UNG: United States Natural Gas Fund returns, drawdowns and risk
Funds that invest in commodity futures: oil, natural gas, agriculture, copper or a broad basket.
Data updated October 2026
UNG · US exchange · USDCategory: Oil, gas and commodity ETFsData from June 2020
From June 2020 to October 2026 UNG returned 20.7% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start was worth $2,276.
Its deepest fall was 92.9%, from August 2022 to August 2026, and it has not yet returned to the previous high. Annual volatility was 61.0%; at the last close it was 92.6% below its high.
Against SPY (SPDR S&P 500 ETF Trust), over the 76 months both have data, the correlation of monthly returns was 0.04: they moved largely independently. Beta was 0.16. In months when SPY rose, UNG moved 14% as much on average; in months when SPY fell, 51% as much.
Key figures
- Annual return (CAGR)
- −20.7%
- 1-year return
- −24.2%
- 5 years, a year
- −32.8%
- 10 years, a year
- —
- Annual volatility
- 61.0%
- Maximum drawdown
- −92.9%
- Sharpe ratio
- -0.12
- Worst year
- 2023: −64.0%
Trailing returns
| Period | UNG | SPY |
|---|---|---|
| 1 year | −24.2% | +16.6% |
| 3 years, a year | −28.4% | +23.1% |
| 5 years, a year | −32.8% | +12.7% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: UNG vs SPY
Month-end values from July 2020, the first month both funds have data.
UNG drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | UNG | SPY |
|---|---|---|
| 2026(partial) | −18.7% | +13.3% |
| 2025 | −27.1% | +17.7% |
| 2024 | −17.1% | +24.9% |
| 2023 | −64.0% | +26.2% |
| 2022 | +12.9% | −18.2% |
| 2021 | +35.8% | +28.7% |
| 2020(partial) | −16.0% | — |
UNG compared
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of UNG?
From June 2020 to October 2026 UNG returned 20.7% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: −32.8% a year. Over the last 12 months: −24.2%.
What was the worst drawdown of UNG?
92.9%, from August 2022 to August 2026; it has not yet returned to the previous high.
How volatile is UNG?
Annual volatility was 61.0% over the period. Its worst month was −33.9% and 43% of months were positive. Worst calendar year: 2023 (−64.0%).
How closely does UNG follow SPY?
Over 76 months the correlation of monthly returns was 0.04, so they moved largely independently, with a beta of 0.16.
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Other Oil, gas and commodity ETFs
- All Oil, gas and commodity ETFsReturns and risk side by side
- USO — United States Oil FundCAGR +32.1%
- DBC — Invesco DB Commodity Index Tracking FundCAGR +2.8%
- PDBC — Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETFCAGR +2.3%
- DBA — Invesco DB Agriculture FundCAGR +1.5%
- CPER — United States Copper Index FundCAGR +3.1%
- GSG — iShares S&P GSCI Commodity-Indexed TrustCAGR −0.5%
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.