UNG drawdown: 99.9% below the all-time high
United States Natural Gas Fund (UNG) is 99.9% below its all-time high, set Jul 1, 2008 (as of market close, Jul 24, 2026). The chart shows every day as a percentage of the highest level reached up to that point: 100% means a fresh record, everything below is a drawdown. "All-time" means since our price data begins (2007).
- Below all-time high
- −99.9%
- 0.1% of ATH
- All-time high
- $8,125
- Jul 1, 2008
- Time below the high
- 18.1 yrs
- since Jul 1, 2008
- Worst-ever drawdown
- −99.9%
- Apr 29, 2026
- Longest underwater
- 18.1 yrs
- between all-time highs
- Today's level first reached
- Apr 18, 2007
- 19.3 yrs ago
- Last time this deep
- never before
- no prior −99.9% episode
% of all-time high since 2007#
The classic underwater chart (drawdown curve), drawn as % of the all-time high — 100% is a fresh record, everything below it is time spent underwater.
% of all-time high on the price basis — the all-time high considers the full history of UNG, including years before the visible window. Dividends are excluded on this basis (the convention headlines use).
The deepest drawdowns on record#
Every decline of 15% or more from an all-time high (price basis), deepest first.
| Peak | Trough | Depth | Peak → trough | Recovered by | Underwater |
|---|---|---|---|---|---|
| Jul 1, 2008 | Apr 29, 2026 | −99.9% | 17.8 yrs | not yet | 18.1 yrs+ |
| May 17, 2007 | Aug 31, 2007 | −36.7% | 3 mo | Apr 28, 2008 | 11 mo |
Price basis (no dividends) — the convention crash histories use. With dividends reinvested, recoveries arrive years earlier; switch the basis on the chart above to see it.
Drawdown vs what came next#
One dot per month since 2007: how far UNG stood below its all-time high, and the total return over the following 1, 5 and 10 years.
Read this with survivorship bias in mind: UNG is on this chart precisely because it survived — the many stocks that fell this far and never recovered (or were delisted) aren't on anyone's chart, so past recoveries here say little about the odds ahead. Monthly windows also overlap heavily (they are not independent samples). Not investment advice.
FAQ
- How far is UNG from its all-time high?
- UNG is currently 99.9% below its all-time high, set Jul 1, 2008 (as of market close, Jul 24, 2026). Prices only, the convention headlines use; with dividends reinvested the gap is usually smaller.
- What was the biggest UNG drawdown ever?
- The deepest decline on record in our data (since 2007) took the stock 99.9% below its prior high, bottoming Apr 29, 2026. The table on this page lists every major episode with its peak, trough and recovery date.
Methodology & related#
Daily closing prices since 2007 (split-adjusted). "All-time" means since our price data begins — UNG may have traded earlier. For a 150-year index drawdown record see the S&P 500 drawdown page. The price basis excludes dividends; the total-return basis reinvests them; the real basis additionally deflates by CPI. See also returns by year, 150 years of returns and the rolling-returns explorer. Past performance does not predict future returns; not investment advice.