Natural Gas Leads Worst Performing ETFs of the Year

Natural Gas Leads Worst Performing ETFs of the Year

These funds have lost upwards of 75% of their value this year.

Senior ETF Analyst
Reviewed by: Kent Thune
Edited by: Ron Day

With the S&P 500 up double digits in just the first three months of the year, most U.S.-listed exchange-traded funds followed suit to the upside.  

But not all of them. 

Many inverse ETFs, or those that move in the opposite direction of an index or individual asset, performed poorly during Q1. 

For instance, the T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ), which moves in the opposite direction as Nvidia, lost nearly three-quarters of its value by betting against the market’s hottest stock. 

Funds that made leveraged bets on stocks that underperformed sharply, like the GraniteShares 2x Long TSLA Daily ETF (TSLR), also tumbled. TSLR was the sixth worst-performing ETF of the first quarter, with a loss of 52%. 

Shares of Tesla have performed the worst among the magnificent seven this year due to slowing demand for electric vehicles and increased competition from rival automakers.  

Another big loser during the first quarter was the ProShares Ultra Bloomberg Natural Gas ETF (BOIL), which shed 55%. 

This year, the price of natural gas sank below $2/mmbtu for the first time since 2020 amid an oversupplied market. 

Worst ETFs of Q1 2024 (Including Leveraged)



YTD Return

T-Rex 2X NVIDIA Daily Target ETF



GraniteShares 2X Short Daily NVDA Daily ETF



AXS 1.25X NVDA Bear Daily ETF



ProShares Ultra Bloomberg Natural Gas



GraniteShares 2X Long TSLA ETF



T-Rex 2X Long Daily TSLA Target ETF



ProShares Ultra Short Semiconductors



Direxion Daily NVDA Bear 1X Shares



Direxion Daily Electric & Autonomous Vehicles Bull 2X Shares



Direxion Daily Semiconductors Bear 3X Shares



Data as of March 31, 2024.

If you strip out leveraged and inverse ETFs, Q1’s worst performing fund is also a natural gas ETF: the United States Natural Gas fund (UNG), with a loss of 28.2%. 

ETFs tied to Tesla, like the Kurv Yield Premium Strategy Tesla TSLA ETF (TSLP), and those tied to lithium, like the Sprott Lithium Miners ETF (LITP), have also lagged, with losses of 20% to 25%. 

So too have clean energy ETFs, like the Invesco WilderHill Clean Energy ETF (PBW), which shed 22% in the first quarter. 

Worst ETFs of Q1 2024 (Excluding Leveraged)

Name Ticker YTD Return 
United States Natural Gas Fund LP



Kurv Yield Premium Strategy Tesla TSLA ETF



KraneShares European Carbon AIlowance Strategy ETF



Yieldmax TSLA Option Income ETF



Invesco WilderHill Clean Energy ETF



Sprott Lithium Miners ETF



iShares Lithium Miners and Producers ETF



Global X Hydrogen ETF



Defiance Next Gen H2 ETF



First Trust NASDAQ Clean Edge Green Energy Index Trust Fund



Data as of March 31, 2024

Sumit Roy is the senior ETF analyst for, where he has worked for 13 years. He creates a variety of content for the platform, including news articles, analysis pieces, videos and podcasts.

Before joining, Sumit was the managing editor and commodities analyst for Hard Assets Investor. In those roles, he was responsible for most of the operations of HAI, a website dedicated to education about commodities investing.

Though he still closely follows the commodities beat, Sumit covers a much broader assortment of topics for, with a particular focus on stock and bond exchange-traded funds.

He is the host of’s Talk ETFs, a popular video series that features weekly interviews with thought leaders in the ETF industry. Sumit is also co-host of Exchange Traded Fridays,’s weekly podcast series.

He lives in the San Francisco Bay Area, where he enjoys climbing the city’s steep hills, playing chess and snowboarding in Lake Tahoe.