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 8.92%/yr vs -22.65%/yr for UNG. Their 0.20 correlation means their historical movements had little consistent relationship. 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 27.88% return, which is significantly higher than UNG's -17.54% return. Over the past 10 years, USCI has outperformed UNG with an annualized return of 8.92%, while UNG has yielded a comparatively lower -22.65% annualized return.
USCI
- 1D
- -1.75%
- 1M
- 7.73%
- 6M
- 23.25%
- YTD
- 27.88%
- 1Y
- 35.81%
- 3Y*
- 19.39%
- 5Y*
- 19.79%
- 10Y*
- 8.92%
- ALL TIME*
- 4.38%
UNG
- 1D
- 0.50%
- 1M
- -12.69%
- 6M
- -20.39%
- YTD
- -17.54%
- 1Y
- -25.77%
- 3Y*
- -28.62%
- 5Y*
- -29.56%
- 10Y*
- -22.65%
- ALL TIME*
- -28.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $81.89M | $81.97M | $83.57M | |
| $1.26M | $1.23M | $1.84M |
USCI vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USCI United States Commodity Index Fund | 27.88% | 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 | -17.54% | -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 0.23, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.23 |
Correlation (3Y) Balances recent behavior with more history. | 0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.20 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.19 |
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 | +2.54 | ||
| Sortino ratioReturn per unit of downside risk | +3.07 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 0.96 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | -0.62 | +3.83 |
| Martin ratioReturn relative to average drawdown | 10.27 | -1.02 | +11.29 |
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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% | -42.01% | +30.82% |
Max Drawdown (3Y)Largest decline over 3 years | -12.01% | -69.26% | +57.25% |
Max Drawdown (5Y)Largest decline over 5 years | -18.84% | -92.75% | +73.91% |
Max Drawdown (10Y)Largest decline over 10 years | -45.82% | -93.77% | +47.95% |
Current DrawdownCurrent decline from peak | -3.57% | -99.88% | +96.31% |
Average DrawdownAverage peak-to-trough decline | -29.26% | -90.03% | +60.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.50% | 25.26% | -21.76% |
Volatility
USCI vs. UNG - Volatility Comparison
The current volatility for United States Commodity Index Fund (USCI) is 5.70%, while United States Natural Gas Fund LP (UNG) has a volatility of 10.03%. 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 | 5.70% | 10.03% | -4.33% |
Volatility (6M)Calculated over the trailing 6-month period | 13.93% | 40.36% | -26.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.19% | 59.10% | -41.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.44% | 64.16% | -45.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.93% | 54.70% | -38.77% |
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 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (10.03%) compared to USCI (5.70%). In terms of maximum drawdown, USCI dropped -66.41% vs UNG's -99.88%.
On 10-year performance, USCI leads with 8.92% vs -22.65% for UNG. On fees, USCI is cheaper at 1.03% per year. On volatility, USCI has been the lower-risk option at 5.70%. 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 8.92% return vs -22.65%. 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. Their fees differ too: 1.03% for USCI and 1.17% for UNG.
USCI currently has the higher Sharpe Ratio (2.10 vs -0.44), 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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