United States Natural Gas Fund LP (UNG) Performance
UNG total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −21.9% since Dec 31, 2025
- 1 year
- −25.9% total return
- 5 years
- −33.5% a year
- 10 years
- −23.7% a year
- Since first price
- −28.4% a year since 2007
UNG trailing returns vs SPY, QQQ, AGG
| Period | UNG total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −11.9% | −11.9% | −1.0% | −5.0% | +0.9% |
| 3 months | −9.7% | −9.7% | +3.2% | +1.9% | −0.4% |
| 6 months | −8.9% | −8.9% | +7.8% | +8.4% | −1.5% |
| YTD | −21.9% | −21.9% | +12.3% | +15.1% | −1.0% |
| 1 year | −25.9% | −25.9% | +14.4% | +15.9% | −1.1% |
| 3 years | −64.8%−29.4%/yr | −64.8% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −87.0%−33.5%/yr | −87.0% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −93.3%−23.7%/yr | −93.3% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −98.3%−23.8%/yr | −98.3% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionApr 18, 2007 | −99.9%−28.4%/yr | −99.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: UNG vs SPY
From Apr 18, 2007: UNG grew to $15, SPY to $73,679.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
UNG returns by calendar year
5 of 18 full years positive. Best 2021 (+35.8%), worst 2023 (−64.0%). 2026 is year to date.
UNG annual returns table
| Year | UNG | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −21.9% | −43.3% | +12.3% | +15.1% | −1.0% |
| 2025 | −27.1% | −51.4% | +17.7% | +20.8% | +7.2% |
| 2024 | −17.1% | −54.3% | +24.9% | +25.6% | +1.3% |
| 2023 | −64.0% | −65.8% | +26.2% | +54.9% | +5.7% |
| 2022 | +12.9% | −58.3% | −18.2% | −32.6% | −13.0% |
| 2021 | +35.8% | −45.3% | +28.7% | +27.4% | −1.8% |
| 2020 | −45.4% | −50.2% | +18.3% | +48.6% | +7.5% |
| 2019 | −31.8% | −43.3% | +31.2% | +39.0% | +8.5% |
| 2018 | +6.0% | −37.2% | −4.6% | −0.1% | +0.1% |
| 2017 | −37.6% | −39.6% | +21.7% | +32.7% | +3.6% |
| 2016 | +7.7% | −37.1% | +12.0% | +7.1% | +2.4% |
| 2015 | −41.3% | −58.5% | +1.2% | +9.4% | +0.5% |
| 2014 | −28.6% | −46.7% | +13.5% | +19.2% | +6.0% |
| 2013 | +9.5% | −28.9% | +32.3% | +36.6% | −2.0% |
| 2012 | −26.9% | −47.0% | +16.0% | +18.1% | +3.8% |
| 2011 | −46.1% | −49.5% | +1.9% | +3.4% | +7.7% |
| 2010 | −40.6% | −50.8% | +15.1% | +19.9% | +6.4% |
| 2009 | −56.5% | −66.3% | +26.4% | +54.7% | +3.0% |
| 2008 | −36.1% | −64.9% | −36.8% | −41.7% | +7.9% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
UNG largest drawdowns
Now 99.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jul 1, 2008 | −99.9% | Oct 23, 2026 | not yet | 18.3 years | 18.3 years so far |
| May 17, 2007 | −36.7% | Aug 31, 2007 | Apr 28, 2008 | 3 months | 11 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
UNG risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | −27.6% | −33.6% | −22.6% | −28.3% |
| Volatility (annualized) | 53.5% | 63.6% | 54.6% | 46.9% |
| Sharpe ratio | -0.41 | -0.38 | -0.24 | -0.49 |
| Sortino ratio | -0.56 | -0.53 | -0.34 | -0.65 |
| Best month | +37.8% | +50.6% | +50.6% | +50.6% |
| Worst month | −31.8% | −33.9% | −33.9% | −33.9% |
| Best 12 months | +48.3% | +48.3% | +165.3% | +165.3% |
| Worst 12 months | −57.6% | −77.8% | −77.8% | −78.0% |
| Positive months | 39% | 38% | 42% | 40% |
| Beta vs S&P 500 | -0.50 | 0.21 | 0.30 | — |
| Correlation with S&P 500 | -0.12 | 0.05 | 0.08 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
UNG rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 223 | −78.0% | −26.9% | +165.3% | 26% |
| 3-year (a year) | 199 | −55.6% | −24.8% | +17.0% | 4% |
| 5-year (a year) | 175 | −48.1% | −24.3% | +3.4% | 2% |
| 10-year (a year) | 115 | −35.9% | −24.4% | −8.3% | 0% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
UNG performance overview
United States Natural Gas Fund LP (UNG) returned −25.9% over the past year and −23.7% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned −28.4% a year, turning $10,000 into about $15. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −99.9%, from Jul 1, 2008 to Oct 23, 2026; the fund has not yet regained that high. UNG finished 5 of its 18 full calendar years with a gain; the best year was 2021 (+35.8%) and the worst 2023 (−64.0%). Volatility has been 46.9% a year.
Related: UNG chart. See the UNG overview for the latest quote and fund facts.
UNG performance FAQ
What is the UNG return over the past year?
UNG returned −25.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 25.9%.
What is the average annual return of UNG?
UNG has returned −33.5% a year over 5 years, −23.7% a year over 10 years, −28.4% a year since April 18, 2007 (total return, distributions reinvested).
How much would $10,000 invested in UNG be worth?
$10,000 invested in UNG at its first recorded close on April 18, 2007 would be worth about $15 on October 23, 2026 with distributions reinvested.
What was the worst year for UNG?
The worst calendar year was 2023, with a total return of −64.0%. The best was 2021 at +35.8%.
What is the biggest drawdown of UNG?
The largest peak-to-trough decline was −99.9% between July 1, 2008 and October 23, 2026. It has not yet recovered to that high; it is 99.9% below its peak.
How volatile is UNG?
Over the past 3 years UNG had an annualized volatility of 53.5% and a Sharpe ratio of -0.41 (excess return over 1–3 month T-bills per unit of risk).