UNG — United States Natural Gas Fund, LP

UNG Price Performance — Growth of $10,000

Value of a $10,000 investment in UNG over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

UNG Drawdown

The "underwater" chart: UNG's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The United States Natural Gas Fund, LP (UNG) is a commodity-focused fund issued by USCF Investments with $419 million in assets under management. Trading at $10.55 per share, the fund carries a 1.17% expense ratio and offers a dividend yield of 0.00%. It currently holds an overall rank of #457 out of 458 tracked ETFs across all categories, resulting in an ETFValuer grade of F with a score of 18.3 out of 100. Within the Commodities category, which ETFValuer tracks 22 funds in total, UNG sits near the bottom of the ranking spectrum. The combination of a high expense ratio, zero income distribution, and a low asset base suggests limited investor adoption relative to other vehicles in the sector. Its position as the second-lowest ranked fund among all tracked ETFs highlights significant challenges in meeting performance benchmarks. The fund's pricing and asset size reflect a market environment where capital has largely moved away from this specific natural gas exposure.

Short-term returns show mixed signals, with a 1-day decline of 0.57% followed by a 1-week gain of 0.38%. The 1-month performance dropped sharply by 10.06%, though the 3-month return recovered slightly to +0.29%. Year-to-date returns stand at -12.52%, indicating a continued struggle over the current calendar year. The 1-year return is -23.05%, while the 6-month period saw a steeper decline of -21.44%. Long-term data reveals a severe erosion of value, with the 3-year return falling by 62.90%. This pattern demonstrates a clear divergence where short-term fluctuations have failed to offset substantial long-term losses. The trajectory from a modest 3-month gain to a deep 3-year deficit illustrates a persistent downward trend in total return.

UNG is assigned a Very High volatility label, supported by a beta of 1.70 which indicates price movements significantly more sensitive than the broader market. The fund's Sharpe ratio of -0.48 reflects negative risk-adjusted returns, suggesting that the volatility incurred has not been compensated by positive performance. A maximum drawdown of -68.16% highlights the potential for extreme capital loss during market downturns. This combination of high beta and severe drawdown implies that the fund experiences amplified swings in both rising and falling markets. Investors face a profile where downside risk is substantial, as evidenced by the deep historical decline and the negative risk-adjusted metric. The data points to a highly unstable asset class that requires tolerance for significant price fluctuations without guaranteed recovery.

AI-generated summary based on the data on this page.

Market Backdrop

10-Year Treasury Yield: 4.71% (as of 2026-07-23) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 18.70 (as of 2026-07-23) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

UNG Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 0.38% and average daily volume is 8.0M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $419M provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: UNG is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

UNG Performance History

How UNG Compares to Other Commodities ETFs