UNG vs. UCO
UNG (United States Natural Gas Fund LP) and UCO (ProShares Ultra Bloomberg Crude Oil) are both Oil & Gas funds - UNG tracks the Front Month Natural Gas Futures while UCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. Over the past 10 years, UNG returned -21.19%/yr vs 19.62%/yr for UCO. At a 0.13 correlation, their price movements are largely independent. UNG charges 1.17%/yr vs 0.95%/yr for UCO.
Performance
UNG vs. UCO - 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 UCO's 84.21% return. Over the past 10 years, UNG has underperformed UCO with an annualized return of -21.19%, while UCO has yielded a comparatively higher 19.62% annualized 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%
UCO
- 1D
- -2.87%
- 1M
- -24.66%
- YTD
- 84.21%
- 6M
- 80.57%
- 1Y
- 27.70%
- 3Y*
- 15.87%
- 5Y*
- 12.83%
- 10Y*
- 19.62%
UNG vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -4.00% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
UCO ProShares Ultra Bloomberg Crude Oil | 84.21% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
Correlation
The correlation between UNG and UCO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.13 |
The correlation between UNG and UCO shifts across timeframes, from 0.12 (3 years) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UNG vs. UCO — Risk / Return Rank
UNG
UCO
UNG vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and ProShares Ultra Bloomberg Crude Oil (UCO). 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 | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.50 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.12 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 0.87 | -1.71 |
| Martin ratioReturn relative to average drawdown | -1.28 | 1.72 | -3.01 |
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Drawdowns
UNG vs. UCO - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, roughly equal to the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for UNG and UCO.
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Drawdown Indicators
| UNG | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -99.86% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -39.94% | -31.96% | -7.98% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -50.38% | -17.78% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | -67.24% | -25.25% |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | -96.50% | +2.95% |
Current DrawdownCurrent decline from peak | -99.86% | -85.71% | -14.15% |
Average DrawdownAverage peak-to-trough decline | -89.97% | -82.11% | -7.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.14% | 18.90% | +10.24% |
Volatility
UNG vs. UCO - Volatility Comparison
The current volatility for United States Natural Gas Fund LP (UNG) is 11.95%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 16.18%. This indicates that UNG experiences smaller price fluctuations and is considered to be less risky than UCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNG | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.95% | 16.18% | -4.23% |
Volatility (6M)Calculated over the trailing 6-month period | 51.06% | 48.09% | +2.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.47% | 57.66% | +2.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.14% | 60.09% | +4.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.79% | 317.79% | -263.00% |
UNG vs. UCO - Expense Ratio Comparison
UNG has a 1.17% expense ratio, which is higher than UCO's 0.95% expense ratio.
Dividends
UNG vs. UCO - Dividend Comparison
Neither UNG nor UCO has paid dividends to shareholders.
Frequently Asked Questions
UNG and UCO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (16.18%) compared to UNG (11.95%). In terms of maximum drawdown, UNG dropped -99.88% vs UCO's -99.86%.
On 10-year performance, UCO leads with 19.62% vs -21.19% for UNG. On fees, UCO is cheaper at 0.95% per year. On volatility, UNG has been the lower-risk option at 11.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UCO has performed better with a 19.62% return vs -21.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCO is cheaper with a 0.95% expense ratio, compared with 1.17% for UNG.
UNG and UCO have nearly identical dividend yields, around 0.00%.
UNG tracks Front Month Natural Gas Futures, while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%). They also come from different issuers: USCF Investments and ProShares. Their fees differ too: 1.17% for UNG and 0.95% for UCO.
UCO currently has the higher Sharpe Ratio (0.48 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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