UNG vs. KDEC
UNG (United States Natural Gas Fund LP) and KDEC (Innovator U.S. Small Cap Power Buffer ETF - December) are both exchange-traded funds - UNG is a Oil & Gas fund tracking the Front Month Natural Gas Futures, while KDEC is a Defined Outcome fund actively managed by Innovator. UNG is passively managed, while KDEC is actively managed. Over the past year, UNG returned -33.35% vs 19.36% for KDEC. At a correlation of -0.14, they often move in opposite directions. UNG charges 1.17%/yr vs 0.79%/yr for KDEC.
Performance
UNG vs. KDEC - Performance Comparison
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Returns By Period
In the year-to-date period, UNG achieves a -4.00% return, which is significantly lower than KDEC's 10.52% return.
UNG
- 1D
- 0.26%
- 1M
- 7.59%
- YTD
- -4.00%
- 6M
- -0.68%
- 1Y
- -33.35%
- 3Y*
- -26.96%
- 5Y*
- -24.05%
- 10Y*
- -21.19%
KDEC
- 1D
- 0.16%
- 1M
- 2.02%
- YTD
- 10.52%
- 6M
- 9.04%
- 1Y
- 19.36%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UNG vs. KDEC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
UNG United States Natural Gas Fund LP | -4.00% | -27.07% | 16.49% |
KDEC Innovator U.S. Small Cap Power Buffer ETF - December | 10.52% | 6.52% | -4.04% |
Correlation
The correlation between UNG and KDEC is -0.28, 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 | -0.28 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2024 | -0.14 |
The correlation between UNG and KDEC shifts across timeframes, from -0.28 (1 year) to -0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UNG vs. KDEC — Risk / Return Rank
UNG
KDEC
UNG vs. KDEC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and Innovator U.S. Small Cap Power Buffer ETF - December (KDEC). 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 | KDEC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.59 | ||
| Sortino ratioReturn per unit of downside risk | -3.46 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.36 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 3.61 | -4.45 |
| Martin ratioReturn relative to average drawdown | -1.28 | 11.91 | -13.20 |
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Drawdowns
UNG vs. KDEC - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, which is greater than KDEC's maximum drawdown of -16.52%. Use the drawdown chart below to compare losses from any high point for UNG and KDEC.
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Drawdown Indicators
| UNG | KDEC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -16.52% | -83.36% |
Max Drawdown (1Y)Largest decline over 1 year | -39.94% | -5.38% | -34.56% |
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 DrawdownCurrent decline from peak | -99.86% | 0.00% | -99.86% |
Average DrawdownAverage peak-to-trough decline | -89.97% | -2.97% | -87.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.14% | 1.63% | +27.51% |
Volatility
UNG vs. KDEC - Volatility Comparison
United States Natural Gas Fund LP (UNG) has a higher volatility of 11.95% compared to Innovator U.S. Small Cap Power Buffer ETF - December (KDEC) at 2.24%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than KDEC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNG | KDEC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.95% | 2.24% | +9.71% |
Volatility (6M)Calculated over the trailing 6-month period | 51.06% | 6.72% | +44.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.47% | 9.57% | +50.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.14% | 12.29% | +51.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.79% | 12.29% | +42.50% |
UNG vs. KDEC - Expense Ratio Comparison
UNG has a 1.17% expense ratio, which is higher than KDEC's 0.79% expense ratio.
Dividends
UNG vs. KDEC - Dividend Comparison
Neither UNG nor KDEC has paid dividends to shareholders.
Frequently Asked Questions
UNG and KDEC have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (11.95%) compared to KDEC (2.24%). In terms of maximum drawdown, UNG dropped -99.88% vs KDEC's -16.52%.
On 1-year performance, KDEC leads with 19.36% vs -33.35% for UNG. On fees, KDEC is cheaper at 0.79% per year. On volatility, KDEC has been the lower-risk option at 2.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, KDEC has performed better with a 19.36% return vs -33.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KDEC is cheaper with a 0.79% expense ratio, compared with 1.17% for UNG.
UNG and KDEC have nearly identical dividend yields, around 0.00%.
UNG is categorized as Oil & Gas, while KDEC is Defined Outcome. They also come from different issuers: USCF Investments and Innovator. Their fees differ too: 1.17% for UNG and 0.79% for KDEC.
KDEC currently has the higher Sharpe Ratio (2.04 vs -0.55), 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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