UNG vs. VOO
UNG (United States Natural Gas Fund LP) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - UNG is a Oil & Gas fund tracking the Front Month Natural Gas Futures, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, UNG returned -21.37%/yr vs 15.61%/yr for VOO. At a 0.04 correlation, their price movements are largely independent. UNG charges 1.17%/yr vs 0.03%/yr for VOO.
Performance
UNG vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, UNG achieves a -6.20% return, which is significantly lower than VOO's 8.19% return. Over the past 10 years, UNG has underperformed VOO with an annualized return of -21.37%, while VOO has yielded a comparatively higher 15.61% annualized return.
UNG
- 1D
- -2.29%
- 1M
- 5.12%
- YTD
- -6.20%
- 6M
- -10.85%
- 1Y
- -31.71%
- 3Y*
- -27.52%
- 5Y*
- -24.87%
- 10Y*
- -21.37%
VOO
- 1D
- -1.42%
- 1M
- -1.34%
- YTD
- 8.19%
- 6M
- 7.24%
- 1Y
- 23.69%
- 3Y*
- 20.78%
- 5Y*
- 13.13%
- 10Y*
- 15.61%
UNG vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -6.20% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
VOO Vanguard S&P 500 ETF | 8.19% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
Correlation
The correlation between UNG and VOO is -0.18, 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 | -0.18 |
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 Sep 9, 2010 | 0.04 |
The correlation between UNG and VOO shifts across timeframes, from -0.18 (1 year) to 0.07 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
UNG vs. VOO — Risk / Return Rank
UNG
VOO
UNG vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.44 | ||
| Sortino ratioReturn per unit of downside risk | -3.05 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.35 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 2.67 | -3.47 |
| Martin ratioReturn relative to average drawdown | -1.25 | 11.96 | -13.21 |
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Drawdowns
UNG vs. VOO - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for UNG and VOO.
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Drawdown Indicators
| UNG | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -33.99% | -65.89% |
Max Drawdown (1Y)Largest decline over 1 year | -39.94% | -8.90% | -31.04% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -18.69% | -49.47% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | -24.52% | -67.97% |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | -33.99% | -59.56% |
Current DrawdownCurrent decline from peak | -99.86% | -3.14% | -96.72% |
Average DrawdownAverage peak-to-trough decline | -89.97% | -3.68% | -86.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.12% | 1.99% | +24.13% |
Volatility
UNG vs. VOO - Volatility Comparison
United States Natural Gas Fund LP (UNG) has a higher volatility of 12.10% compared to Vanguard S&P 500 ETF (VOO) at 4.83%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNG | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.10% | 4.83% | +7.27% |
Volatility (6M)Calculated over the trailing 6-month period | 50.87% | 9.82% | +41.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.39% | 12.46% | +47.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.14% | 16.91% | +47.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.80% | 18.02% | +36.78% |
UNG vs. VOO - Expense Ratio Comparison
UNG has a 1.17% expense ratio, which is higher than VOO's 0.03% expense ratio.
Dividends
UNG vs. VOO - Dividend Comparison
UNG has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.05%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VOO Vanguard S&P 500 ETF | 1.05% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
UNG and VOO 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 (12.10%) compared to VOO (4.83%). In terms of maximum drawdown, UNG dropped -99.88% vs VOO's -33.99%.
On 10-year performance, VOO leads with 15.61% vs -21.37% for UNG. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VOO has performed better with a 15.61% return vs -21.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 1.17% for UNG.
VOO has the higher dividend yield at 1.05%, compared with 0.00% for UNG.
UNG is categorized as Oil & Gas, while VOO is S&P 500. UNG tracks Front Month Natural Gas Futures, while VOO tracks S&P 500 Index. They also come from different issuers: USCF Investments and Vanguard. Their fees differ too: 1.17% for UNG and 0.03% for VOO.
VOO currently has the higher Sharpe Ratio (1.91 vs -0.53), 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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