UNG vs. SDEU.L
UNG (United States Natural Gas Fund LP) and SDEU.L (iShares Germany Government Bond UCITS ETF (Dist)) are both exchange-traded funds - UNG is a Oil & Gas fund tracking the Front Month Natural Gas, while SDEU.L is a European Government Bonds fund tracking the Bloomberg Euro Agg Govt TR EUR. Both are passively managed. Over the past 10 years, UNG returned -21.26%/yr vs -1.13%/yr for SDEU.L. At a correlation of -0.01, they often move in opposite directions. UNG charges 1.28%/yr vs 0.20%/yr for SDEU.L.
Performance
UNG vs. SDEU.L - Performance Comparison
Loading charts...
Different Trading Currencies
UNG is traded in USD, while SDEU.L is traded in GBP. To make them comparable, the SDEU.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, UNG achieves a -7.26% return, which is significantly lower than SDEU.L's -2.22% return. Over the past 10 years, UNG has underperformed SDEU.L with an annualized return of -21.26%, while SDEU.L has yielded a comparatively higher -1.13% annualized return.
UNG
- 1D
- -2.57%
- 1M
- 7.57%
- YTD
- -7.26%
- 6M
- -24.55%
- 1Y
- -33.82%
- 3Y*
- -22.97%
- 5Y*
- -23.84%
- 10Y*
- -21.26%
SDEU.L
- 1D
- 0.12%
- 1M
- -2.24%
- YTD
- -2.22%
- 6M
- -0.83%
- 1Y
- -0.16%
- 3Y*
- 3.14%
- 5Y*
- -4.21%
- 10Y*
- -1.13%
UNG vs. SDEU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -7.26% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
SDEU.L iShares Germany Government Bond UCITS ETF (Dist) | -2.22% | 11.34% | -5.80% | 8.51% | -22.46% | -9.88% | 11.78% | 1.74% | -2.72% | 11.56% |
Correlation
The correlation between UNG and SDEU.L is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since May 9, 2012 | -0.01 |
The correlation between UNG and SDEU.L shifts across timeframes, from -0.14 (1 year) to -0.01 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UNG vs. SDEU.L — Risk / Return Rank
UNG
SDEU.L
UNG vs. SDEU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L). 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.
| UNG | SDEU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.54 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.00 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | -0.03 | -0.75 |
| Martin ratioReturn relative to average drawdown | -1.13 | -0.06 | -1.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| UNG | SDEU.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.56 | -0.02 | -0.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | -0.42 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.39 | -0.12 | -0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.57 | -0.22 | -0.36 |
Drawdowns
UNG vs. SDEU.L - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, which is greater than SDEU.L's maximum drawdown of -41.52%. Use the drawdown chart below to compare losses from any high point for UNG and SDEU.L.
Loading charts...
Drawdown Indicators
| UNG | SDEU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -41.52% | -58.36% |
Max Drawdown (1Y)Largest decline over 1 year | -43.86% | -5.67% | -38.19% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -10.32% | -57.84% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | -34.26% | -58.23% |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | -37.02% | -56.53% |
Current DrawdownCurrent decline from peak | -99.86% | -28.28% | -71.58% |
Average DrawdownAverage peak-to-trough decline | -89.97% | -22.07% | -67.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.93% | 2.49% | +27.44% |
Volatility
UNG vs. SDEU.L - Volatility Comparison
United States Natural Gas Fund LP (UNG) has a higher volatility of 13.75% compared to iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) at 2.39%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than SDEU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UNG | SDEU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.75% | 2.39% | +11.36% |
Volatility (6M)Calculated over the trailing 6-month period | 53.10% | 5.97% | +47.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.78% | 8.05% | +52.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.14% | 10.12% | +54.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.78% | 9.32% | +45.46% |
UNG vs. SDEU.L - Expense Ratio Comparison
UNG has a 1.28% expense ratio, which is higher than SDEU.L's 0.20% expense ratio.
Dividends
UNG vs. SDEU.L - Dividend Comparison
UNG has not paid dividends to shareholders, while SDEU.L's dividend yield for the trailing twelve months is around 2.19%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SDEU.L iShares Germany Government Bond UCITS ETF (Dist) | 2.19% | 2.16% | 2.14% | 0.18% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.03% | 0.34% |
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
UNG and SDEU.L have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SDEU.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SDEU.L is cheaper with a 0.20% expense ratio, compared with 1.28% for UNG.
UNG is categorized as Oil & Gas, while SDEU.L is European Government Bonds. UNG tracks Front Month Natural Gas, while SDEU.L tracks Bloomberg Euro Agg Govt TR EUR. They also come from different issuers: Concierge Technologies and iShares. Their fees differ too: 1.28% for UNG and 0.20% for SDEU.L.
Find the right allocation for UNG and SDEU.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer