ZSB vs. UNG
ZSB (USCF Sustainable Battery Metals Strategy Fund) and UNG (United States Natural Gas Fund LP) are both exchange-traded funds - ZSB is a Lithium & Battery Metals fund tracking the S&P GSCI Electric Vehicle Meals Index, while UNG is a Oil & Gas fund tracking the Front Month Natural Gas Futures. Both are passively managed. Over the past 3 years, ZSB returned 1.20%/yr vs -28.64%/yr for UNG. Their 0.01 correlation means their historical movements had little consistent relationship. ZSB charges 0.59%/yr vs 1.17%/yr for UNG.
Performance
ZSB vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, ZSB achieves a 2.41% return, which is significantly higher than UNG's -17.94% return.
ZSB
- 1D
- -0.91%
- 1M
- -0.65%
- 6M
- -5.21%
- YTD
- 2.41%
- 1Y
- 53.88%
- 3Y*
- 1.20%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -2.10%
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 | |
| $1.74K | $3.93K | $10.44K |
ZSB vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZSB USCF Sustainable Battery Metals Strategy Fund | 2.41% | 64.34% | -19.70% | -31.38% |
UNG United States Natural Gas Fund LP | -17.94% | -27.07% | -17.11% | -55.64% |
Correlation
The correlation between ZSB and UNG is -0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.02 |
Correlation (3Y) Balances recent behavior with more history. | 0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2023 | 0.01 |
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Return for Risk
ZSB vs. UNG — Risk / Return Rank
ZSB
UNG
ZSB vs. UNG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USCF Sustainable Battery Metals Strategy Fund (ZSB) 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.
| ZSB | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.47 | ||
| Sortino ratioReturn per unit of downside risk | +2.79 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 0.96 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 3.16 | -0.62 | +3.78 |
| Martin ratioReturn relative to average drawdown | 7.10 | -1.04 | +8.14 |
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Drawdowns
ZSB vs. UNG - Drawdown Comparison
The maximum ZSB drawdown since its inception was -49.26%, smaller than the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for ZSB and UNG.
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Drawdown Indicators
| ZSB | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.26% | -99.88% | +50.62% |
Max Drawdown (1Y)Largest decline over 1 year | -16.75% | -42.01% | +25.26% |
Max Drawdown (3Y)Largest decline over 3 years | -37.91% | -69.26% | +31.35% |
Max Drawdown (5Y)Largest decline over 5 years | — | -92.75% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.77% | — |
Current DrawdownCurrent decline from peak | -13.65% | -99.88% | +86.23% |
Average DrawdownAverage peak-to-trough decline | -30.05% | -90.02% | +59.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.43% | 25.13% | -17.70% |
Volatility
ZSB vs. UNG - Volatility Comparison
The current volatility for USCF Sustainable Battery Metals Strategy Fund (ZSB) is 3.57%, while United States Natural Gas Fund LP (UNG) has a volatility of 10.03%. This indicates that ZSB 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
| ZSB | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.57% | 10.03% | -6.46% |
Volatility (6M)Calculated over the trailing 6-month period | 20.54% | 42.08% | -21.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.15% | 59.01% | -32.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.48% | 64.14% | -44.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.48% | 54.70% | -35.22% |
ZSB vs. UNG - Expense Ratio Comparison
ZSB has a 0.59% expense ratio, which is lower than UNG's 1.17% expense ratio.
Dividends
ZSB vs. UNG - Dividend Comparison
ZSB's dividend yield for the trailing twelve months is around 0.90%, while UNG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
UNG United States Natural Gas Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
ZSB USCF Sustainable Battery Metals Strategy Fund | 0.90% | 0.92% | 2.96% | 3.59% |
Frequently Asked Questions
ZSB and UNG have a correlation of -0.02, 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 ZSB (3.57%). In terms of maximum drawdown, ZSB dropped -49.26% vs UNG's -99.88%.
On 3-year performance, ZSB leads with 1.20% vs -28.64% for UNG. On fees, ZSB is cheaper at 0.59% per year. On volatility, ZSB has been the lower-risk option at 3.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ZSB has performed better with a 1.20% return vs -28.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZSB is cheaper with a 0.59% expense ratio, compared with 1.17% for UNG.
ZSB has the higher dividend yield at 0.90%, compared with 0.00% for UNG.
ZSB is categorized as Lithium & Battery Metals, while UNG is Oil & Gas. ZSB tracks S&P GSCI Electric Vehicle Meals Index, while UNG tracks Front Month Natural Gas Futures. Their fees differ too: 0.59% for ZSB and 1.17% for UNG.
ZSB currently has the higher Sharpe Ratio (2.02 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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