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UNG vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UNG vs. SPY

Last updated Jun 5, 2026

UNG (United States Natural Gas Fund LP) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - UNG is a Oil & Gas fund tracking the Front Month Natural Gas, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, UNG returned -20.42%/yr vs 15.48%/yr for SPY. At a 0.05 correlation, their price movements are largely independent. UNG charges 1.28%/yr vs 0.09%/yr for SPY.

Performance

UNG vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Natural Gas Fund LP (UNG) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UNG achieves a -1.14% return, which is significantly lower than SPY's 11.33% return. Over the past 10 years, UNG has underperformed SPY with an annualized return of -20.42%, while SPY has yielded a comparatively higher 15.48% annualized return.

UNG

1D
3.50%
1M
13.91%
YTD
-1.14%
6M
-22.61%
1Y
-28.33%
3Y*
-21.15%
5Y*
-22.57%
10Y*
-20.42%

SPY

1D
0.38%
1M
4.60%
YTD
11.33%
6M
11.25%
1Y
28.50%
3Y*
22.58%
5Y*
13.91%
10Y*
15.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UNG vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UNG
United States Natural Gas Fund LP		-1.14%-27.07%-17.11%-64.04%12.89%35.76%-45.43%-31.77%5.96%-37.58%
SPY
State Street SPDR S&P 500 ETF		11.33%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between UNG and SPY is -0.19, 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

-0.19

Correlation (3Y)
Calculated over the trailing 3-year period

-0.03

Correlation (5Y)
Calculated over the trailing 5-year period

0.07

Correlation (10Y)
Calculated over the trailing 10-year period

0.06

Correlation (All Time)
Calculated using the full available price history since Apr 19, 2007

0.05

The correlation between UNG and SPY shifts across timeframes, from -0.19 (1 year) to 0.07 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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United States Natural Gas Fund LP

State Street SPDR S&P 500 ETF

Often compared with UNG:
UNG vs. BOILUNG vs. FCGUNG vs. UNLUNG vs. LNGUNG vs. BNOUNG vs. WEATUNG vs. KOLD
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

UNG vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UNG
UNG Risk / Return Rank: 55
Overall Rank
UNG Sharpe Ratio Rank: 55
Sharpe Ratio Rank
UNG Sortino Ratio Rank: 66
Sortino Ratio Rank
UNG Omega Ratio Rank: 66
Omega Ratio Rank
UNG Calmar Ratio Rank: 44
Calmar Ratio Rank
UNG Martin Ratio Rank: 55
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 7474
Overall Rank
SPY Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 7474
Sortino Ratio Rank
SPY Omega Ratio Rank: 7575
Omega Ratio Rank
SPY Calmar Ratio Rank: 6666
Calmar Ratio Rank
SPY Martin Ratio Rank: 7878
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UNG vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and State Street SPDR S&P 500 ETF (SPY). 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.

UNGSPYDifference
Sharpe ratioReturn per unit of total volatility
-0.47
2.42

-2.89

Sortino ratioReturn per unit of downside risk
-0.33
3.29

-3.62

Omega ratioGain probability vs. loss probability

0.96

1.44

-0.48

Calmar ratioReturn relative to maximum drawdown

-0.65

3.22

-3.87

Martin ratioReturn relative to average drawdown

-0.95

14.99

-15.94

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UNG vs. SPY - Sharpe Ratio Comparison

The current UNG Sharpe Ratio is -0.47, which is lower than the SPY Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of UNG and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UNGSPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.47

2.42

-2.89

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.35

0.82

-1.17

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.37

0.87

-1.24

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.57

0.59

-1.16

Drawdowns

UNG vs. SPY - Drawdown Comparison

The maximum UNG drawdown since its inception was -99.88%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for UNG and SPY.

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Drawdown Indicators

UNGSPYDifference

Max Drawdown

Largest peak-to-trough decline

-99.88%

-55.19%

-44.69%

Max Drawdown (1Y)

Largest decline over 1 year

-43.86%

-8.88%

-34.98%

Max Drawdown (3Y)

Largest decline over 3 years

-68.16%

-18.76%

-49.40%

Max Drawdown (5Y)

Largest decline over 5 years

-92.49%

-24.50%

-67.99%

Max Drawdown (10Y)

Largest decline over 10 years

-93.55%

-33.72%

-59.83%

Current Drawdown

Current decline from peak

-99.85%

-0.33%

-99.52%

Average Drawdown

Average peak-to-trough decline

-89.96%

-9.05%

-80.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

29.75%

1.91%

+27.84%

Volatility

UNG vs. SPY - Volatility Comparison

United States Natural Gas Fund LP (UNG) has a higher volatility of 12.99% compared to State Street SPDR S&P 500 ETF (SPY) at 2.79%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UNGSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.99%

2.79%

+10.20%

Volatility (6M)

Calculated over the trailing 6-month period

53.06%

8.91%

+44.15%

Volatility (1Y)

Calculated over the trailing 1-year period

60.59%

11.82%

+48.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

64.11%

17.05%

+47.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

54.78%

17.93%

+36.85%

UNG vs. SPY - Expense Ratio Comparison

UNG has a 1.28% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

UNG vs. SPY - Dividend Comparison

UNG has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

PositionTTM20252024202320222021202020192018201720162015
SPY
State Street SPDR S&P 500 ETF		0.98%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%
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 SPY have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UNG has higher volatility (12.99%) compared to SPY (2.79%). In terms of maximum drawdown, UNG dropped -99.88% vs SPY's -55.19%.

On 10-year performance, SPY leads with 15.48% vs -20.42% for UNG. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPY has performed better with a 15.48% return vs -20.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPY is cheaper with a 0.09% expense ratio, compared with 1.28% for UNG.

SPY has the higher dividend yield at 0.98%, compared with 0.00% for UNG.

UNG is categorized as Oil & Gas, while SPY is S&P 500. UNG tracks Front Month Natural Gas, while SPY tracks S&P 500 Index. They also come from different issuers: Concierge Technologies and State Street. Their fees differ too: 1.28% for UNG and 0.09% for SPY.

SPY currently has the higher Sharpe Ratio (2.42 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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