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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in United States Gasoline Fund LP, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
United States Gasoline Fund LP (UGA) has returned 67.41% so far this year and 60.84% over the past 12 months. Looking at the last ten years, UGA has achieved an annualized return of 15.30%, outperforming the S&P 500 Index benchmark, which averaged 12.16% per year.
United States Gasoline Fund LP
- 1D
- -2.37%
- 1M
- 41.79%
- YTD
- 67.41%
- 6M
- 60.25%
- 1Y
- 60.84%
- 3Y*
- 19.35%
- 5Y*
- 26.26%
- 10Y*
- 15.30%
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Feb 28, 2008, UGA's average daily return is +0.04%, while the average monthly return is +0.96%. At this rate, your investment would double in approximately 6.0 years.
Historically, 56% of months were positive and 44% were negative. The best month was Mar 2026 with a return of +41.8%, while the worst month was Mar 2020 at -60.8%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 8 months.
On a daily basis, UGA closed higher 52% of trading days. The best single day was Mar 25, 2020 with a return of +19.7%, while the worst single day was Mar 16, 2020 at -22.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 12.38% | 5.06% | 41.79% | 67.41% | |||||||||
| 2025 | 1.59% | -2.32% | 2.79% | -11.40% | 2.16% | 3.55% | 6.93% | -1.27% | 1.44% | 1.69% | 2.08% | -7.78% | -2.00% |
| 2024 | 4.83% | 4.90% | 6.26% | 0.08% | -8.86% | 4.48% | -0.30% | -7.63% | -6.15% | 5.89% | -2.55% | 4.48% | 3.77% |
| 2023 | 3.15% | -4.98% | 3.47% | -4.00% | -0.99% | 8.45% | 17.03% | -3.96% | -3.94% | -6.79% | -1.49% | -2.30% | 1.27% |
| 2022 | 15.16% | 9.65% | 7.68% | 10.09% | 19.62% | -7.53% | -8.23% | -15.07% | -0.21% | 13.21% | -3.55% | 4.06% | 46.34% |
| 2021 | 10.24% | 16.79% | 0.67% | 5.11% | 3.68% | 4.43% | 4.49% | -2.43% | 4.98% | 10.66% | -15.30% | 13.87% | 68.49% |
Benchmark Metrics
United States Gasoline Fund LP has an annualized alpha of 3.64%, beta of 0.66, and R² of 0.13 versus S&P 500 Index. Calculated based on daily prices since February 29, 2008.
- This ETF participated in 116.39% of S&P 500 Index downside but only 96.23% of its upside — more exposed to losses than it benefited from rallies.
- Beta of 0.66 may look defensive, but with R² of 0.13 this ETF is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R² of 0.13 means this ETF moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 3.64%
- Beta
- 0.66
- R²
- 0.13
- Upside Capture
- 96.23%
- Downside Capture
- 116.39%
Expense Ratio
UGA has an expense ratio of 0.75%, placing it in the medium range.
Return for Risk
Risk / Return Rank
UGA ranks 86 for risk / return — in the top 86% of ETFs on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for United States Gasoline Fund LP (UGA) and compare them to a chosen benchmark (S&P 500 Index).
| UGA | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.90 | 0.90 | +1.01 |
Sortino ratioReturn per unit of downside risk | 2.41 | 1.39 | +1.02 |
Omega ratioGain probability vs. loss probability | 1.32 | 1.21 | +0.11 |
Calmar ratioReturn relative to maximum drawdown | 4.16 | 1.40 | +2.76 |
Martin ratioReturn relative to average drawdown | 9.15 | 6.61 | +2.54 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore UGA risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the United States Gasoline Fund LP. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the United States Gasoline Fund LP was 86.59%, occurring on Mar 24, 2020. Recovery took 535 trading sessions.
The current United States Gasoline Fund LP drawdown is 2.37%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -86.59% | Jul 3, 2008 | 2951 | Mar 24, 2020 | 535 | May 6, 2022 | 3486 |
| -38.11% | Jun 6, 2022 | 130 | Dec 8, 2022 | 809 | Mar 4, 2026 | 939 |
| -9.59% | Mar 23, 2026 | 1 | Mar 23, 2026 | 5 | Mar 30, 2026 | 6 |
| -7.95% | Mar 13, 2008 | 3 | Mar 17, 2008 | 11 | Apr 2, 2008 | 14 |
| -7.48% | May 9, 2022 | 2 | May 10, 2022 | 2 | May 12, 2022 | 4 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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