# United States Natural Gas Fund, LP (UNG)

> Source: Nexqual · https://nexqual.com/UNG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, United States Natural Gas Fund, LP (UNG), nexqual.com/UNG" · informational, not investment advice.

**Price:** USD 9.89 (-0.80% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 9.97 · day 9.88–10.1 · 52w 9.55–17.03 · market cap null · PCX

## Key facts
- Total return with dividends: 1Y -23.5% vs S&P 500 +14.9%; 5Y -86.5% vs S&P 500 +80.3%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $22.1M | $80.0M | — | — | — | — |
| Net income | $18.4M | $75.0M | -$671M | $65.1M | $34.2M | $72.9M |
| Net margin | 83.1% | 93.8% | — | — | — | — |
| Revenue growth | +111.2% | +261.3% | — | — | — | — |
| Cash + short-term investments | $248M | $318M | $678M | $594M | $438M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)


## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -23.5% | -86.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -23.6% | -33.0% |
| Volatility (annualized) | 59.3% | 63.2% |
| Max drawdown | -43.0% (Jan 2026→Aug 2026) | -92.4% (Aug 2022→Aug 2026) |

## Peers
USO (United States Oil Fund) USD 162.51 +1.70% · BOIL (ProShares Ultra Bloomberg Natur) USD 18.08 -1.90% · DBA (Invesco DB Agriculture Fund) USD 27.92 -0.71% · GDX (VanEck Gold Miners ETF) USD 81.69 -5.80% · UUP (Invesco DB USD Index Bullish Fu) USD 28.9 -0.07%

## More
Full page: https://nexqual.com/UNG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-28 | 5 | 51.9% | ±5.5% |
| 2026-10-30 | 7 | 56.0% | ±6.7% |
| 2026-11-04 | 12 | 53.7% | ±8.2% |
| 2026-11-06 | 14 | 60.2% | ±9.9% |
| 2026-11-13 | 21 | 61.6% | ±12.2% |
| 2026-11-20 | 28 | 62.0% | ±14.1% |
| 2026-11-27 | 35 | 63.8% | ±16.1% |
| 2026-12-04 | 42 | 62.7% | ±17.3% |