UNG vs. USCI
UNG (United States Natural Gas Fund LP) and USCI (United States Commodity Index Fund) are both exchange-traded funds - UNG is a Oil & Gas fund tracking the Front Month Natural Gas, while USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity (TR). Both are passively managed. Over the past 10 years, UNG returned -20.48%/yr vs 8.86%/yr for USCI. At a 0.20 correlation, their price movements are largely independent. UNG charges 1.28%/yr vs 1.03%/yr for USCI.
Performance
UNG vs. USCI - Performance Comparison
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Returns By Period
In the year-to-date period, UNG achieves a -4.49% return, which is significantly lower than USCI's 28.22% return. Over the past 10 years, UNG has underperformed USCI with an annualized return of -20.48%, while USCI has yielded a comparatively higher 8.86% annualized return.
UNG
- 1D
- 2.09%
- 1M
- 6.94%
- YTD
- -4.49%
- 6M
- -24.31%
- 1Y
- -30.96%
- 3Y*
- -21.19%
- 5Y*
- -23.11%
- 10Y*
- -20.48%
USCI
- 1D
- 0.11%
- 1M
- -1.22%
- YTD
- 28.22%
- 6M
- 26.35%
- 1Y
- 40.33%
- 3Y*
- 23.15%
- 5Y*
- 19.28%
- 10Y*
- 8.86%
UNG vs. USCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -4.49% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
USCI United States Commodity Index Fund | 28.22% | 17.63% | 17.24% | -0.00% | 29.47% | 33.07% | -11.47% | -1.68% | -11.76% | 6.32% |
Correlation
The correlation between UNG and USCI 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 | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Aug 11, 2010 | 0.20 |
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Return for Risk
UNG vs. USCI — Risk / Return Rank
UNG
USCI
UNG vs. USCI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and United States Commodity Index Fund (USCI). 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 | USCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.94 | ||
| Sortino ratioReturn per unit of downside risk | -3.52 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.41 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 4.64 | -5.35 |
| Martin ratioReturn relative to average drawdown | -1.04 | 16.18 | -17.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UNG | USCI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.51 | 2.43 | -2.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | 1.05 | -1.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.37 | 0.56 | -0.94 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.57 | 0.30 | -0.87 |
Drawdowns
UNG vs. USCI - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, which is greater than USCI's maximum drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for UNG and USCI.
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Drawdown Indicators
| UNG | USCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -66.41% | -33.47% |
Max Drawdown (1Y)Largest decline over 1 year | -43.86% | -8.73% | -35.13% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -12.01% | -56.15% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | -18.84% | -73.65% |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | -45.82% | -47.73% |
Current DrawdownCurrent decline from peak | -99.86% | -3.10% | -96.76% |
Average DrawdownAverage peak-to-trough decline | -89.96% | -29.51% | -60.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.68% | 2.50% | +27.18% |
Volatility
UNG vs. USCI - Volatility Comparison
United States Natural Gas Fund LP (UNG) has a higher volatility of 13.09% compared to United States Commodity Index Fund (USCI) at 4.51%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than USCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNG | USCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.09% | 4.51% | +8.58% |
Volatility (6M)Calculated over the trailing 6-month period | 52.96% | 13.93% | +39.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.48% | 16.70% | +43.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.10% | 18.44% | +45.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.78% | 15.85% | +38.93% |
UNG vs. USCI - Expense Ratio Comparison
UNG has a 1.28% expense ratio, which is higher than USCI's 1.03% expense ratio.
Dividends
UNG vs. USCI - Dividend Comparison
Neither UNG nor USCI has paid dividends to shareholders.
Frequently Asked Questions
UNG and USCI 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.
UNG has higher volatility (13.09%) compared to USCI (4.51%). In terms of maximum drawdown, UNG dropped -99.88% vs USCI's -66.41%.
On 10-year performance, USCI leads with 8.86% vs -20.48% for UNG. On fees, USCI is cheaper at 1.03% per year. On volatility, USCI has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USCI has performed better with a 8.86% return vs -20.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USCI is cheaper with a 1.03% expense ratio, compared with 1.28% for UNG.
UNG and USCI have nearly identical dividend yields, around 0.00%.
UNG is categorized as Oil & Gas, while USCI is Commodities. UNG tracks Front Month Natural Gas, while USCI tracks SummerHaven Dynamic Commodity (TR). Their fees differ too: 1.28% for UNG and 1.03% for USCI.
USCI currently has the higher Sharpe Ratio (2.43 vs -0.51), 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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