USCI vs. UNG
USCI (United States Commodity Index Fund) and UNG (United States Natural Gas Fund LP) are both exchange-traded funds - USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return, while UNG is a Oil & Gas fund tracking the Front Month Natural Gas Futures. Both are passively managed. Over the past 10 years, USCI returned 8.79%/yr vs -22.25%/yr for UNG. At a 0.19 correlation, their price movements are largely independent. USCI charges 1.03%/yr vs 1.17%/yr for UNG.
Performance
USCI vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, USCI achieves a 27.92% return, which is significantly higher than UNG's -14.19% return. Over the past 10 years, USCI has outperformed UNG with an annualized return of 8.79%, while UNG has yielded a comparatively lower -22.25% annualized return.
USCI
- 1D
- 1.17%
- 1M
- 4.36%
- 6M
- 22.22%
- YTD
- 27.92%
- 1Y
- 33.68%
- 3Y*
- 20.99%
- 5Y*
- 19.67%
- 10Y*
- 8.79%
UNG
- 1D
- 1.45%
- 1M
- -7.31%
- 6M
- -7.07%
- YTD
- -14.19%
- 1Y
- -31.20%
- 3Y*
- -27.11%
- 5Y*
- -26.96%
- 10Y*
- -22.25%
USCI vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USCI United States Commodity Index Fund | 27.92% | 17.63% | 17.24% | -0.00% | 29.47% | 33.07% | -11.47% | -1.68% | -11.76% | 6.32% |
UNG United States Natural Gas Fund LP | -14.19% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
Correlation
The correlation between USCI and UNG is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
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
USCI vs. UNG — Risk / Return Rank
USCI
UNG
USCI vs. UNG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Commodity Index Fund (USCI) and United States Natural Gas Fund LP (UNG). 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.
| USCI | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.52 | ||
| Sortino ratioReturn per unit of downside risk | +3.11 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 0.94 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | -0.78 | +3.81 |
| Martin ratioReturn relative to average drawdown | 9.58 | -1.22 | +10.80 |
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Drawdowns
USCI vs. UNG - Drawdown Comparison
The maximum USCI drawdown since its inception was -66.41%, smaller than the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for USCI and UNG.
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Drawdown Indicators
| USCI | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.41% | -99.88% | +33.47% |
Max Drawdown (1Y)Largest decline over 1 year | -11.19% | -39.94% | +28.75% |
Max Drawdown (3Y)Largest decline over 3 years | -12.01% | -68.16% | +56.15% |
Max Drawdown (5Y)Largest decline over 5 years | -18.84% | -92.49% | +73.65% |
Max Drawdown (10Y)Largest decline over 10 years | -45.82% | -93.55% | +47.73% |
Current DrawdownCurrent decline from peak | -3.32% | -99.87% | +96.55% |
Average DrawdownAverage peak-to-trough decline | -29.36% | -90.00% | +60.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.53% | 25.54% | -22.01% |
Volatility
USCI vs. UNG - Volatility Comparison
The current volatility for United States Commodity Index Fund (USCI) is 5.40%, while United States Natural Gas Fund LP (UNG) has a volatility of 10.78%. This indicates that USCI experiences smaller price fluctuations and is considered to be less risky than UNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USCI | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.40% | 10.78% | -5.38% |
Volatility (6M)Calculated over the trailing 6-month period | 14.52% | 48.89% | -34.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.03% | 59.66% | -42.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.43% | 64.19% | -45.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.90% | 54.76% | -38.86% |
USCI vs. UNG - Expense Ratio Comparison
USCI has a 1.03% expense ratio, which is lower than UNG's 1.17% expense ratio.
Dividends
USCI vs. UNG - Dividend Comparison
Neither USCI nor UNG has paid dividends to shareholders.
Frequently Asked Questions
USCI and UNG have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (10.78%) compared to USCI (5.40%). In terms of maximum drawdown, USCI dropped -66.41% vs UNG's -99.88%.
On 10-year performance, USCI leads with 8.79% vs -22.25% for UNG. On fees, USCI is cheaper at 1.03% per year. On volatility, USCI has been the lower-risk option at 5.40%. 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 8.79% return vs -22.25%. 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.
USCI and UNG have nearly identical dividend yields, around 0.00%.
USCI is categorized as Commodities, while UNG is Oil & Gas. USCI tracks SummerHaven Dynamic Commodity Index Total Return, while UNG tracks Front Month Natural Gas Futures. They also come from different issuers: United States Commodity Funds and USCF Investments. Their fees differ too: 1.03% for USCI and 1.17% for UNG.
USCI currently has the higher Sharpe Ratio (1.99 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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