Skip to content
etf.net

UNG vs USO

United States Natural Gas Fund LP

UNGDNYSE Arca

United States Oil Fund, LP

USOBNYSE Arca

Overlap

Expense ratio

USO −0.31pt a year

UNG1.17%USO0.86%

Avg volume · 30D

UNG 3.0×the volume

UNG17.1MUSO5.73M

10Y return · a year

USO +30.5pt

UNG−23.3%USO+7.2%

UNG vs USO Performance

Oct 29, 2021 – Oct 30, 2026

−87.7%UNG+195.4%USO

Oct 29, 2021 to Oct 30, 2026. UNG −87.7%. USO +195.4%. Use the arrow keys to read each point.−50%0%50%100%150%Oct 2021Apr 2024Oct 2026
Expense ratio
UNG 1.17%
USO 0.86%, better
Fund size
UNG $503M
USO $1.95B
1Y total return
UNG −31.5%
USO +132.7%, better
Holdings
UNG 11
USO 17
Avg volume (30D)
UNG 17.1M sh, better
USO 5.73M sh
NAV per share
UNG $9.11
USO $170.39
52W range

ETF.net Grade

UNG: Cost 21, Risk 13, Mission not scored, Tradability 56, Holdings not scored, Durability 64. USO: Cost 65, Risk 43, Mission not scored, Tradability 70, Holdings 100, Durability 71.
Pillar letters and Scores for UNG, USO, with each pillar’s weight
PillarUNGUSO
Cost30% weightF21B65Higher
Mission25% weightNot scoredNot scored
Risk15% weightF13C43Higher
Tradability15% weightB56A70Higher
Holdings10% weightNot scoredA100
Durability5% weightB64A71Higher

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. UNG and USO 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 ›

USO ranks 4th 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 4BUSOUnited States Oil Fund, LPScore 61
  5. Rank 5CUSLUnited States 12 Month Oil FundScore 51
  6. Rank 8DMWHSSkylar Electricity Futures ETFScore 36
  7. Rank 9DUNGUnited States Natural Gas Fund LPScore 30
  8. Rank 10DBWETBreakwave Tanker Shipping ETFScore 28

Our read on each fund

ETF.net Research

UNGDUnited States Natural Gas Fund LP

USOBUnited States Oil Fund, LP

In short

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.

USO The original US crude oil ETF, trading since 2006 and still one of the busiest ways to get WTI exposure without opening a futures account. It holds oil futures near the front of the curve, not barrels in a tank.

Stated mandate

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.

USO USO seeks daily NAV percentage changes that reflect changes in the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, measured by the Benchmark Oil Futures Contract, plus collateral interest and less expenses.

Why people hold it

  • 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.
  • USO Cheap for this corner of the market: 0.86% a year against a cohort median of 1.08%.
  • Live since 2006 and one of the most actively traded funds in its category, so bids and offers are usually there when you need them.
  • Targets daily moves in light, sweet crude delivered to Cushing, Oklahoma, via its benchmark futures contract. No margin account, no expiries to roll yourself.sec.gov
  • Since April 2020 the portfolio has reached past pure front-month into later-dated contracts, a change the fund disclosed in its filings.sec.gov

Worth knowing

  • 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.
  • USO It's a commodity pool, so tax season brings a Schedule K-1 rather than a 1099. Peer OILK is built specifically to skip that paperwork.uscfinvestments.com
  • Futures, not barrels. Rolling contracts forward can cost when later months trade above nearer ones, which pulls results away from headline spot oil.sec.gov
  • One commodity, one price driver, and no income stream: the fund hasn't been paying distributions, so everything rides on the oil move.

Full UNG profile⁠

Full USO profile⁠

UNG vs USO 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.

UNG vs USO Cost

Overpaying UNG vs USO

$5,020

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

  • UNG 1.17%

    $21,388

  • USO 0.86%

    $16,368

$10,000
30 years

Cost over time

  • UNG 1.17%
  • USO 0.86%
  • 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 $21,388USO $16,368

Year by year

YearUNGUSOOverpaying
10$2,048$1,525$523
20$7,639$5,768$1,871
30$21,388$16,368$5,020

Expense ratio

  • 1.17%UNG
  • 0.86%USO, cheaper
  • Middle half of Energy Futures funds
  • Median 1.01%

USO 4th cheapest of 11 funds

UNG 9th cheapest of 11 funds

UNG vs USO Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
UNG None
USO None

Distribution history

UNGAll UNG payments⁠

No distribution history available.

USOAll USO payments⁠

No distribution history available.

UNG vs USO Risk

Fall from peak · 5 years

  • UNG
  • USO
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
UNG 53.4%USO 43.1%, better
Return per unit of riskSharpe ratio, 3 years
UNG −0.56USO 0.71, better
Worst fallMax drawdown, 5 years
UNG −93.3%USO −36.2%, better
Market sensitivityBeta, 5 years
UNG 1.70USO 2.22

Popular comparisons

  • 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.

  • USOBvsOILKA

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

    Expense ratio
    0.86% · 0.70%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • UNGDvsDBEB

    United States Natural Gas Fund LP · Invesco DB Energy Fund

    Expense ratio
    1.17% · 0.79%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • USOBvsDBEB

    United States Oil Fund, LP · Invesco DB Energy Fund

    Expense ratio
    0.86% · 0.79%
    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.

  • USOBvsDBOB

    United States Oil Fund, LP · Invesco DB Oil Fund

    Expense ratio
    0.86% · 0.81%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.