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 →
Asset Allocation with UNG
Top 20 Holdings for UNG
Total Weights Top 5: 33.0% | Top 10: 37.4% | Top 20: 37.4%
| Holding | ETF Weight | |
|---|---|---|
| TRS SCOTIA SNOVNG1 02272026 | 4.45% | |
| DREY INST PREF GOV MM INST 6546 | 13.17% | |
| TREASURY BILL 0 2/4/2027 | 6.52% | |
| TREASURY BILL 0 2/11/2027 | 6.52% | |
| TREASURY BILL 0 12/24/2026 | 2.34% | |
| TREASURY BILL 0 12/31/2026 | 2.34% | |
| MORGAN STANLEY LIQ GOVT INST 8302 | 2.05% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| UNG Return | 36% | 13% | -64% | -17% | -27% | -17% | -72% |
| Peers Return | 63% | 26% | -4% | 10% | -10% | 83% | 257% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| UNG Win Rate | 67% | 58% | 25% | 33% | 42% | 50% | |
| Peers Win Rate | 75% | 50% | 42% | 56% | 42% | 81% | |
| S&P 500 Win Rate | 75% | 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.
Results as of 7312026.How Low Can It Go
| Event | UNG | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -23.1% | -33.7% |
| % Gain to Breakeven | 30.0% | 50.9% |
| Time to Breakeven | 512 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -24.3% | -3.7% |
| % Gain to Breakeven | 32.1% | 3.9% |
| Time to Breakeven | 511 days | 6 days |
| 2013 Taper Tantrum | ||
| % Loss | -26.8% | -0.2% |
| % Gain to Breakeven | 36.7% | 0.2% |
| Time to Breakeven | 168 days | 1 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -10.3% | -15.4% |
| % Gain to Breakeven | 11.4% | 18.2% |
| Time to Breakeven | 11 days | 125 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -19.1% | -8.6% |
| % Gain to Breakeven | 23.7% | 9.5% |
| Time to Breakeven | 61 days | 47 days |
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.
| Event | UNG | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -23.1% | -33.7% |
| % Gain to Breakeven | 30.0% | 50.9% |
| Time to Breakeven | 512 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -24.3% | -3.7% |
| % Gain to Breakeven | 32.1% | 3.9% |
| Time to Breakeven | 511 days | 6 days |
| 2013 Taper Tantrum | ||
| % Loss | -26.8% | -0.2% |
| % Gain to Breakeven | 36.7% | 0.2% |
| Time to Breakeven | 168 days | 1 days |
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.
Current Dip Buy Opportunities Across ETFs
ETFs currently down 5% or more from trailing 6M peaks.
| Ticker | Name | Dip % | Mkt Price | Price Date | Peak Price | Peak Date | # Days |
|---|---|---|---|---|---|---|---|
| IWF | iShares Russell 1000 Growth ETF | -5.5% | 121.75 | 8262026 | 128.77 | 6012026 | 86 |
| VONG | Vanguard Russell 1000 Growth ETF | -5.3% | 125.39 | 8262026 | 132.35 | 6012026 | 86 |
| EEM | iShares MSCI Emerging Markets ETF | -5.7% | 67.17 | 8262026 | 71.21 | 6222026 | 65 |
| ASHR | Xtrackers Harvest CSI 300 China A-Shares ETF | -8.3% | 34.22 | 8262026 | 37.30 | 6222026 | 65 |
| EWY | iShares MSCI South Korea ETF | -18.3% | 179.18 | 8262026 | 219.20 | 6212026 | 66 |
| EWZ | iShares MSCI Brazil ETF | -14.4% | 35.72 | 8262026 | 41.73 | 4142026 | 134 |
| FXI | iShares China Large-Cap ETF | -7.5% | 35.55 | 8262026 | 38.42 | 2252026 | 182 |
| ILF | iShares Latin America 40 ETF | -8.1% | 35.03 | 8262026 | 38.10 | 4142026 | 134 |
| KWEB | KraneShares CSI China Internet ETF | -18.5% | 26.28 | 8262026 | 32.24 | 2252026 | 182 |
| MTUM | iShares MSCI USA Momentum Factor ETF | -11.9% | 304.00 | 8262026 | 345.22 | 6222026 | 65 |
| SPMO | Invesco S&P 500 Momentum ETF | -8.7% | 147.52 | 8262026 | 161.66 | 6222026 | 65 |
| URA | Global X Uranium ETF | -17.5% | 48.05 | 8262026 | 58.26 | 5062026 | 112 |
| BOTZ | Global X Funds Global X Robotics & Artificial Intelligence ETF | -14.4% | 35.63 | 8262026 | 41.63 | 5132026 | 105 |
| ROBO | ROBO Global Robotics & Automation Index ETF | -10.1% | 81.18 | 8262026 | 90.34 | 6022026 | 85 |
| LIT | Global X Lithium & Battery Tech ETF | -17.1% | 75.92 | 8262026 | 91.62 | 5112026 | 107 |
| ICLN | iShares Global Clean Energy ETF | -25.6% | 17.68 | 8262026 | 23.75 | 6022026 | 85 |
| ARKQ | ARK Autonomous Technology & Robotics ETF | -14.9% | 122.33 | 8262026 | 143.82 | 5282026 | 90 |
| ARKX | ARK Space & Defense Innovation ETF | -14.0% | 32.45 | 8262026 | 37.74 | 5282026 | 90 |
| NASA | Tema Space Innovators ETF | -43.6% | 23.64 | 8262026 | 41.89 | 5272026 | 91 |
| AGIX | KraneShares Artificial Intelligence ETF | -9.4% | 44.78 | 8262026 | 49.40 | 6012026 | 86 |
| VGT | Vanguard Information Technology ETF | -6.1% | 117.99 | 8262026 | 125.62 | 6022026 | 85 |
| XLK | State Street Technology Select Sector SPDR ETF | -7.8% | 182.84 | 8262026 | 198.21 | 6022026 | 85 |
| XLC | State Street Communication Services Select Sector SPDR ETF | -5.4% | 112.61 | 8262026 | 119.10 | 4192026 | 129 |
| XLU | State Street Utilities Select Sector SPDR ETF | -8.2% | 43.51 | 8262026 | 47.40 | 3012026 | 178 |
| SMH | VanEck Semiconductor ETF | -16.9% | 555.77 | 8262026 | 668.91 | 6222026 | 65 |
| SOXX | iShares Semiconductor ETF | -21.3% | 515.40 | 8262026 | 655.01 | 6222026 | 65 |
| ITA | iShares U.S. Aerospace & Defense ETF | -6.6% | 236.38 | 8262026 | 253.22 | 8162026 | 10 |
| MISL | First Trust Indxx Aerospace & Defense ETF | -11.4% | 44.88 | 8262026 | 50.66 | 3022026 | 177 |
| RING | iShares MSCI Global Gold Miners ETF | -9.1% | 90.35 | 8262026 | 99.42 | 3012026 | 178 |
| SOXQ | Invesco PHLX Semiconductor ETF | -20.6% | 91.40 | 8262026 | 115.11 | 6222026 | 65 |
| TLT | iShares 20+ Year Treasury Bond ETF | -6.6% | 83.30 | 8262026 | 89.15 | 3012026 | 178 |
| VGLT | Vanguard Long-Term Treasury ETF | -5.4% | 53.46 | 8262026 | 56.53 | 3012026 | 178 |
| SPTL | State Street SPDR Portfolio Long Term Treasury ETF | -5.9% | 25.41 | 8262026 | 26.99 | 3012026 | 178 |
| TLH | iShares 10-20 Year Treasury Bond ETF | -5.1% | 97.78 | 8262026 | 103.08 | 3012026 | 178 |
| EDV | Vanguard World Funds Extended Duration ETF | -9.4% | 61.08 | 8262026 | 67.42 | 3012026 | 178 |
| COMT | iShares GSCI Commodity Dynamic Roll Strategy ETF | -6.5% | 34.15 | 8262026 | 36.53 | 5192026 | 99 |
| GSG | iShares GSCI Commodity | -5.8% | 30.01 | 8262026 | 31.85 | 3182026 | 161 |
| GLD | SPDR Gold Trust | -14.0% | 421.32 | 8262026 | 490.00 | 3022026 | 177 |
| IAU | iShares Gold Trust | -14.0% | 86.37 | 8262026 | 100.38 | 3022026 | 177 |
| GLDM | SPDR Gold MiniShares Trust | -13.9% | 90.90 | 8262026 | 105.54 | 3022026 | 177 |
| SGOL | ETFS Physical Swiss Gold Shares | -12.1% | 44.66 | 8262026 | 50.81 | 3022026 | 177 |
| BAR | Direxion Daily Gold Bull 3X Shares | -15.6% | 44.34 | 8262026 | 52.53 | 3022026 | 177 |
| SLV | iShares Silver Trust | -27.5% | 61.59 | 8262026 | 84.99 | 3012026 | 178 |
| SIVR | ETFS Physical Silver Shares Trust ETF | -6.6% | 83.39 | 8262026 | 89.26 | 3012026 | 178 |
| PPLT | ETFS Physical Platinum Shares | -22.6% | 16.61 | 8262026 | 21.47 | 3012026 | 178 |
| CPER | United States Copper Index Fund ETV | -9.6% | 33.33 | 8262026 | 36.88 | 3012026 | 178 |
| PALL | ETFS Physical Palladium Shares | -26.2% | 23.99 | 8262026 | 32.50 | 2252026 | 182 |
| USO | United States Oil Fund LP | -16.7% | 127.35 | 8262026 | 152.96 | 5192026 | 99 |
| UNG | United States Natural Gas Fund LP | -20.2% | 10.41 | 8262026 | 13.04 | 3122026 | 167 |
| BNO | United States Brent Oil Fund LP ETV | -7.1% | 55.85 | 8262026 | 60.13 | 5042026 | 114 |
ETF Fund Flows
Largest fund inflows and outflows across ETFs, with the asset-allocation rotation they imply.
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%).
| # | Ticker | Name | Net flow | % of AUM |
|---|---|---|---|---|
| 1 | VOO | Vanguard S&P 500 ETF | +$22.44B | +2.2% |
| 2 | QQQ | Invesco QQQ Trust, Series 1 | +$14.57B | +3.0% |
| 3 | SGOV | iShares 0-3 Month Treasury Bond ETF | +$5.85B | +5.7% |
| 4 | GLD | SPDR Gold Shares | +$5.09B | +3.5% |
| 5 | SPYM | State Street SPDR Portfolio S&P 500 ETF | +$5.02B | +3.0% |
| 6 | VTI | Vanguard Morningstar Total Stock Market ETF | +$4.83B | +0.7% |
| 7 | TLT | iShares 20+ Year Treasury Bond ETF | +$4.34B | +9.6% |
| 8 | SCHD | Schwab U.S. Dividend Equity ETF | +$4.11B | +3.8% |
| 9 | AVLV | Avantis U.S. Large Cap Value ETF | +$3.52B | +19.1% |
| 10 | SMH | VanEck Semiconductor ETF | +$3.48B | +5.1% |
| # | Ticker | Name | Net flow | % of AUM |
|---|---|---|---|---|
| 1 | IVV | iShares Core S&P 500 ETF | -$14.81B | -1.7% |
| 2 | IEF | iShares 7-10 Year Treasury Bond ETF | -$4.65B | -10.8% |
| 3 | SPY | State Street SPDR S&P 500 ETF | -$3.15B | -0.4% |
| 4 | XLF | State Street Financial Select Sector SPDR ETF | -$2.0B | -3.4% |
| 5 | GOVT | iShares U.S. Treasury Bond ETF | -$1.37B | -3.1% |
| 6 | LQD | iShares iBoxx $ Investment Grade Corporate Bond ETF | -$910M | -2.8% |
| 7 | EWZ | iShares MSCI Brazil ETF | -$891M | -10.7% |
| 8 | FTXL | First Trust Nasdaq Semiconductor ETF | -$835M | -63.4% |
| 9 | XLE | State Street Energy Select Sector SPDR ETF | -$769M | -1.9% |
| 10 | VUG | Vanguard Morningstar Growth ETF | -$765M | -0.3% |
Largest ETF fund flows across ~2621 funds (min AUM $100M). Net creations/redemptions; leveraged & inverse ETFs excluded. A ⚠ marks a day excluded as a suspected data error.
About UNG
| Holdings Count: 3Expense Ratio: 1.17%Inception Date: 2007-04-18 | United States Natural Gas Fund LPThe fund primarily directs its investments into natural gas futures contracts. These financial instruments are actively traded across various platforms, including the New York Mercantile Exchange (NYMEX), ICE Futures Europe, ICE Futures U.S., and other domestic or international exchanges. The standard benchmark for the fund is the near-month natural gas futures contract listed on the NYMEX, except when that specific contract is less than two weeks away from its expiration date.Asset Class: Commodities | ETF Website |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Profile
| Median | |
|---|---|
| Name | |
| Asset Class | - |
| AUM ($ Bil) | 0.6 |
| Expense Ratio | 1.00% |
| 10-D Avg Volume (Mil) | 5.07 |
| Latest Day Volume (Mil) | 2.67 |
| Holdings Count | 2 |
| Inception Date | - |
Fundamentals
| Median | |
|---|---|
| Name | |
| Net Asset Value | - |
| Premium/Discount | -1.8% |
| Distribution Yield | 0.0% |
| Sales Yield | - |
| Earnings Yield | - |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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