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 (TR), 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 8.18%/yr vs -21.37%/yr for UNG. At a 0.20 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 19.17% return, which is significantly higher than UNG's -6.20% return. Over the past 10 years, USCI has outperformed UNG with an annualized return of 8.18%, while UNG has yielded a comparatively lower -21.37% annualized return.
USCI
- 1D
- -0.23%
- 1M
- -7.10%
- YTD
- 19.17%
- 6M
- 17.13%
- 1Y
- 24.71%
- 3Y*
- 19.66%
- 5Y*
- 18.39%
- 10Y*
- 8.18%
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%
USCI vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USCI United States Commodity Index Fund | 19.17% | 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 | -6.20% | -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 | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2010 | 0.20 |
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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 | +2.02 | ||
| Sortino ratioReturn per unit of downside risk | +2.49 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.94 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | -0.80 | +3.29 |
| Martin ratioReturn relative to average drawdown | 8.53 | -1.25 | +9.78 |
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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 | -9.94% | -39.94% | +30.00% |
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 | -9.94% | -99.86% | +89.92% |
Average DrawdownAverage peak-to-trough decline | -29.43% | -89.97% | +60.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.91% | 26.12% | -23.21% |
Volatility
USCI vs. UNG - Volatility Comparison
The current volatility for United States Commodity Index Fund (USCI) is 3.15%, while United States Natural Gas Fund LP (UNG) has a volatility of 12.10%. 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 | 3.15% | 12.10% | -8.95% |
Volatility (6M)Calculated over the trailing 6-month period | 14.03% | 50.87% | -36.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.73% | 60.39% | -43.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.35% | 64.14% | -45.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.85% | 54.80% | -38.95% |
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 (12.10%) compared to USCI (3.15%). In terms of maximum drawdown, USCI dropped -66.41% vs UNG's -99.88%.
On 10-year performance, USCI leads with 8.18% vs -21.37% for UNG. On fees, USCI is cheaper at 1.03% per year. On volatility, USCI has been the lower-risk option at 3.15%. 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 8.18% return vs -21.37%. 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 (TR), while UNG tracks Front Month Natural Gas Futures. They also come from different issuers: Concierge Technologies and USCF Investments. Their fees differ too: 1.03% for USCI and 1.17% for UNG.
USCI currently has the higher Sharpe Ratio (1.50 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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