UNG vs DBA: returns, risk and drawdowns compared
United States Natural Gas Fund against Invesco DB Agriculture Fund, over the same 6 years (July 2020 to October 2026) with dividends reinvested.
Data updated October 2026
From July 2020 to October 2026, UNG returned 20.0% a year and DBA 14.5% a year on average, so DBA came out ahead by 34.5% a year. UNG was the more volatile of the two (62.6% against 11.3% a year), and the deepest falls from a month-end high were 92.1% for UNG and 10.1% for DBA.
The correlation of monthly returns was 0.12: they moved largely independently. Over 41 rolling 3-year periods, UNG did better in 0% and DBA in 100%.
Side by side
| UNG | DBA | |
|---|---|---|
| Annual return (CAGR) | −20.0% | +14.5% |
| Total return | −76% | +136% |
| Annual volatility | 62.6% | 11.3% |
| Maximum drawdown (month-end) | −92.1% | −10.1% |
| Worst month | −33.9% | −7.3% |
| Best month | +50.6% | +11.6% |
| Positive months | 43% | 62% |
| Best year | 2021: +35.8% | 2024: +33.5% |
| Worst year | 2023: −64.0% | 2025: −0.6% |
| 1-year return | −24.2% | +8.6% |
| 5 years, a year | −32.8% | +10.9% |
| 10 years, a year | — | +4.9% |
| Trading currency | USD | USD |
First nine rows: the same 76 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: UNG vs DBA
Returns by calendar year
| Year | UNG | DBA |
|---|---|---|
| 2025 | −27.1% | −0.6% |
| 2024 | −17.1% | +33.5% |
| 2023 | −64.0% | +7.6% |
| 2022 | +12.9% | +2.5% |
| 2021 | +35.8% | +22.4% |
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.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, UNG or DBA?
From July 2020 to October 2026, UNG returned −20.0% a year and DBA +14.5% a year, with dividends reinvested. Over rolling 3-year periods UNG did better in 0% of cases. Past returns do not predict future returns.
Which is riskier, UNG or DBA?
Over the same months annual volatility was 62.6% for UNG and 11.3% for DBA; the deepest fall from a month-end high was 92.1% and 10.1%, and the worst single month −33.9% and −7.3%.
How correlated are UNG and DBA?
The correlation of their monthly returns was 0.12: they moved largely independently. Combining them has historically smoothed the ups and downs of either one alone.
More comparisons
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.