United States Natural Gas Fund LP (UNG)


Market Price (8/10/2026): $10.06

United States Natural Gas Fund LP (UNG)


Market Price (8/10/2026): $10.06

Key Takeaways

  • UNG has returned -20.6% YTD vs +13.7% for SPY; -26.2% over the past 12 months (SPY +22.4%). details →
  • Priced in gold, UNG has returned -85.6% over the past 3 years, vs -67.4% in dollars. details →
  • Over the past month, UNG has seen net inflows of +$144M (+30.7% of assets). details →
  • Risk-adjusted returns trail SPY: 3-year Sharpe ratio of -0.4 vs 0.9. details →
  • UNG trades 42% below its 52-week high. details →
Last updated: 8/9/2026.

Price Chart

Asset Allocation with UNG

Risk Tolerance:
ConservativeModerateAggressive
Moderate — 55% equity / 25% bonds / 20% alternatives
10Y Return (ann.)
+10.9%
Volatility
10.9%
Sharpe
0.75
YTD
+6.9%
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: 35.5% | Top 10: 35.5% | Top 20: 35.5%

HoldingETF Weight
TRS SCOTIA SNOVNG1 022720264.83%
26200X100DREY INST PREF GOV MM INST 654622.22%
61747C707MORGAN STANLEY LIQ GOVT INST 83028.43%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
UNG Return36%13%-64%-17%-27%-21%-74%
Peers Return63%26%-4%10%-10%79%250%
S&P 500 Return27%-19%24%23%16%13%105%

Monthly Win Rates [3]
UNG Win Rate67%58%25%33%42%38% 
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 8/7/2026 (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
IEMGiShares Core MSCI Emerging Markets ETF-7.0%79.99809202686.00622202648
EEMiShares MSCI Emerging Markets ETF-7.8%65.64809202671.21622202648
ASHRXtrackers Harvest CSI 300 China A-Shares ETF-5.8%35.12809202637.30622202648
EWYiShares MSCI South Korea ETF-24.2%166.098092026219.20621202649
EWZiShares MSCI Brazil ETF-15.3%35.34809202641.734142026117
FXIiShares China Large-Cap ETF-8.5%36.17809202639.532102026180
ILFiShares Latin America 40 ETF-9.1%34.62809202638.104142026117
KWEBKraneShares CSI China Internet ETF-16.5%28.66809202634.342092026181
MTUMiShares MSCI USA Momentum Factor ETF-10.4%309.328092026345.22622202648
SPMOInvesco S&P 500 Momentum ETF-7.4%149.698092026161.66622202648
URAGlobal X Uranium ETF-22.9%44.91809202658.26506202695
BOTZGlobal X Funds Global X Robotics & Artificial Intelligence ETF-9.7%37.61809202641.63513202688
ROBOROBO Global Robotics & Automation Index ETF-6.5%84.44809202690.34602202668
LITGlobal X Lithium & Battery Tech ETF-19.2%74.01809202691.62511202690
ICLNiShares Global Clean Energy ETF-22.9%18.30809202623.75602202668
ARKQARK Autonomous Technology & Robotics ETF-11.1%127.858092026143.82528202673
ARKXARK Space & Defense Innovation ETF-9.2%34.27809202637.74528202673
NASATema Space Innovators ETF-39.0%25.55809202641.89527202674
XOVREntrepreneurShares Series Trust ERShares Private-Public Crossover ETF-5.7%20.13809202621.34706202634
AGIXKraneShares Artificial Intelligence ETF-8.2%45.34809202649.40601202669
RAAXVanEck Real Assets ETF-5.1%40.54809202642.70511202690
XLKState Street Technology Select Sector SPDR ETF-5.2%187.978092026198.21602202668
XLEState Street Energy Select Sector SPDR ETF-8.1%57.50809202662.563292026133
XLCState Street Communication Services Select Sector SPDR ETF-6.6%111.258092026119.104192026112
XLUState Street Utilities Select Sector SPDR ETF-8.0%43.61809202647.403012026161
FXNFirst Trust Energy AlphaDEX Fund-7.5%21.44809202623.183292026133
SMHVanEck Semiconductor ETF-12.9%582.708092026668.91622202648
SOXXiShares Semiconductor ETF-17.1%543.278092026655.01622202648
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF-11.6%166.408092026188.183292026133
MISLFirst Trust Indxx Aerospace & Defense ETF-6.8%47.22809202650.663022026160
RINGiShares MSCI Global Gold Miners ETF-21.5%78.02809202699.423012026161
SOXQInvesco PHLX Semiconductor ETF-15.6%97.208092026115.11622202648
TLTiShares 20+ Year Treasury Bond ETF-7.2%82.76809202689.153012026161
VGLTVanguard Long-Term Treasury ETF-6.1%53.08809202656.533012026161
SPTLState Street SPDR Portfolio Long Term Treasury ETF-6.5%25.25809202626.993012026161
TLHiShares 10-20 Year Treasury Bond ETF-5.8%97.058092026103.083012026161
EDVVanguard World Funds Extended Duration ETF-10.5%60.35809202667.423012026161
PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF-8.8%17.25809202618.91512202689
DBCInvesco DB Commodity Index Tracking Fund-8.8%28.91809202631.69512202689
COMTiShares GSCI Commodity Dynamic Roll Strategy ETF-10.9%32.55809202636.53519202682
GSGiShares GSCI Commodity-5.8%30.01809202631.853182026144
BCIabrdn Bloomberg All Commodity Strategy K-1 Free ETF-8.0%23.83809202625.91512202689
FTGCFirst Trust Global Tactical Commodity Strategy Fund-5.3%28.91809202630.53512202689
GLDSPDR Gold Trust-18.7%398.478092026490.003022026160
IAUiShares Gold Trust-18.6%81.688092026100.383022026160
GLDMSPDR Gold MiniShares Trust-18.6%85.958092026105.543022026160
SGOLETFS Physical Swiss Gold Shares-12.1%44.66809202650.813022026160
BARDirexion Daily Gold Bull 3X Shares-15.6%44.34809202652.533022026160
SLViShares Silver Trust-32.3%57.50809202684.993012026161
SIVRETFS Physical Silver Shares Trust ETF-6.6%83.39809202689.263012026161
PPLTETFS Physical Platinum Shares-26.2%15.85809202621.473012026161
CPERUnited States Copper Index Fund ETV-9.6%33.33809202636.883012026161
PALLETFS Physical Palladium Shares-23.0%25.05809202632.542242026166
USOUnited States Oil Fund LP-22.9%117.988092026152.96519202682
UNGUnited States Natural Gas Fund LP-26.6%9.74809202613.272082026182
BNOUnited States Brent Oil Fund LP ETV-7.1%55.85809202660.13504202697
IBITiShares Bitcoin Trust ETF-20.8%36.80809202646.47511202690
FBTCFidelity Wise Origin Bitcoin Fund-20.8%56.53809202671.35511202690
ETHAiShares Ethereum Trust ETF-21.3%14.47809202618.384192026112

ETF Fund Flows

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

Net fund flows · as of 2026-08-07

Asset allocation rotation · Past month

  • Equity ETFs drew the largest net inflows (+$54.4B), followed by Bond (+$15.2B), with every major asset class in net inflows.
  • Within the mix, money rotated into US Large Cap Core (+$13.2B) and out of Intermediate Treasury (−$2.1B).
  • Relative to fund size, BFLX drew the largest inflow (+56.2% of AUM) and FTXL the largest outflow (−40.2%).
Largest inflows
#TickerNameTypeNet flow% of AUM
1VOOVanguard S&P 500 ETFEquity US Large Cap Core+$11.99B+1.2%
2SPYState Street SPDR S&P 500 ETFEquity US Large Cap Core+$8.18B+1.0%
3SPYMState Street SPDR Portfolio S&P 500 ETFEquity US Large Cap Core+$6.27B+3.9%
4EWYiShares MSCI South Korea ETFEquity Emerging Markets+$6.26B+26.9%
5DRAMRoundhill Memory ETFOther+$4.94B+20.3%
6QQQInvesco QQQ Trust, Series 1Equity US Nasdaq Growth+$4.82B+1.0%
7SGOViShares 0-3 Month Treasury Bond ETFCash+$4.3B+4.3%
8VTIVanguard Morningstar Total Stock Market ETFEquity US Total Market+$3.8B+0.6%
9TLTiShares 20+ Year Treasury Bond ETFBond Long Treasury+$3.56B+8.4%
10SCHDSchwab U.S. Dividend Equity ETFEquity Dividend Income+$3.36B+3.3%
Largest outflows
#TickerNameTypeNet flow% of AUM
1IVViShares Core S&P 500 ETFEquity US Large Cap Core-$13.15B-1.5%
2IEFiShares 7-10 Year Treasury Bond ETFBond Intermediate Treasury-$3.58B-7.6%
3IQMMProShares - GENIUS Money Market ETFOther-$2.95B-16.3%
4LQDiShares iBoxx $ Investment Grade Corporate Bond ETFBond Intermediate Corporate-$2.24B-6.6%
5IWMiShares Russell 2000 ETFEquity US Small Cap Core-$1.86B-2.3%
6IWDiShares Russell 1000 Value ETFEquity US Large Value-$1.13B-1.4%
7SCZiShares MSCI EAFE Small-Cap ETFEquity International Small Cap-$1.09B-8.2%
8IWRiShares Russell Mid-Cap ETFEquity US Mid Cap Core-$1.01B-1.8%
9IWFiShares Russell 1000 Growth ETFEquity US Large Growth-$911M-0.7%
10MTUMiShares MSCI USA Momentum Factor ETFEquity Factor Smart Beta-$904M-3.5%

Largest ETF fund flows across ~2609 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)0.52.00.30.60.5
Expense Ratio1.17%0.86%0.81%1.15%1.00%
10-D Avg Volume (Mil)8.107.420.672.985.20
Latest Day Volume (Mil)7.825.230.382.343.79
Holdings Count31312
Inception Date4/18/20074/10/20061/5/20076/2/2010-

Fundamentals

UNGUSODBOBNOMedian
NameUnited Sta.United Sta.PowerShare.United Sta. 
Net Asset Value10.14128.9721.4450.23-
Premium/Discount-3.9%-8.5%---6.2%
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)58.8%47.5%32.7%42.6%45.0%
Volatility (3Y)57.1%36.6%29.5%32.7%34.7%
Volatility (5Y)63.3%37.2%32.0%35.6%36.4%
Beta (1Y)-0.70-1.26-0.40-1.18-0.94
Beta (3Y)0.03-0.070.280.010.02
Beta (5Y)0.310.170.340.200.25
Sharpe Ratio (1Y)-0.261.222.222.161.69
Sharpe Ratio (3Y)-0.300.640.600.910.62
Sharpe Ratio (5Y)-0.230.640.530.800.59
Max Drawdown (1Y)-43.0%-32.5%-14.6%-16.8%-24.7%
Max Drawdown (3Y)-69.8%-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 Return-10.1%8.2%---0.9%
3M Return-8.8%-12.6%---10.7%
6M Return-28.0%53.8%--12.9%
YTD Return-20.6%70.6%--25.0%
1Y Return-28.1%59.9%--15.9%
2Y Return-25.4%60.8%--17.7%
3Y Return-63.5%65.1%--0.8%

Short Interest

Short Interest: As Of Date7152026
Short Interest: Shares Quantity4.9 Mil
Short Interest: % Change Since 630202626.2%
Average Daily Volume6.7 Mil
Days-to-Cover Short Interest1