UNG vs. KJUL
UNG (United States Natural Gas Fund LP) and KJUL (Innovator Russell 2000 Power Buffer ETF - July) are both exchange-traded funds - UNG is a Oil & Gas fund tracking the Front Month Natural Gas Futures, while KJUL is a Defined Outcome fund tracking the iShares Russell 2000 ETF. Both are passively managed. Over the past 5 years, UNG returned -27.12%/yr vs 5.05%/yr for KJUL. At a 0.02 correlation, their price movements are largely independent. UNG charges 1.17%/yr vs 0.79%/yr for KJUL.
Performance
UNG vs. KJUL - Performance Comparison
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Returns By Period
In the year-to-date period, UNG achieves a -13.54% return, which is significantly lower than KJUL's 6.53% return.
UNG
- 1D
- -2.12%
- 1M
- -6.61%
- 6M
- 1.92%
- YTD
- -13.54%
- 1Y
- -28.95%
- 3Y*
- -28.66%
- 5Y*
- -27.12%
- 10Y*
- -22.16%
KJUL
- 1D
- -0.15%
- 1M
- -0.20%
- 6M
- 4.45%
- YTD
- 6.53%
- 1Y
- 14.28%
- 3Y*
- 9.32%
- 5Y*
- 5.05%
- 10Y*
- —
UNG vs. KJUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -13.54% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -10.33% |
KJUL Innovator Russell 2000 Power Buffer ETF - July | 6.53% | 7.70% | 8.69% | 11.78% | -8.44% | 2.51% | 10.84% |
Correlation
The correlation between UNG and KJUL 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 Jul 1, 2020 | 0.02 |
The correlation between UNG and KJUL shifts across timeframes, from -0.29 (1 year) to 0.03 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
UNG vs. KJUL — Risk / Return Rank
UNG
KJUL
UNG vs. KJUL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and Innovator Russell 2000 Power Buffer ETF - July (KJUL). 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 | KJUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.32 | ||
| Sortino ratioReturn per unit of downside risk | -3.12 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.37 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 3.99 | -4.70 |
| Martin ratioReturn relative to average drawdown | -1.11 | 15.53 | -16.64 |
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Drawdowns
UNG vs. KJUL - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, which is greater than KJUL's maximum drawdown of -16.69%. Use the drawdown chart below to compare losses from any high point for UNG and KJUL.
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Drawdown Indicators
| UNG | KJUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -16.69% | -83.19% |
Max Drawdown (1Y)Largest decline over 1 year | -39.94% | -3.42% | -36.52% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -14.45% | -53.71% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | -16.69% | -75.80% |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | — | — |
Current DrawdownCurrent decline from peak | -99.87% | -0.59% | -99.28% |
Average DrawdownAverage peak-to-trough decline | -89.99% | -3.94% | -86.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.31% | 0.88% | +24.43% |
Volatility
UNG vs. KJUL - Volatility Comparison
United States Natural Gas Fund LP (UNG) has a higher volatility of 11.04% compared to Innovator Russell 2000 Power Buffer ETF - July (KJUL) at 1.13%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than KJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNG | KJUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.04% | 1.13% | +9.91% |
Volatility (6M)Calculated over the trailing 6-month period | 49.67% | 4.61% | +45.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.74% | 7.42% | +52.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.17% | 12.30% | +51.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.74% | 11.58% | +43.16% |
UNG vs. KJUL - Expense Ratio Comparison
UNG has a 1.17% expense ratio, which is higher than KJUL's 0.79% expense ratio.
Dividends
UNG vs. KJUL - Dividend Comparison
Neither UNG nor KJUL has paid dividends to shareholders.
Frequently Asked Questions
UNG and KJUL 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 (11.04%) compared to KJUL (1.13%). In terms of maximum drawdown, UNG dropped -99.88% vs KJUL's -16.69%.
On 5-year performance, KJUL leads with 5.05% vs -27.12% for UNG. On fees, KJUL is cheaper at 0.79% per year. On volatility, KJUL has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KJUL has performed better with a 5.05% return vs -27.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KJUL is cheaper with a 0.79% expense ratio, compared with 1.17% for UNG.
UNG and KJUL have nearly identical dividend yields, around 0.00%.
UNG is categorized as Oil & Gas, while KJUL is Defined Outcome. UNG tracks Front Month Natural Gas Futures, while KJUL tracks iShares Russell 2000 ETF. They also come from different issuers: USCF Investments and Innovator. Their fees differ too: 1.17% for UNG and 0.79% for KJUL.
KJUL currently has the higher Sharpe Ratio (1.84 vs -0.47), 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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