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 Futures, while USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity (TR). Both are passively managed. Over the past 10 years, UNG returned -21.41%/yr vs 8.14%/yr for USCI. At a 0.19 correlation, their price movements are largely independent. UNG charges 1.17%/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 -4.16% return, which is significantly lower than USCI's 19.39% return. Over the past 10 years, UNG has underperformed USCI with an annualized return of -21.41%, while USCI has yielded a comparatively higher 8.14% annualized return.
UNG
- 1D
- 0.17%
- 1M
- 7.70%
- YTD
- -4.16%
- 6M
- -5.17%
- 1Y
- -25.87%
- 3Y*
- -27.47%
- 5Y*
- -24.93%
- 10Y*
- -21.41%
USCI
- 1D
- 1.60%
- 1M
- -6.12%
- YTD
- 19.39%
- 6M
- 17.45%
- 1Y
- 27.31%
- 3Y*
- 19.78%
- 5Y*
- 18.55%
- 10Y*
- 8.14%
UNG vs. USCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -4.16% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
USCI United States Commodity Index Fund | 19.39% | 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 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2010 | 0.19 |
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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.
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 | USCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.08 | ||
| Sortino ratioReturn per unit of downside risk | -2.49 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.28 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 2.45 | -3.10 |
| Martin ratioReturn relative to average drawdown | -1.01 | 8.98 | -9.99 |
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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 | -39.94% | -11.19% | -28.75% |
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% | -9.77% | -90.09% |
Average DrawdownAverage peak-to-trough decline | -89.97% | -29.42% | -60.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.62% | 3.05% | +22.57% |
Volatility
UNG vs. USCI - Volatility Comparison
United States Natural Gas Fund LP (UNG) has a higher volatility of 11.62% compared to United States Commodity Index Fund (USCI) at 3.83%. 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 | 11.62% | 3.83% | +7.79% |
Volatility (6M)Calculated over the trailing 6-month period | 50.81% | 14.14% | +36.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.16% | 16.64% | +43.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.12% | 18.37% | +45.75% |
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 1.17% 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 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (11.62%) compared to USCI (3.83%). In terms of maximum drawdown, UNG dropped -99.88% vs USCI's -66.41%.
On 10-year performance, USCI leads with 8.14% vs -21.41% for UNG. On fees, USCI is cheaper at 1.03% per year. On volatility, USCI has been the lower-risk option at 3.83%. 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 8.14% return vs -21.41%. 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 1.17% 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 Futures, while USCI tracks SummerHaven Dynamic Commodity (TR). They also come from different issuers: USCF Investments and Concierge Technologies. Their fees differ too: 1.17% for UNG and 1.03% for USCI.
USCI currently has the higher Sharpe Ratio (1.65 vs -0.43), 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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