WEAT vs. UNG
WEAT (Teucrium Wheat Fund) and UNG (United States Natural Gas Fund LP) are both exchange-traded funds - WEAT is a Agricultural Commodities fund tracking the Teucrium Wheat Index (TWEAT), while UNG is a Oil & Gas fund tracking the Front Month Natural Gas Futures. Both are passively managed. Over the past 10 years, WEAT returned -4.69%/yr vs -22.61%/yr for UNG. Their 0.09 correlation means their historical movements had little consistent relationship. WEAT charges 1.91%/yr vs 1.17%/yr for UNG.
Performance
WEAT vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, WEAT achieves a 19.23% return, which is significantly higher than UNG's -17.94% return. Over the past 10 years, WEAT has outperformed UNG with an annualized return of -4.69%, while UNG has yielded a comparatively lower -22.61% annualized return.
WEAT
- 1D
- -3.29%
- 1M
- 6.25%
- 6M
- 13.54%
- YTD
- 19.23%
- 1Y
- 10.74%
- 3Y*
- -10.44%
- 5Y*
- -7.18%
- 10Y*
- -4.69%
- ALL TIME*
- -10.45%
UNG
- 1D
- 0.50%
- 1M
- -13.13%
- 6M
- -40.47%
- YTD
- -17.94%
- 1Y
- -26.14%
- 3Y*
- -28.64%
- 5Y*
- -28.82%
- 10Y*
- -22.61%
- ALL TIME*
- -28.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $82.18M | $81.43M | $85.25M | |
| $15.37M | $12.62M | $15.36M |
WEAT vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WEAT Teucrium Wheat Fund | 19.23% | -17.14% | -19.26% | -25.19% | 7.98% | 19.39% | 5.81% | -1.35% | -1.17% | -12.79% |
UNG United States Natural Gas Fund LP | -17.94% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
Correlation
The correlation between WEAT and UNG is 0.11, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.11 |
Correlation (3Y) Balances recent behavior with more history. | 0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.08 |
Correlation (All Time) Calculated using the full available price history since Sep 19, 2011 | 0.09 |
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Return for Risk
WEAT vs. UNG — Risk / Return Rank
WEAT
UNG
WEAT vs. UNG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Teucrium Wheat Fund (WEAT) 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.
| WEAT | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.86 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.96 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | -0.62 | +1.28 |
| Martin ratioReturn relative to average drawdown | 1.67 | -1.04 | +2.70 |
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Drawdowns
WEAT vs. UNG - Drawdown Comparison
The maximum WEAT drawdown since its inception was -84.32%, smaller than the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for WEAT and UNG.
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Drawdown Indicators
| WEAT | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.32% | -99.88% | +15.56% |
Max Drawdown (1Y)Largest decline over 1 year | -14.44% | -42.01% | +27.57% |
Max Drawdown (3Y)Largest decline over 3 years | -40.21% | -69.26% | +29.05% |
Max Drawdown (5Y)Largest decline over 5 years | -67.83% | -92.75% | +24.92% |
Max Drawdown (10Y)Largest decline over 10 years | -67.83% | -93.77% | +25.94% |
Current DrawdownCurrent decline from peak | -81.22% | -99.88% | +18.66% |
Average DrawdownAverage peak-to-trough decline | -63.30% | -90.02% | +26.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.77% | 25.13% | -19.36% |
Volatility
WEAT vs. UNG - Volatility Comparison
The current volatility for Teucrium Wheat Fund (WEAT) is 8.78%, while United States Natural Gas Fund LP (UNG) has a volatility of 10.03%. This indicates that WEAT 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
| WEAT | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.78% | 10.03% | -1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 19.79% | 42.08% | -22.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.84% | 59.01% | -36.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.33% | 64.14% | -33.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.84% | 54.70% | -27.86% |
WEAT vs. UNG - Expense Ratio Comparison
WEAT has a 1.91% expense ratio, which is higher than UNG's 1.17% expense ratio.
Dividends
WEAT vs. UNG - Dividend Comparison
Neither WEAT nor UNG has paid dividends to shareholders.
Frequently Asked Questions
WEAT and UNG have a correlation of 0.11, 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 WEAT (8.78%). In terms of maximum drawdown, WEAT dropped -84.32% vs UNG's -99.88%.
On 10-year performance, WEAT leads with -4.69% vs -22.61% for UNG. On fees, UNG is cheaper at 1.17% per year. On volatility, WEAT has been the lower-risk option at 8.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, WEAT has performed better with a -4.69% return vs -22.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UNG is cheaper with a 1.17% expense ratio, compared with 1.91% for WEAT.
WEAT and UNG have nearly identical dividend yields, around 0.00%.
WEAT is categorized as Agricultural Commodities, while UNG is Oil & Gas. WEAT tracks Teucrium Wheat Index (TWEAT), while UNG tracks Front Month Natural Gas Futures. They also come from different issuers: Teucrium and USCF. Their fees differ too: 1.91% for WEAT and 1.17% for UNG.
WEAT currently has the higher Sharpe Ratio (0.42 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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