UNG vs. IAUM
UNG (United States Natural Gas Fund LP) and IAUM (iShares Gold Trust Micro) are both exchange-traded funds - UNG is a Oil & Gas fund tracking the Front Month Natural Gas, while IAUM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 3 years, UNG returned -23.83%/yr vs 29.28%/yr for IAUM. At a 0.03 correlation, their price movements are largely independent. UNG charges 1.28%/yr vs 0.09%/yr for IAUM.
Performance
UNG vs. IAUM - Performance Comparison
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Returns By Period
In the year-to-date period, UNG achieves a -7.42% return, which is significantly lower than IAUM's -2.40% 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%
IAUM
- 1D
- 0.10%
- 1M
- -9.51%
- YTD
- -2.40%
- 6M
- -2.08%
- 1Y
- 22.55%
- 3Y*
- 29.28%
- 5Y*
- —
- 10Y*
- —
UNG vs. IAUM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -7.42% | -27.07% | -17.11% | -64.04% | 12.89% | -0.64% |
IAUM iShares Gold Trust Micro | -2.40% | 64.27% | 27.04% | 13.12% | -0.49% | 3.87% |
Correlation
The correlation between UNG and IAUM is 0.04, 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 (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2021 | 0.03 |
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Return for Risk
UNG vs. IAUM — Risk / Return Rank
UNG
IAUM
UNG vs. IAUM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and iShares Gold Trust Micro (IAUM). 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 | IAUM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.39 | ||
| Sortino ratioReturn per unit of downside risk | -1.63 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.19 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | 1.00 | -1.67 |
| Martin ratioReturn relative to average drawdown | -0.97 | 2.87 | -3.84 |
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Drawdowns
UNG vs. IAUM - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, which is greater than IAUM's maximum drawdown of -24.37%. Use the drawdown chart below to compare losses from any high point for UNG and IAUM.
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Drawdown Indicators
| UNG | IAUM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -24.37% | -75.51% |
Max Drawdown (1Y)Largest decline over 1 year | -43.86% | -24.37% | -19.49% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -24.37% | -43.79% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | — | — |
Current DrawdownCurrent decline from peak | -99.86% | -21.99% | -77.87% |
Average DrawdownAverage peak-to-trough decline | -89.96% | -5.38% | -84.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.28% | 8.46% | +21.82% |
Volatility
UNG vs. IAUM - Volatility Comparison
United States Natural Gas Fund LP (UNG) has a higher volatility of 12.64% compared to iShares Gold Trust Micro (IAUM) at 7.71%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than IAUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNG | IAUM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.64% | 7.71% | +4.93% |
Volatility (6M)Calculated over the trailing 6-month period | 52.01% | 23.82% | +28.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.61% | 27.06% | +33.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.11% | 18.05% | +46.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.77% | 18.05% | +36.72% |
UNG vs. IAUM - Expense Ratio Comparison
UNG has a 1.28% expense ratio, which is higher than IAUM's 0.09% expense ratio.
Dividends
UNG vs. IAUM - Dividend Comparison
Neither UNG nor IAUM has paid dividends to shareholders.
Frequently Asked Questions
UNG and IAUM have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (12.64%) compared to IAUM (7.71%). In terms of maximum drawdown, UNG dropped -99.88% vs IAUM's -24.37%.
On 3-year performance, IAUM leads with 29.28% vs -23.83% for UNG. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 7.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IAUM has performed better with a 29.28% return vs -23.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAUM is cheaper with a 0.09% expense ratio, compared with 1.28% for UNG.
UNG and IAUM have nearly identical dividend yields, around 0.00%.
UNG is categorized as Oil & Gas, while IAUM is Gold. UNG tracks Front Month Natural Gas, while IAUM tracks LBMA Gold Price PM. They also come from different issuers: Concierge Technologies and iShares. Their fees differ too: 1.28% for UNG and 0.09% for IAUM.
IAUM currently has the higher Sharpe Ratio (0.90 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.
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