UNG’s worst drop since 2007 was 100%
United States Natural Gas Fund (UNG) fell 100% from Jul 2008 to Aug 2026. It has not closed above that Jul 2008 peak since, 18.3 years later. Over the same years the S&P 500 fell as much as 55%.
That drop ranks 1st deepest among the 203 ETFs PortfolioAutopsy tracks.
Drawdown from the last high, 2007 to now
How UNG held up in each crash
| Crash | Years | UNG | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | not trading yet | −47.5% |
| Financial crisis | 2007–09 | −79.5% | −55.2% |
| COVID crash | 2020 | −47.2% | −33.7% |
| 2022 rate shock | 2022 | −62.2% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
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What was UNG’s maximum drawdown?
UNG’s deepest fall since 2007 was 99.9%, from its high on July 1, 2008 to its low on August 6, 2026. The figure uses daily prices with dividends reinvested.
How long did UNG take to recover?
It has not recovered yet. As of October 13, 2026 it sits 99.9% below that Jul 2008 high.
Was UNG riskier than the S&P 500?
Over the same years, UNG’s worst drop was 99.9% against 55.2% for the S&P 500 (SPY), and its worst 12 months were −80.5% against −47.4%.
Compare with
Daily adjusted closes from Yahoo Finance, April 19, 2007 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.