UNG vs. WEEI

Last updated Jun 26, 2026

UNG (United States Natural Gas Fund LP) and WEEI (Westwood Salient Enhanced Energy Income ETF) are both exchange-traded funds - UNG is a Oil & Gas fund tracking the Front Month Natural Gas Futures, while WEEI is a Energy Equities fund actively managed by Westwood. UNG is passively managed, while WEEI is actively managed. Over the past year, UNG returned -25.87% vs 22.85% for WEEI. At a 0.14 correlation, their price movements are largely independent. UNG charges 1.17%/yr vs 0.85%/yr for WEEI.

Performance

UNG vs. WEEI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Natural Gas Fund LP (UNG) and Westwood Salient Enhanced Energy Income ETF (WEEI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UNG achieves a -4.16% return, which is significantly lower than WEEI's 11.84% 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%

WEEI

• 1D: 0.71%
• 1M: -5.14%
• YTD: 11.84%
• 6M: 12.63%
• 1Y: 22.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

UNG vs. WEEI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UNG United States Natural Gas Fund LP	-4.16%	-27.07%	16.41%
WEEI Westwood Salient Enhanced Energy Income ETF	11.84%	11.28%	-3.19%

Correlation

The correlation between UNG and WEEI is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since May 1, 2024	0.14

Return for Risk

UNG vs. WEEI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UNG

UNG Risk / Return Rank: 5
UNG Sharpe Ratio Rank: 6
UNG Sortino Ratio Rank: 6
UNG Omega Ratio Rank: 6
UNG Calmar Ratio Rank: 4
UNG Martin Ratio Rank: 5

WEEI

WEEI Risk / Return Rank: 51
WEEI Sharpe Ratio Rank: 53
WEEI Sortino Ratio Rank: 47
WEEI Omega Ratio Rank: 48
WEEI Calmar Ratio Rank: 56
WEEI Martin Ratio Rank: 53

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. WEEI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and Westwood Salient Enhanced Energy Income ETF (WEEI). 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	WEEI	Difference
Sharpe ratio: Return per unit of total volatility	-0.43	1.60	-2.03
Sortino ratio: Return per unit of downside risk	-0.26	2.10	-2.36
Omega ratio: Gain probability vs. loss probability	0.97	1.27	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.65	2.43	-3.08
Martin ratio: Return relative to average drawdown	-1.01	8.02	-9.03

UNG vs. WEEI - Sharpe Ratio Comparison

The current UNG Sharpe Ratio is -0.43, which is lower than the WEEI Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of UNG and WEEI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UNG vs. WEEI - Drawdown Comparison

The maximum UNG drawdown since its inception was -99.88%, which is greater than WEEI's maximum drawdown of -18.78%. Use the drawdown chart below to compare losses from any high point for UNG and WEEI.

Drawdown Indicators

	UNG	WEEI	Difference
Max Drawdown Largest peak-to-trough decline	-99.88%	-18.78%	-81.10%
Max Drawdown (1Y) Largest decline over 1 year	-39.94%	-9.46%	-30.48%
Max Drawdown (3Y) Largest decline over 3 years	-68.16%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-92.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-93.55%	—	—
Current Drawdown Current decline from peak	-99.86%	-8.49%	-91.37%
Average Drawdown Average peak-to-trough decline	-89.97%	-4.22%	-85.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.62%	2.86%	+22.76%

Volatility

UNG vs. WEEI - Volatility Comparison

United States Natural Gas Fund LP (UNG) has a higher volatility of 11.62% compared to Westwood Salient Enhanced Energy Income ETF (WEEI) at 5.72%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than WEEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UNG	WEEI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.62%	5.72%	+5.90%
Volatility (6M) Calculated over the trailing 6-month period	50.81%	11.25%	+39.56%
Volatility (1Y) Calculated over the trailing 1-year period	60.16%	14.38%	+45.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	64.12%	18.36%	+45.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.78%	18.36%	+36.42%

UNG vs. WEEI - Expense Ratio Comparison

UNG has a 1.17% expense ratio, which is higher than WEEI's 0.85% expense ratio.

Dividends

UNG vs. WEEI - Dividend Comparison

UNG has not paid dividends to shareholders, while WEEI's dividend yield for the trailing twelve months is around 11.93%.

Position	TTM	2025	2024
UNG United States Natural Gas Fund LP	0.00%	0.00%	0.00%
WEEI Westwood Salient Enhanced Energy Income ETF	11.93%	12.59%	7.20%

Frequently Asked Questions

Can I hold both UNG and WEEI in my portfolio?

UNG and WEEI have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UNG or WEEI?

UNG has higher volatility (11.62%) compared to WEEI (5.72%). In terms of maximum drawdown, UNG dropped -99.88% vs WEEI's -18.78%.

Which ETF is better, UNG or WEEI?

On 1-year performance, WEEI leads with 22.85% vs -25.87% for UNG. On fees, WEEI is cheaper at 0.85% per year. On volatility, WEEI has been the lower-risk option at 5.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UNG or WEEI?

Over the 1-year period, WEEI has performed better with a 22.85% return vs -25.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UNG or WEEI?

WEEI is cheaper with a 0.85% expense ratio, compared with 1.17% for UNG.

Which ETF pays a higher dividend yield, UNG or WEEI?

WEEI has the higher dividend yield at 11.93%, compared with 0.00% for UNG.

What is the main difference between UNG and WEEI?

UNG is categorized as Oil & Gas, while WEEI is Energy Equities. They also come from different issuers: USCF Investments and Westwood. Their fees differ too: 1.17% for UNG and 0.85% for WEEI.

Which has better risk-adjusted returns?

WEEI currently has the higher Sharpe Ratio (1.60 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.