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UNG

United States Natural Gas Fund

Natural gas futures ETF. Extremely volatile — one of the most volatile commodity ETFs. Subject to severe contango drag. NOT suitable for long-term holding.

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CommodityTER 1.10%Dist.
TER
1.10%
AUM
$0.5B
CAGR
-28.7%
Volatility
48.1%
Sharpe
-0.66
Max Drawdown
-99.9%
Data Range
2007-04 → 2026-04

Performance Analysis

Maximum Drawdown History

How far the ETF has fallen from its all-time high at each point. Deeper = more painful.

Current DD-99.9%
Worst DD-99.9%
Worst date2026-04

Rolling Returns

Annualized returns over rolling windows. Shows the range of outcomes depending on when you invested.

Avg return-26.2%
Best17.0%
Worst-55.6%
% positive4%
193 periods

Backtest Data Proxy

Futures-based: extreme contango drag makes long-term holding very costly.

Key Facts

ISIN
US9123181073
Issuer
Invesco
Benchmark
Henry Hub Natural Gas (front-month futures)
Total Expense Ratio (TER)
1.10%
Assets Under Management
$0.5B approx.
Inception Date
2007-04-18
Domicile
United States
Legal Structure
Limited Partnership
Dividend Policy
Distributing (pays dividends)
Replication Method
Synthetic (Swap-Based)
UCITS Status
✗ Not UCITS
Fund Currency
USD
Primary Exchange
NYSE Arca
Number of Holdings
N/A

Top 10 Holdings

Top 10 represent 100.0% of the fund.

1
NG-FUT-ANatural Gas Front Month
60.00%
2
NG-FUT-BNatural Gas Next Month
40.00%
Backtest this ETFOfficial Fund Page

Who Is This ETF For?

✓General portfolio building block for the asset class it covers.

Key Risks to Consider

• No cash flows or dividends — returns depend entirely on price appreciation.

• Non-UCITS: may have unfavorable tax treatment for non-US investors (US estate tax, withholding tax).

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Correlation Matrix

Risk vs Return

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Data & Methodology

Metadata sourced from official issuer documentation. Price data from Yahoo Finance (monthly adjusted close, includes reinvested dividends and splits). AUM figures are approximate and updated quarterly.

Data source: Yahoo Finance (adjusted close), USCF (metadata)Last verified: 2026-04-17

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💬 Frequently Asked Questions

Natural gas futures ETF. Extremely volatile — one of the most volatile commodity ETFs. Subject to severe contango drag. NOT suitable for long-term holding.
UNG has a total expense ratio (TER) of 1.10%, which means you pay $110 per year for every $10,000 invested.
Yes, UNG is a distributing ETF that pays dividends to shareholders. The frequency depends on the fund's schedule.
UNG is a US-domiciled ETF (not UCITS). Non-US investors should consider the US estate tax implications (40% on US assets above $60,000) and the 30% dividend withholding tax (reduced by treaty in some countries).
UNG uses synthetic replication via swap contracts, which can reduce tracking error but introduces counterparty risk.