United States Natural Gas Fund LP

10-Year Study

UNG.US · · US · ETF

Executive Summary: United States Natural Gas Fund LP has compounded at -20.9% annually over the last 10 years, with a maximum drawdown of 92.8% and an annualized volatility of 122.7%.

1Y CAGR
-33.7%
3Y CAGR
-24.8%
5Y CAGR
-24.2%
10Y CAGR
-20.9%

History & Riski10-year historical performance analysis including CAGR, Max Drawdown, Sharpe & Sortino ratios, annual returns, and rolling volatility — all computed from daily market data.

10-Year Growth of $10,000

Max DrawdownMax DrawdownThe largest peak-to-trough decline in the asset's value over the measurement period.Click for full definition →
92.8%
Sharpe RatioSharpe RatioRisk-adjusted return: how much excess return you earn per unit of total risk (volatility).Click for full definition →
-0.22
Sortino RatioSortino RatioLike Sharpe, but only penalizes downside volatility — a more accurate risk measure for asymmetric return distributions.Click for full definition →
-0.37
Ann. VolatilityAnnualized VolatilityThe annualized standard deviation of an asset's returns — a measure of how much prices fluctuate.Click for full definition →
54.6%
Best YearBest & Worst YearThe single calendar year with the highest and lowest return in the measured period.Click for full definition →
2021 · +35.8%
Worst YearBest & Worst YearThe single calendar year with the highest and lowest return in the measured period.Click for full definition →
2023 · -64.0%
% Positive Years% Positive YearsThe percentage of calendar years in the measurement period where the asset delivered a positive return.Click for full definition →
30%

Annual Returns

Rolling 12-Month Returns

Rolling 12-Month Annualised Volatility

Historical Drawdowns

Monthly Returns

Monthly Returns Heatmap

YearJanFebMarAprMayJunJulAugSepOctNovDecAnn.
202637.8-31.81.8-8.1————————-12.1%
2025-3.725.66.2-22.5-6.2-2.7-11.1-5.61.91.411.2-16.8-27.1%
2024-3.2-15.7-11.9-0.921.8-0.9-22.3-1.322.1-22.213.516.5-17.1%
2023-33.9-2.1-23.91.0-11.619.7-4.20.0-3.99.8-26.4-8.2-64.0%
202236.2-9.127.626.811.6-31.950.610.6-26.1-12.84.1-33.612.9%
20212.39.7-7.29.70.124.35.211.331.6-8.4-18.3-17.235.8%
2020-14.8-8.8-4.26.9-15.6-9.40.037.8-19.311.7-16.8-13.2-45.4%
20192.3-2.2-5.1-4.9-5.7-5.5-2.31.70.84.4-14.3-5.4-31.8%
20187.5-11.21.30.05.9-0.8-3.85.03.77.539.8-33.86.0%
2017-15.8-14.913.20.0-8.6-2.0-6.86.2-2.1-9.01.2-3.6-37.6%
2016———4.1-0.625.4-1.0-1.2-1.1-3.34.310.840.2%

Risk X-RayiA 19-factor macroeconomic risk decomposition showing exactly which market forces (equity beta, rates, inflation, credit, commodity, crypto) drive this asset's volatility. Powered by multivariate regression against daily factor returns.

Risk Profile Insight: This asset has an estimated annualized volatility of 122.7%. The dominant macroeconomic risk driver is SHV.US, accounting for 69.5% of variance. Idiosyncratic stock-specific factors contribute 14.8%.

10-Year Historical Price Series (Growth of $10,000)
DateSimulated Value
2016-03-0110000
2016-04-0110405.405405405405
2016-05-0110345.345345345344
2016-06-0112972.972972972973
2016-07-0112837.837837837838
2016-08-0112687.687687687685
2016-09-0112552.552552552552
2016-10-0112132.132132132132
2016-11-0112657.657657657657
2016-12-0114024.024024024024
2017-01-0111801.801801801801
2017-02-0110045.045045045044
2017-03-0111366.366366366366
2017-04-0111366.366366366366
2017-05-0110390.39039039039
2017-06-0110180.180180180181
2017-07-019489.48948948949
2017-08-0110075.075075075076
2017-09-019864.864864864865
2017-10-018978.97897897898
2017-11-019084.084084084083
2017-12-018753.753753753754
2018-01-019414.414414414414
2018-02-018355.855855855856
2018-03-018464.714714714715
2018-04-018468.468468468467
2018-05-018967.717717717718
2018-06-018896.396396396396
2018-07-018562.312312312311
2018-08-018990.240240240239
2018-09-019320.57057057057
2018-10-0110022.52252252252
2018-11-0114009.009009009009
2018-12-019275.525525525525
2019-01-019489.48948948949
2019-02-019283.033033033034
2019-03-018813.813813813813
2019-04-018382.132132132132
2019-05-017901.651651651652
2019-06-017466.216216216216
2019-07-017297.2972972972975
2019-08-017421.1711711711705
2019-09-017481.2312312312315
2019-10-017811.561561561561
2019-11-016692.942942942942
2019-12-016328.828828828829
2020-01-015394.144144144144
2020-02-014917.417417417418
2020-03-014710.960960960961
2020-04-015033.783783783784
2020-05-014249.249249249249
2020-06-013851.3513513513512
2020-07-013851.3513513513512
2020-08-015307.807807807809
2020-09-014283.033033033033
2020-10-014782.282282282283
2020-11-013978.978978978979
2020-12-013453.453453453453
2021-01-013532.2822822822823
2021-02-013873.873873873874
2021-03-013596.0960960960956
2021-04-013945.195195195195
2021-05-013948.948948948949
2021-06-014909.909909909909
2021-07-015165.1651651651655
2021-08-015750.750750750751
2021-09-017567.567567567568
2021-10-016929.4294294294305
2021-11-015660.66066066066
2021-12-014688.438438438438
2022-01-016385.135135135136
2022-02-015803.303303303303
2022-03-017402.402402402402
2022-04-019384.384384384384
2022-05-0110476.726726726725
2022-06-017135.885885885887
2022-07-0110743.243243243243
2022-08-0111880.63063063063
2022-09-018776.276276276276
2022-10-017650.15015015015
2022-11-017965.465465465464
2022-12-015292.792792792792
2023-01-013498.4984984984985
2023-02-013423.4234234234227
2023-03-012605.105105105105
2023-04-012631.3813813813813
2023-05-012327.327327327327
2023-06-012785.2852852852848
2023-07-012668.9189189189187
2023-08-012668.9189189189187
2023-09-012563.813813813814
2023-10-012815.3153153153153
2023-11-012072.072072072072
2023-12-011903.1531531531532
2024-01-011842.1546546546545
2024-02-011552.1771771771769
2024-03-011367.3048048048047
2024-04-011355.105105105105
2024-05-011650.7132132132133
2024-06-011635.698198198198
2024-07-011270.6456456456456
2024-08-011254.6921921921921
2024-09-011532.4699699699697
2024-10-011192.7552552552554
2024-11-011354.1666666666665
2024-12-011577.515015015015
2025-01-011519.331831831832
2025-02-011908.7837837837837
2025-03-012027.9654654654653
2025-04-011570.9459459459458
2025-05-011474.2867867867867
2025-06-011433.9339339339338
2025-07-011275.3378378378377
2025-08-011204.0165165165165
2025-09-011226.5390390390392
2025-10-011243.4309309309308
2025-11-011382.3198198198197
2025-12-011150.5255255255254
2026-01-011585.9609609609606
2026-02-011081.081081081081
2026-03-011100.7882882882882
2026-04-011011.6366366366366
Annual Return Matrix
YearAnnual Return
2017-0.3758029978586723
20180.05960548885077199
2019-0.31768514771347633
2020-0.4543297746144721
20210.357608695652174
20220.1289031224979984
2023-0.6404255319148936
2024-0.17110453648915203
2025-0.2706722189173111
2026-0.12071778140293643
Total Factor Risk
1.2274274875440943
VTI.US Exposure
0.040158897951349345
VEA.US Exposure
0.006861462173940912
VWO.US Exposure
0.0040248145518369865
QQQ.US Exposure
0.00979341244593742
VTV.US Exposure
0.02339954224107007
IJR.US Exposure
0.00005237426515842083
QUAL.US Exposure
0.0009605544258075703
SHV.US Exposure
0.695027244985612
TLT.US Exposure
0.006845168182097996
LQD.US Exposure
0.011511342177656047
HYG.US Exposure
0.007643887434750706
GLD.US Exposure
0.004308991681609862
USO.US Exposure
0.002193975085127292
VNQ.US Exposure
0.00005943159581004128
BTC-USD.CC Exposure
0.0036666950898935867
CPER.US Exposure
0.000553507908836834
VIX.INDX Exposure
0.0009291812308093021
UUP.US Exposure
0.005721177781436257
TIP.US Exposure
0.028177846437982053
Idiosyncratic Exposure
0.14811049235327733
Value Score
50
Growth Score
50
Profit Score
37.5
Health Score
23.6
Yield Score
0
Moat Score
40

Factor Risk Decomposition

Share of annualised volatility attributable to each macro factor.

Total Est. Vol
122.7%

FundamentalsiCompany financial health metrics: P/E valuation, dividend yield, Piotroski F-Score (9-point profitability signal), Altman Z-Score (bankruptcy risk proxy), and a radar chart across 6 fundamental dimensions. Note: ETFs may show N/A for some metrics.

Fundamental Dimensions

Core Valuation

P/E Ratio (TTM)P/E RatioPrice-to-Earnings ratio — the market price of a stock divided by its earnings per share, a key valuation measure.Click for full definition →N/A
Dividend YieldDividend YieldAnnual dividend paid per share divided by the current share price — expressed as a percentage income return.Click for full definition →0.00%
Market Cap$0
Piotroski F-ScorePiotroski F-ScoreA 9-point scoring system evaluating a company's financial strength across profitability, leverage, and operating efficiency.Click for full definition →
9-point profitability signal
0.0/ 9
Weak
Altman Z-ScoreAltman Z-ScoreA bankruptcy prediction model that combines 5 financial ratios into a single score indicating financial distress risk.Click for full definition →
Bankruptcy risk proxy
1.18
Distress Zone
Income Simulation

Based on $10,000 initial investment.

Total Income Generated
$0
Avg Yield on Cost
0.00%

Momentum & MacroiPrice momentum indicators relative to key technical levels: distance from 50-Day SMA (intermediate trend), 200-Day SMA (long-term trend), 52-Week High (bullish proximity), and Beta (market sensitivity coefficient).

vs 50-Day SMAMoving Averages (SMA)A rolling average of an asset's price over a defined window — used to identify trends and momentum signals.Click for full definition →
-9.7%
Above/below 50-day moving average
vs 200-Day SMAMoving Averages (SMA)A rolling average of an asset's price over a defined window — used to identify trends and momentum signals.Click for full definition →
-16.8%
Above/below 200-day moving average
vs 52-Week High52-Week HighThe highest price an asset reached in the past 52 weeks — a key reference for momentum and valuation context.Click for full definition →
43.2% from high
Distance from 52-week high
BetaBetaA measure of an asset's sensitivity to broad market movements relative to a benchmark (e.g. S&P 500).Click for full definition →
3.15
Market sensitivity coefficient

Frequently Asked Questions & Methodology

Is United States Natural Gas Fund LP a high-risk investment?

United States Natural Gas Fund LP (UNG.US) has an annualized volatility of 122.7% and experienced a maximum drawdown of 92.8% over the last 10 years. Its primary macro risk driver is SHV.US.

What is the 10-year return of UNG.US?

Over the past 10 years, UNG.US has generated a Compound Annual Growth Rate (CAGR) of -20.9%. It has had a positive return in 30% of the years measured.

Data Methodology & Trust

The risk and return information on this page is pre-calculated mathematically using daily market data spanning a 10-year period. Fundamentals (such as P/E Ratio, Market Cap, and Dividend Yield) represent trailing averages and may not immediately reflect real-time live market fluctuations. Advanced scoring models like the Piotroski F-Score and Altman Z-Score are proxies applied to publicly available trailing-twelve-month financial statements and may not account for recent off-balance-sheet events, qualitative company shifts, or sector-specific capital structures. Macroeconomic factor exposures are estimated via multivariate regression against standard market indices. This data is provided for quantitative insight and backtesting research, and should not be misconstrued as tailored financial advice.

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