HSY currently has the higher Sharpe Ratio (0.32 vs -0.49), 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.