UNG vs. OBDC
UNG (United States Natural Gas Fund LP) is Oil & Gas fund tracking the Front Month Natural Gas, while OBDC (Blue Owl Capital Corporation) is a stock. Over the past 5 years, UNG returned -24.47%/yr vs 5.43%/yr for OBDC. At a 0.05 correlation, their price movements are largely independent.
Performance
UNG vs. OBDC - 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 OBDC's -6.89% 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%
OBDC
- 1D
- 0.09%
- 1M
- -0.71%
- YTD
- -6.89%
- 6M
- -8.67%
- 1Y
- -13.64%
- 3Y*
- 5.28%
- 5Y*
- 5.43%
- 10Y*
- —
UNG vs. OBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -7.42% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -15.15% |
OBDC Blue Owl Capital Corporation | -6.89% | -7.87% | 14.69% | 43.51% | -9.48% | 21.99% | -19.52% | 20.00% |
Correlation
The correlation between UNG and OBDC is -0.06, 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 | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2019 | 0.05 |
The correlation between UNG and OBDC shifts across timeframes, from -0.06 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UNG vs. OBDC — Risk / Return Rank
UNG
OBDC
UNG vs. OBDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and Blue Owl Capital Corporation (OBDC). 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 | OBDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.91 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | -0.61 | -0.06 |
| Martin ratioReturn relative to average drawdown | -0.97 | -1.03 | +0.06 |
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Drawdowns
UNG vs. OBDC - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, which is greater than OBDC's maximum drawdown of -56.07%. Use the drawdown chart below to compare losses from any high point for UNG and OBDC.
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Drawdown Indicators
| UNG | OBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -56.07% | -43.81% |
Max Drawdown (1Y)Largest decline over 1 year | -43.86% | -23.90% | -19.96% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -23.90% | -44.26% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | -28.26% | -64.23% |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | — | — |
Current DrawdownCurrent decline from peak | -99.86% | -18.68% | -81.18% |
Average DrawdownAverage peak-to-trough decline | -89.96% | -10.67% | -79.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.28% | 14.20% | +16.08% |
Volatility
UNG vs. OBDC - Volatility Comparison
United States Natural Gas Fund LP (UNG) has a higher volatility of 12.64% compared to Blue Owl Capital Corporation (OBDC) at 6.58%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than OBDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNG | OBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.64% | 6.58% | +6.06% |
Volatility (6M)Calculated over the trailing 6-month period | 52.01% | 18.87% | +33.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.61% | 23.15% | +37.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.11% | 20.77% | +43.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.77% | 27.06% | +27.71% |
Dividends
UNG vs. OBDC - Dividend Comparison
UNG has not paid dividends to shareholders, while OBDC's dividend yield for the trailing twelve months is around 13.42%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
OBDC Blue Owl Capital Corporation | 13.42% | 12.55% | 11.38% | 10.77% | 11.17% | 8.76% | 12.32% | 3.80% |
UNG United States Natural Gas Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UNG and OBDC have a correlation of -0.06, 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 OBDC (6.58%). In terms of maximum drawdown, UNG dropped -99.88% vs OBDC's -56.07%.
UNG currently has the higher Sharpe Ratio (-0.49 vs -0.63), 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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