United States Natural Gas Fund LP (UNG)


Market Price (8/27/2026): $10.54

United States Natural Gas Fund LP (UNG)


Market Price (8/27/2026): $10.54

Key Takeaways

  • UNG has returned -15.1% YTD vs +12.6% for SPY; -13.0% over the past 12 months (SPY +19.7%). details →
  • Priced in gold, UNG has returned -84.5% over the past 3 years, vs -62.1% in dollars. details →
  • Over the past month, UNG has seen net inflows of +$69M (+13.9% of assets). details →
  • Risk-adjusted returns trail SPY: 3-year Sharpe ratio of -0.4 vs 0.9. details →
  • UNG trades 38% below its 52-week high. details →
Last updated: 8/26/2026.

Price Chart

Asset Allocation with UNG

Risk Tolerance:
ConservativeModerateAggressive
Moderate — 55% equity / 25% bonds / 20% alternatives
10Y Return (ann.)
+11.1%
Volatility
10.9%
Sharpe
0.76
YTD
+7.3%
Modeled with monthly rebalancing to target weights; 10-year figures are annualized from monthly returns. Illustrative only — past performance is not indicative of future results.

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Tailored Asset Allocation
[1] Personalized 5 Level Risk Tolerance Assessment
[2] Asset Allocation for My Risk Tolerance
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Protect Wealth
[1] Defensive Portfolios
[2] Tax-Efficient Strategies

Top 20 Holdings for UNG

Total Weights
Top 5: 33.0% | Top 10: 37.4% | Top 20: 37.4%

HoldingETF Weight
TRS SCOTIA SNOVNG1 022720264.45%
26200X100DREY INST PREF GOV MM INST 654613.17%
912797VV6TREASURY BILL 0 2/4/20276.52%
912797WB9TREASURY BILL 0 2/11/20276.52%
912797TC1TREASURY BILL 0 12/24/20262.34%
912797VJ3TREASURY BILL 0 12/31/20262.34%
61747C707MORGAN STANLEY LIQ GOVT INST 83022.05%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
UNG Return36%13%-64%-17%-27%-17%-72%
Peers Return63%26%-4%10%-10%83%257%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
UNG Win Rate67%58%25%33%42%50% 
Peers Win Rate75%50%42%56%42%81% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
UNG Max Drawdown-45%-58%-68%-54%-51%-43% 
Peers Max Drawdown-20%-32%-21%-18%-25%-19% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: USO, DBO, BNO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/26/2026 (YTD)

Sharpe Ratios Compared

One measure of reward vs. risk is a Sharpe ratio. A higher ratio indicates better risk-adjusted returns. Most funds have Sharpe ratios < 1.0.

Ticker1Y3Y5Y
UNG-0.25-0.39-0.28
Commodity Top Results (3Y)   
SGOL1.381.370.95
BAR1.311.350.93
SIVR1.751.150.77
IAU0.761.070.76
GLDM0.751.070.76

Results as of 7312026.

How Low Can It Go

EventUNGS&P 500
2020 COVID-19 Crash
  % Loss-23.1%-33.7%
  % Gain to Breakeven30.0%50.9%
  Time to Breakeven512 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-24.3%-3.7%
  % Gain to Breakeven32.1%3.9%
  Time to Breakeven511 days6 days
2013 Taper Tantrum
  % Loss-26.8%-0.2%
  % Gain to Breakeven36.7%0.2%
  Time to Breakeven168 days1 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-10.3%-15.4%
  % Gain to Breakeven11.4%18.2%
  Time to Breakeven11 days125 days
Summer 2007 Credit Crunch
  % Loss-19.1%-8.6%
  % Gain to Breakeven23.7%9.5%
  Time to Breakeven61 days47 days

Compare to USO, DBO, BNO

In The Past

United States Natural Gas Fund LP's stock fell -8.3% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 9.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventUNGS&P 500
2020 COVID-19 Crash
  % Loss-23.1%-33.7%
  % Gain to Breakeven30.0%50.9%
  Time to Breakeven512 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-24.3%-3.7%
  % Gain to Breakeven32.1%3.9%
  Time to Breakeven511 days6 days
2013 Taper Tantrum
  % Loss-26.8%-0.2%
  % Gain to Breakeven36.7%0.2%
  Time to Breakeven168 days1 days

Compare to USO, DBO, BNO

In The Past

United States Natural Gas Fund LP's stock fell -8.3% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 9.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

UNG Dip Buy History


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Alerts when dip buy opportunities arise.
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Current Dip Buy Opportunities Across ETFs

ETFs currently down 5% or more from trailing 6M peaks.

TickerNameDip %Mkt PricePrice DatePeak PricePeak Date# Days
IWFiShares Russell 1000 Growth ETF-5.5%121.758262026128.77601202686
VONGVanguard Russell 1000 Growth ETF-5.3%125.398262026132.35601202686
EEMiShares MSCI Emerging Markets ETF-5.7%67.17826202671.21622202665
ASHRXtrackers Harvest CSI 300 China A-Shares ETF-8.3%34.22826202637.30622202665
EWYiShares MSCI South Korea ETF-18.3%179.188262026219.20621202666
EWZiShares MSCI Brazil ETF-14.4%35.72826202641.734142026134
FXIiShares China Large-Cap ETF-7.5%35.55826202638.422252026182
ILFiShares Latin America 40 ETF-8.1%35.03826202638.104142026134
KWEBKraneShares CSI China Internet ETF-18.5%26.28826202632.242252026182
MTUMiShares MSCI USA Momentum Factor ETF-11.9%304.008262026345.22622202665
SPMOInvesco S&P 500 Momentum ETF-8.7%147.528262026161.66622202665
URAGlobal X Uranium ETF-17.5%48.05826202658.265062026112
BOTZGlobal X Funds Global X Robotics & Artificial Intelligence ETF-14.4%35.63826202641.635132026105
ROBOROBO Global Robotics & Automation Index ETF-10.1%81.18826202690.34602202685
LITGlobal X Lithium & Battery Tech ETF-17.1%75.92826202691.625112026107
ICLNiShares Global Clean Energy ETF-25.6%17.68826202623.75602202685
ARKQARK Autonomous Technology & Robotics ETF-14.9%122.338262026143.82528202690
ARKXARK Space & Defense Innovation ETF-14.0%32.45826202637.74528202690
NASATema Space Innovators ETF-43.6%23.64826202641.89527202691
AGIXKraneShares Artificial Intelligence ETF-9.4%44.78826202649.40601202686
VGTVanguard Information Technology ETF-6.1%117.998262026125.62602202685
XLKState Street Technology Select Sector SPDR ETF-7.8%182.848262026198.21602202685
XLCState Street Communication Services Select Sector SPDR ETF-5.4%112.618262026119.104192026129
XLUState Street Utilities Select Sector SPDR ETF-8.2%43.51826202647.403012026178
SMHVanEck Semiconductor ETF-16.9%555.778262026668.91622202665
SOXXiShares Semiconductor ETF-21.3%515.408262026655.01622202665
ITAiShares U.S. Aerospace & Defense ETF-6.6%236.388262026253.22816202610
MISLFirst Trust Indxx Aerospace & Defense ETF-11.4%44.88826202650.663022026177
RINGiShares MSCI Global Gold Miners ETF-9.1%90.35826202699.423012026178
SOXQInvesco PHLX Semiconductor ETF-20.6%91.408262026115.11622202665
TLTiShares 20+ Year Treasury Bond ETF-6.6%83.30826202689.153012026178
VGLTVanguard Long-Term Treasury ETF-5.4%53.46826202656.533012026178
SPTLState Street SPDR Portfolio Long Term Treasury ETF-5.9%25.41826202626.993012026178
TLHiShares 10-20 Year Treasury Bond ETF-5.1%97.788262026103.083012026178
EDVVanguard World Funds Extended Duration ETF-9.4%61.08826202667.423012026178
COMTiShares GSCI Commodity Dynamic Roll Strategy ETF-6.5%34.15826202636.53519202699
GSGiShares GSCI Commodity-5.8%30.01826202631.853182026161
GLDSPDR Gold Trust-14.0%421.328262026490.003022026177
IAUiShares Gold Trust-14.0%86.378262026100.383022026177
GLDMSPDR Gold MiniShares Trust-13.9%90.908262026105.543022026177
SGOLETFS Physical Swiss Gold Shares-12.1%44.66826202650.813022026177
BARDirexion Daily Gold Bull 3X Shares-15.6%44.34826202652.533022026177
SLViShares Silver Trust-27.5%61.59826202684.993012026178
SIVRETFS Physical Silver Shares Trust ETF-6.6%83.39826202689.263012026178
PPLTETFS Physical Platinum Shares-22.6%16.61826202621.473012026178
CPERUnited States Copper Index Fund ETV-9.6%33.33826202636.883012026178
PALLETFS Physical Palladium Shares-26.2%23.99826202632.502252026182
USOUnited States Oil Fund LP-16.7%127.358262026152.96519202699
UNGUnited States Natural Gas Fund LP-20.2%10.41826202613.043122026167
BNOUnited States Brent Oil Fund LP ETV-7.1%55.85826202660.135042026114

ETF Fund Flows

Largest fund inflows and outflows across ETFs, with the asset-allocation rotation they imply.

Net fund flows · as of 2026-08-25

Asset allocation rotation · Past month

  • Equity ETFs drew the largest net inflows (+$64.5B), followed by Bond (+$19.1B), while Real Estate (−$105M) saw the largest outflows.
  • Within the mix, money rotated into US Nasdaq Growth (+$18.0B) and out of Intermediate Treasury (−$5.7B).
  • Relative to fund size, CNEQ drew the largest inflow (+108.8% of AUM) and FTXL the largest outflow (−63.4%).
Largest inflows
#TickerNameTypeNet flow% of AUM
1VOOVanguard S&P 500 ETFEquity US Large Cap Core+$22.44B+2.2%
2QQQInvesco QQQ Trust, Series 1Equity US Nasdaq Growth+$14.57B+3.0%
3SGOViShares 0-3 Month Treasury Bond ETFCash+$5.85B+5.7%
4GLDSPDR Gold SharesCommodity Gold+$5.09B+3.5%
5SPYMState Street SPDR Portfolio S&P 500 ETFEquity US Large Cap Core+$5.02B+3.0%
6VTIVanguard Morningstar Total Stock Market ETFEquity US Total Market+$4.83B+0.7%
7TLTiShares 20+ Year Treasury Bond ETFBond Long Treasury+$4.34B+9.6%
8SCHDSchwab U.S. Dividend Equity ETFEquity Dividend Income+$4.11B+3.8%
9AVLVAvantis U.S. Large Cap Value ETFOther+$3.52B+19.1%
10SMHVanEck Semiconductor ETFEquity Industry Subsector+$3.48B+5.1%
Largest outflows
#TickerNameTypeNet flow% of AUM
1IVViShares Core S&P 500 ETFEquity US Large Cap Core-$14.81B-1.7%
2IEFiShares 7-10 Year Treasury Bond ETFBond Intermediate Treasury-$4.65B-10.8%
3SPYState Street SPDR S&P 500 ETFEquity US Large Cap Core-$3.15B-0.4%
4XLFState Street Financial Select Sector SPDR ETFEquity Broad Sector-$2.0B-3.4%
5GOVTiShares U.S. Treasury Bond ETFBond Intermediate Treasury-$1.37B-3.1%
6LQDiShares iBoxx $ Investment Grade Corporate Bond ETFBond Intermediate Corporate-$910M-2.8%
7EWZiShares MSCI Brazil ETFEquity Emerging Markets-$891M-10.7%
8FTXLFirst Trust Nasdaq Semiconductor ETFOther-$835M-63.4%
9XLEState Street Energy Select Sector SPDR ETFEquity Broad Sector-$769M-1.9%
10VUGVanguard Morningstar Growth ETFEquity US Large Growth-$765M-0.3%

Largest ETF fund flows across ~2621 funds (min AUM $100M). Net creations/redemptions; leveraged & inverse ETFs excluded. A ⚠ marks a day excluded as a suspected data error.

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About UNG

0Holdings Count: 3
Expense Ratio: 1.17%
Inception Date: 2007-04-18
United States Natural Gas Fund LP
The fund primarily directs its investments into natural gas futures contracts. These financial instruments are actively traded across various platforms, including the New York Mercantile Exchange (NYMEX), ICE Futures Europe, ICE Futures U.S., and other domestic or international exchanges. The standard benchmark for the fund is the near-month natural gas futures contract listed on the NYMEX, except when that specific contract is less than two weeks away from its expiration date.
Asset Class: Commodities | ETF Website

Recent Active Movers

Peer Comparisons

Peers to compare with:

Profile

UNGUSODBOBNOMedian
NameUnited Sta.United Sta.PowerShare.United Sta. 
Asset ClassCommodityCommodityCommodityCommodity-
AUM ($ Bil)0.52.10.30.70.6
Expense Ratio1.17%0.86%0.81%1.15%1.00%
10-D Avg Volume (Mil)8.357.230.672.905.07
Latest Day Volume (Mil)11.124.130.341.202.67
Holdings Count31312
Inception Date4/18/20074/10/20061/5/20076/2/2010-

Fundamentals

UNGUSODBOBNOMedian
NameUnited Sta.United Sta.PowerShare.United Sta. 
Net Asset Value10.18135.3022.2754.08-
Premium/Discount2.3%-5.9%---1.8%
Distribution Yield0.0%0.0%--0.0%
Sales Yield-----
Earnings Yield-----

Valuation

UNGUSODBOBNOMedian
NameUnited Sta.United Sta.PowerShare.United Sta. 
P/S (TTM)-----
P/E (TTM)-----
P/FCF (TTM)-----
Forward P/E-----
Forward P/S-----

Risk

UNGUSODBOBNOMedian
NameUnited Sta.United Sta.PowerShare.United Sta. 
Volatility (1Y)58.4%48.2%33.8%43.9%46.1%
Volatility (3Y)56.7%36.9%29.7%32.9%34.9%
Volatility (5Y)63.2%37.3%32.1%35.6%36.5%
Beta (1Y)-0.65-1.31-0.40-1.22-0.94
Beta (3Y)0.02-0.080.290.010.01
Beta (5Y)0.310.160.330.190.25
Sharpe Ratio (1Y)0.061.322.192.131.73
Sharpe Ratio (3Y)-0.290.690.590.910.64
Sharpe Ratio (5Y)-0.200.740.600.870.67
Max Drawdown (1Y)-43.0%-32.5%-14.6%-16.8%-24.7%
Max Drawdown (3Y)-69.5%-32.5%-28.2%-23.8%-30.3%
Max Drawdown (5Y)-92.9%-36.2%-37.7%-33.7%-37.0%

Returns

UNGUSODBOBNOMedian
NameUnited Sta.United Sta.PowerShare.United Sta. 
1M Return6.2%5.7%--6.0%
3M Return-6.9%-2.8%---4.8%
6M Return-10.3%59.7%--24.7%
YTD Return-15.1%84.1%--34.5%
1Y Return-12.9%68.1%--27.6%
2Y Return-28.5%75.4%--23.5%
3Y Return-62.7%75.5%--6.4%

Short Interest

Short Interest: As Of Date8142026
Short Interest: Shares Quantity4.1 Mil
Short Interest: % Change Since 7312026-9.3%
Average Daily Volume9.9 Mil
Days-to-Cover Short Interest1