Skip to content
etf.net

DBE vs UNG

Invesco DB Energy Fund

DBEBNYSE Arca

United States Natural Gas Fund LP

UNGDNYSE Arca

Overlap

Expense ratio

DBE −0.38pt a year

DBE0.79%UNG1.17%

Avg volume · 30D

UNG 371.8×the volume

DBE45.9KUNG17.1M

10Y return · a year

DBE +38.2pt

DBE+14.9%UNG−23.3%

DBE vs UNG Performance

Oct 29, 2021 – Oct 30, 2026

+158.8%DBE−87.7%UNG

Oct 29, 2021 to Oct 30, 2026. DBE +158.8%. UNG −87.7%. Use the arrow keys to read each point.−50%0%50%100%Oct 2021Apr 2024Oct 2026
Expense ratio
DBE 0.79%, better
UNG 1.17%
Fund size
DBE $152M
UNG $503M
1Y total return
DBE +121.4%, better
UNG −31.5%
Yield (12M)
DBE 1.65%
UNG No data
Holdings
DBE 8
UNG 11
Avg volume (30D)
DBE 45.9K sh
UNG 17.1M sh, better
NAV per share
DBE $41.15
UNG $9.11
52W range

ETF.net Grade

DBE: Cost 83, Risk 68, Mission not scored, Tradability 46, Holdings 43, Durability 59. UNG: Cost 21, Risk 13, Mission not scored, Tradability 56, Holdings not scored, Durability 64.
Pillar letters and Scores for DBE, UNG, with each pillar’s weight
PillarDBEUNG
Cost30% weightA83HigherF21
Mission25% weightNot scoredNot scored
Risk15% weightB68HigherF13
Tradability15% weightC46B56Higher
Holdings10% weightC43Not scored
Durability5% weightB59B64Higher

Rank among Energy Futures funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DBE and UNG are both graded against the same 11 Energy Futures funds, so their Grades compare head to head.

Energy Futures⁠

Category · 11 funds
See all 11 ›

DBE ranks 2nd and UNG 9th of 11 funds in the Energy Futures Category.

  1. Rank 1AOILKProShares K-1 Free Crude Oil ETFScore 79
  2. Rank 2BDBEInvesco DB Energy FundScore 69
  3. Rank 3BDBOInvesco DB Oil FundScore 67
  4. Rank 8DMWHSSkylar Electricity Futures ETFScore 36
  5. Rank 9DUNGUnited States Natural Gas Fund LPScore 30
  6. Rank 10DBWETBreakwave Tanker Shipping ETFScore 28

Our read on each fund

ETF.net Research

DBEBInvesco DB Energy Fund

UNGDUnited States Natural Gas Fund LP

In short

DBE Most energy ETFs buy the companies. DBE buys the barrels: a basket of energy futures tracking an Invesco commodity index, running since 2007.

UNG The energy-futures aisle is mostly crude; UNG is the natural gas one. Live since 2007, it tracks the daily percentage move in Henry Hub gas through a short-dated futures benchmark, not the spot price quoted on TV.

Stated mandate

DBE The fund seeks to follow both increases and decreases in the DBIQ Optimum Yield Energy Index Excess Return.

UNG UNG seeks to reflect the daily percentage change in the price of natural gas delivered at Henry Hub, Louisiana, through a specified short-term benchmark futures contract, plus collateral interest and less expenses.

Why people hold it

  • DBE Holds energy futures tracking the DBIQ Optimum Yield Energy Index Excess Return, so it follows fuel prices themselves rather than oil-company earnings, buybacks or balance sheets.invesco.com
  • Live since 2007, which puts multiple full commodity cycles behind it. That kind of run time is uncommon among futures-based funds.
  • At 0.79% it sits right at the median for its energy peer group, and the fund handles the futures contracts, rolls and collateral you would otherwise manage yourself.
  • UNG Henry Hub exposure from an ordinary brokerage account: no futures account, no contracts to roll yourself, just a ticker that follows the daily move in short-dated gas futures.
  • Running since 2007 and very actively traded, it is one of the best-established ways to put on a natural gas view in fund form.
  • The mandate is literal: the daily percentage change in one specified benchmark futures contract, plus collateral interest, less expenses. No stock picking, no discretion, no overlay.

Worth knowing

  • DBE It is structured as a partnership, so tax time brings a Schedule K-1 instead of the usual 1099. Worth knowing before one shows up in the mail.invesco.com
  • Futures plumbing costs more than owning stocks. Equity-based energy peers like XES (0.35%) and MLPX (0.45%) charge well under half of DBE's 0.79%.
  • A single-commodity-complex bet that follows energy futures both up and down, with no company dividends underneath. Our overall read places it in the lower half of its energy cohort.
  • UNG Futures, not spot. The benchmark contract has to be rolled forward, so results over months and years can drift well away from the headline Henry Hub price.
  • Fees sit at the top of the group: 1.17% a year versus a 1.15% peer median, while crude-focused rivals OILK (0.69%) and DBO (0.81%) charge far less.
  • It is a limited partnership commodity pool, so tax reporting works differently than a standard fund. Some peers, such as OILK, are built to skip that paperwork.

Full DBE profile⁠

Full UNG profile⁠

DBE vs UNG Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DBE vs UNG Cost

Overpaying UNG vs DBE

$6,214

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • DBE 0.79%

    $15,174

  • UNG 1.17%

    $21,388

$10,000
30 years

Cost over time

  • DBE 0.79%
  • UNG 1.17%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530UNG $21,388DBE $15,174

Year by year

YearDBEUNGOverpaying
10$1,405$2,048$643
20$5,331$7,639$2,308
30$15,174$21,388$6,214

Expense ratio

  • 0.79%DBE, cheaper
  • 1.17%UNG
  • Middle half of Energy Futures funds
  • Median 1.01%

DBE 2nd cheapest of 11 funds

UNG 9th cheapest of 11 funds

DBE vs UNG Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
DBE 1.65%
UNG No data
Payout (12M)
DBE $0.67
UNG None
Last payment
DBE $0.67
UNG No data
Ex-dividend
DBE Dec 22, 2025
UNG No data
Paid on
DBE Dec 26, 2025
UNG No data
Frequency
DBE Special
UNG No data

Distribution history

Per share, 2017 to 2026, same scale for both

DBESpecial · 6 paymentsAll DBE payments⁠
One bar per payment. 6 payments from 2017 to 2026 YTD. Dec 24, 2018 $0.21; Dec 23, 2019 $0.26; Dec 19, 2022 $0.17; Dec 18, 2023 $0.74; Dec 23, 2024 $1.17; Dec 22, 2025 $0.67. Use the arrow keys to read each point.$0$12017202020232026YTD
UNGAll UNG payments⁠

No distribution history available.

DBE vs UNG Risk

Fall from peak · 5 years

  • DBE
  • UNG
Oct 29, 2021 to Oct 30, 2026. Worst fall: UNG −93.3% · Oct 2026. Use the arrow keys to read each point.−100%−75%−50%−25%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
DBE 34.8%, betterUNG 53.4%
Return per unit of riskSharpe ratio, 3 years
DBE 0.73, betterUNG −0.56
Worst fallMax drawdown, 5 years
DBE −38.8%, betterUNG −93.3%
Market sensitivityBeta, 5 years
DBE 1.92UNG 1.70

Popular comparisons

  • DBEBvsOILKA

    Invesco DB Energy Fund · ProShares K-1 Free Crude Oil ETF

    Expense ratio
    0.79% · 0.70%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • UNGDvsOILKA

    United States Natural Gas Fund LP · ProShares K-1 Free Crude Oil ETF

    Expense ratio
    1.17% · 0.70%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • DBEBvsDBOB

    Invesco DB Energy Fund · Invesco DB Oil Fund

    Expense ratio
    0.79% · 0.81%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • UNGDvsDBOB

    United States Natural Gas Fund LP · Invesco DB Oil Fund

    Expense ratio
    1.17% · 0.81%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • DBEBvsUSOB

    Invesco DB Energy Fund · United States Oil Fund, LP

    Expense ratio
    0.79% · 0.86%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • UNGDvsUSOB

    United States Natural Gas Fund LP · United States Oil Fund, LP

    Expense ratio
    1.17% · 0.86%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.