UNG vs. XBI
UNG (United States Natural Gas Fund LP) and XBI (SPDR S&P Biotech ETF) are both exchange-traded funds - UNG is a Oil & Gas fund tracking the Front Month Natural Gas Futures, while XBI is a Health & Biotech Equities fund tracking the S&P Biotechnology Select Industry Index. Both are passively managed. Over the past 10 years, UNG returned -22.23%/yr vs 10.37%/yr for XBI. At a 0.02 correlation, their price movements are largely independent. UNG charges 1.17%/yr vs 0.35%/yr for XBI.
Performance
UNG vs. XBI - Performance Comparison
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Returns By Period
In the year-to-date period, UNG achieves a -15.01% return, which is significantly lower than XBI's 24.78% return. Over the past 10 years, UNG has underperformed XBI with an annualized return of -22.23%, while XBI has yielded a comparatively higher 10.37% annualized return.
UNG
- 1D
- -1.23%
- 1M
- -11.39%
- 6M
- 1.17%
- YTD
- -15.01%
- 1Y
- -34.05%
- 3Y*
- -27.27%
- 5Y*
- -27.30%
- 10Y*
- -22.23%
XBI
- 1D
- -2.70%
- 1M
- 12.42%
- 6M
- 22.36%
- YTD
- 24.78%
- 1Y
- 73.87%
- 3Y*
- 21.27%
- 5Y*
- 3.96%
- 10Y*
- 10.37%
UNG vs. XBI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -15.01% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
XBI SPDR S&P Biotech ETF | 24.78% | 35.89% | 1.01% | 7.60% | -25.87% | -20.45% | 48.33% | 32.56% | -15.28% | 43.77% |
Correlation
The correlation between UNG and XBI is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2007 | 0.02 |
The correlation between UNG and XBI shifts across timeframes, from -0.14 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UNG vs. XBI — Risk / Return Rank
UNG
XBI
UNG vs. XBI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) and SPDR S&P Biotech ETF (XBI). 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 | XBI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.37 | ||
| Sortino ratioReturn per unit of downside risk | -4.16 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.43 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 7.64 | -8.49 |
| Martin ratioReturn relative to average drawdown | -1.32 | 22.09 | -23.42 |
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Drawdowns
UNG vs. XBI - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, which is greater than XBI's maximum drawdown of -63.89%. Use the drawdown chart below to compare losses from any high point for UNG and XBI.
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Drawdown Indicators
| UNG | XBI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -63.89% | -35.99% |
Max Drawdown (1Y)Largest decline over 1 year | -39.94% | -9.72% | -30.22% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -32.99% | -35.17% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | -54.00% | -38.49% |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | -63.89% | -29.66% |
Current DrawdownCurrent decline from peak | -99.87% | -12.06% | -87.81% |
Average DrawdownAverage peak-to-trough decline | -90.00% | -20.89% | -69.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.76% | 3.35% | +22.41% |
Volatility
UNG vs. XBI - Volatility Comparison
United States Natural Gas Fund LP (UNG) has a higher volatility of 10.58% compared to SPDR S&P Biotech ETF (XBI) at 8.50%. This indicates that UNG's price experiences larger fluctuations and is considered to be riskier than XBI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNG | XBI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.58% | 8.50% | +2.08% |
Volatility (6M)Calculated over the trailing 6-month period | 48.34% | 21.51% | +26.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.59% | 26.65% | +32.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.19% | 32.33% | +31.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.74% | 31.93% | +22.81% |
UNG vs. XBI - Expense Ratio Comparison
UNG has a 1.17% expense ratio, which is higher than XBI's 0.35% expense ratio.
Dividends
UNG vs. XBI - Dividend Comparison
UNG has not paid dividends to shareholders, while XBI's dividend yield for the trailing twelve months is around 0.38%.
| 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% |
XBI SPDR S&P Biotech ETF | 0.38% | 0.37% | 0.15% | 0.02% | 0.00% | 0.04% | 0.20% | 0.00% | 0.28% | 0.24% | 0.26% | 0.61% |
Frequently Asked Questions
UNG and XBI have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (10.58%) compared to XBI (8.50%). In terms of maximum drawdown, UNG dropped -99.88% vs XBI's -63.89%.
On 10-year performance, XBI leads with 10.37% vs -22.23% for UNG. On fees, XBI is cheaper at 0.35% per year. On volatility, XBI has been the lower-risk option at 8.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XBI has performed better with a 10.37% return vs -22.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XBI is cheaper with a 0.35% expense ratio, compared with 1.17% for UNG.
XBI has the higher dividend yield at 0.38%, compared with 0.00% for UNG.
UNG is categorized as Oil & Gas, while XBI is Health & Biotech Equities. UNG tracks Front Month Natural Gas Futures, while XBI tracks S&P Biotechnology Select Industry Index. They also come from different issuers: USCF Investments and State Street. Their fees differ too: 1.17% for UNG and 0.35% for XBI.
XBI currently has the higher Sharpe Ratio (2.79 vs -0.57), 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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