Tearsheet

Key Takeaways

  • UNG has returned -13.5% YTD vs +11.0% for SPY; -28.1% over the past 12 months (SPY +21.7%). details →
  • Priced in gold, UNG has returned -83.0% over the past 3 years, vs -63.7% in dollars. details →
  • Over the past month, UNG has seen net outflows of −$30M (−7.2% of assets). details →
  • Risk-adjusted returns trail SPY: 3-year Sharpe ratio of -0.3 vs 1.0. details →
  • UNG trades 37% below its 52-week high. details →
Last updated: 7/10/2026.

Price Chart

Asset Allocation with UNG

Risk Tolerance:
ConservativeModerateAggressive
Moderate — 55% equity / 25% bonds / 20% alternatives
10Y Return (ann.)
+11.2%
Volatility
10.9%
Sharpe
0.78
YTD
+5.3%
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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[1] Defensive Portfolios
[2] Tax-Efficient Strategies

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
UNG Return36%13%-64%-17%-27%-12%-71%
Peers Return63%26%-4%10%-10%74%241%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
UNG Win Rate67%58%25%33%42%43% 
Peers Win Rate75%50%42%56%42%84% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
UNG Max Drawdown-45%-58%-68%-54%-51%-40% 
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 7/10/2026 (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-0.34-0.33-0.21
Commodity Top Results (3Y)   
SGOL1.371.410.98
BAR1.291.390.96
SIVR1.791.220.76
GLDM0.731.100.79
IAU0.731.100.79

Results as of 6302026.

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
AKREAkre Focus ETF-16.4%55.14710202665.921112026180
SCHCSchwab International Small-Cap Equity ETF-6.3%48.30710202651.543012026131
IEMGiShares Core MSCI Emerging Markets ETF-5.4%81.32710202686.00622202618
EEMiShares MSCI Emerging Markets ETF-6.1%66.90710202671.21622202618
ASHRXtrackers Harvest CSI 300 China A-Shares ETF-5.1%35.38710202637.30622202618
EWYiShares MSCI South Korea ETF-16.3%183.527102026219.20621202619
EWZiShares MSCI Brazil ETF-13.9%35.93710202641.73414202687
FXIiShares China Large-Cap ETF-17.9%33.48710202640.781292026162
ILFiShares Latin America 40 ETF-9.4%34.51710202638.10414202687
KWEBKraneShares CSI China Internet ETF-30.0%26.38710202637.661122026179
MTUMiShares MSCI USA Momentum Factor ETF-6.8%321.777102026345.22622202618
URAGlobal X Uranium ETF-30.5%42.97710202661.811282026163
BOTZGlobal X Funds Global X Robotics & Artificial Intelligence ETF-11.3%36.91710202641.63513202658
ROBOROBO Global Robotics & Automation Index ETF-8.2%82.96710202690.34602202638
LITGlobal X Lithium & Battery Tech ETF-21.1%72.32710202691.62511202660
ICLNiShares Global Clean Energy ETF-18.9%19.25710202623.75602202638
ARKQARK Autonomous Technology & Robotics ETF-13.8%123.997102026143.82528202643
ARKXARK Space & Defense Innovation ETF-15.1%32.05710202637.74528202643
NASATema Space Innovators ETF-37.5%26.18710202641.89527202644
AGIXKraneShares Artificial Intelligence ETF-8.0%45.44710202649.40601202639
GDEWisdomTree Efficient Gold Plus Equity Strategy Fund-10.6%62.91710202670.39511202660
RAAXVanEck Real Assets ETF-7.6%39.47710202642.70511202660
VGTVanguard Information Technology ETF-6.0%118.087102026125.62602202638
XLKState Street Technology Select Sector SPDR ETF-6.3%185.787102026198.21602202638
XLEState Street Energy Select Sector SPDR ETF-12.0%55.08710202662.563292026103
XLCState Street Communication Services Select Sector SPDR ETF-6.7%111.647102026119.702012026159
XLYState Street Consumer Discretionary Select Sector SPDR ETF-5.7%117.247102026124.271122026179
XLPState Street Consumer Staples Select Sector SPDR ETF-6.0%84.12710202689.513012026131
IYMiShares U.S. Basic Materials ETF-5.7%178.247102026189.083022026130
FXNFirst Trust Energy AlphaDEX Fund-11.0%20.62710202623.183292026103
SMHVanEck Semiconductor ETF-8.7%611.037102026668.91622202618
SOXXiShares Semiconductor ETF-11.2%581.347102026655.01622202618
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF-15.7%158.577102026188.183292026103
IGViShares Expanded Tech-Software Sector ETF-14.2%92.417102026107.70601202639
MISLFirst Trust Indxx Aerospace & Defense ETF-12.6%44.53710202650.981192026172
RINGiShares MSCI Global Gold Miners ETF-34.7%64.89710202699.423012026131
SOXQInvesco PHLX Semiconductor ETF-11.3%102.067102026115.11622202618
BWXState Street SPDR Bloomberg International Treasury Bond ETF-5.7%21.59710202622.902162026144
IGOViShares International Treasury Bond ETF-5.0%40.84710202642.993012026131
TLTiShares 20+ Year Treasury Bond ETF-5.6%84.47710202689.483012026131
SPTLState Street SPDR Portfolio Long Term Treasury ETF-5.2%25.69710202627.093012026131
EDVVanguard World Funds Extended Duration ETF-7.7%62.25710202667.423012026131
PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF-13.1%16.44710202618.91512202659
DBCInvesco DB Commodity Index Tracking Fund-13.2%27.52710202631.69512202659
COMTiShares GSCI Commodity Dynamic Roll Strategy ETF-14.1%31.37710202636.53519202652
GSGiShares GSCI Commodity-5.8%30.01710202631.853182026114
BCIabrdn Bloomberg All Commodity Strategy K-1 Free ETF-11.3%22.99710202625.91512202659
FTGCFirst Trust Global Tactical Commodity Strategy Fund-8.2%28.02710202630.53512202659
HGERHarbor Commodity All-Weather Strategy ETF-8.7%30.57710202633.47512202659
GLDSPDR Gold Trust-24.0%377.017102026495.901292026162
IAUiShares Gold Trust-23.9%77.267102026101.571292026162
GLDMSPDR Gold MiniShares Trust-23.9%81.297102026106.771292026162
SGOLETFS Physical Swiss Gold Shares-13.1%44.66710202651.411292026162
BARDirexion Daily Gold Bull 3X Shares-16.6%44.34710202653.161292026162
SLViShares Silver Trust-48.9%53.957102026105.601282026163
SIVRETFS Physical Silver Shares Trust ETF-24.8%83.397102026110.871282026163
PPLTETFS Physical Platinum Shares-41.4%14.77710202625.231252026166
CPERUnited States Copper Index Fund ETV-13.9%33.33710202638.711292026162
PALLETFS Physical Palladium Shares-38.0%23.07710202637.181282026163
USOUnited States Oil Fund LP-28.9%108.707102026152.96519202652
UNGUnited States Natural Gas Fund LP-37.3%10.60710202616.902012026159
BNOUnited States Brent Oil Fund LP ETV-7.1%55.85710202660.13504202667
IBITiShares Bitcoin Trust ETF-34.7%36.23710202655.441142026177
FBTCFidelity Wise Origin Bitcoin Fund-34.7%55.62710202685.121142026177
GBTCGrayscale Bitcoin Trust ETF-19.0%61.84710202676.311142026177
ETHAiShares Ethereum Trust ETF-47.1%13.53710202625.591142026177

ETF Fund Flows

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

Net fund flows · as of 2026-07-09

Asset allocation rotation · Past month

  • Equity ETFs drew the largest net inflows (+$66.4B), followed by Bond (+$29.3B), while Commodity (−$3.5B) and Crypto (−$3.0B) saw the largest outflows.
  • Within the mix, money rotated into US Large Cap Core (+$12.6B) and out of Gold (−$3.7B).
  • Relative to fund size, ARKQ drew the largest inflow (+57.3% of AUM) and FXN the largest outflow (−68.9%).
Largest inflows
#TickerNameTypeNet flow% of AUM
1IVViShares Core S&P 500 ETFEquity US Large Cap Core+$56.47B+6.5%
2SPYMState Street SPDR Portfolio S&P 500 ETFEquity US Large Cap Core+$15.25B+10.1%
3DRAMRoundhill Memory ETFOther+$8.81B+38.2%
4LQDiShares iBoxx $ Investment Grade Corporate Bond ETFBond Intermediate Corporate+$6.73B+20.8%
5SOXXiShares Semiconductor ETFEquity Industry Subsector+$6.26B+14.3%
6AVLVAvantis U.S. Large Cap Value ETFOther+$3.75B+22.7%
7VTIVanguard Total Stock Market ETFEquity US Total Market+$3.63B+0.5%
8QQQMInvesco NASDAQ 100 ETFEquity US Nasdaq Growth+$3.61B+3.7%
9VXUSVanguard Total International Stock ETFEquity International Broad+$3.56B+2.3%
10RSPInvesco S&P 500 Equal Weight ETFEquity Factor Smart Beta+$3.25B+3.5%
Largest outflows
#TickerNameTypeNet flow% of AUM
1VOOVanguard S&P 500 ETFEquity US Large Cap Core-$53.22B-5.4%
2SPYState Street SPDR S&P 500 ETFEquity US Large Cap Core-$6.26B-0.8%
3VLUEiShares MSCI USA Value Factor ETFEquity Factor Smart Beta-$4.5B-40.9%
4IAUiShares Gold TrustCommodity Gold-$2.03B-3.3%
5IBITiShares Bitcoin Trust ETFCrypto-$2.0B-4.3%
6GLDSPDR Gold SharesCommodity Gold-$1.38B-1.0%
7VOVanguard Mid-Cap ETFEquity US Mid Cap Core-$1.06B-1.0%
8NASATema Space Innovators ETFEquity Thematic-$872M-53.8%
9FXIiShares China Large-Cap ETFEquity Emerging Markets-$846M-18.2%
10BILState Street SPDR Bloomberg 1-3 Month T-Bill ETFCash-$842M-1.8%

Largest ETF fund flows across ~2562 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: 1.24%
Inception Date: 2007-04-18
United States Natural Gas Fund LP
The fund invests primarily in futures contracts for natural gas that are traded on the NYMEX, ICE Futures Europe and ICE Futures U.S. (together, “ICE Futures”) or other U.S. and foreign exchanges. The Benchmark Futures Contract is the futures contract on natural gas as traded on the New York Mercantile Exchange that is the near month contract to expire, except when the near month contract is within two weeks of expiration.
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)0.61.90.20.90.7
Expense Ratio1.24%0.60%0.81%1.00%0.91%
10-D Avg Volume (Mil)8.0611.880.873.936.00
Latest Day Volume (Mil)3.59-0.240.560.56
Holdings Count31312
Inception Date4/18/20074/10/20061/5/20076/2/2010-

Fundamentals

UNGUSODBOBNOMedian
NameUnited Sta.United Sta.PowerShare.United Sta. 
Net Asset Value12.75140.9217.3451.44-
Premium/Discount-16.9%-22.9%---19.9%
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)59.7%44.3%32.1%41.4%42.8%
Volatility (3Y)57.2%35.1%29.3%32.5%33.8%
Volatility (5Y)63.3%36.5%32.1%35.6%36.0%
Beta (1Y)-0.80-1.03-0.35-1.10-0.91
Beta (3Y)0.050.010.290.020.03
Beta (5Y)0.320.210.350.210.27
Sharpe Ratio (1Y)-0.191.001.901.921.45
Sharpe Ratio (3Y)-0.290.670.720.990.69
Sharpe Ratio (5Y)-0.180.600.530.790.56
Max Drawdown (1Y)-39.9%-32.5%-17.8%-16.8%-25.1%
Max Drawdown (3Y)-68.2%-32.5%-28.2%-23.8%-30.3%
Max Drawdown (5Y)-92.5%-36.2%-37.7%-33.7%-37.0%

Returns

UNGUSODBOBNOMedian
NameUnited Sta.United Sta.PowerShare.United Sta. 
1M Return-6.9%-17.2%---12.1%
3M Return-2.6%-14.4%---8.5%
6M Return-10.0%60.3%--25.2%
YTD Return-13.5%57.2%--21.8%
1Y Return-25.4%41.3%--8.0%
2Y Return-35.4%33.7%---0.9%
3Y Return-62.7%68.2%--2.7%

Short Interest

Short Interest: As Of Date6152026
Short Interest: Shares Quantity3.9 Mil
Short Interest: % Change Since 531202612.0%
Average Daily Volume6.1 Mil
Days-to-Cover Short Interest1