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AGZ vs. UGA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AGZ vs. UGA

Last updated Jun 4, 2026

AGZ (iShares Agency Bond ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - AGZ is a Government Bonds fund tracking the Bloomberg U.S. Agency Bond Index (USD), while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, AGZ returned 1.83%/yr vs 14.43%/yr for UGA. At a correlation of -0.15, they often move in opposite directions. AGZ charges 0.20%/yr vs 0.75%/yr for UGA.

Performance

AGZ vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Agency Bond ETF (AGZ) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, AGZ achieves a 0.16% return, which is significantly lower than UGA's 75.49% return. Over the past 10 years, AGZ has underperformed UGA with an annualized return of 1.83%, while UGA has yielded a comparatively higher 14.43% annualized return.

AGZ

1D
-0.13%
1M
-0.03%
YTD
0.16%
6M
0.29%
1Y
3.95%
3Y*
4.10%
5Y*
1.15%
10Y*
1.83%

UGA

1D
-0.19%
1M
-12.35%
YTD
75.49%
6M
64.35%
1Y
80.94%
3Y*
22.21%
5Y*
25.10%
10Y*
14.43%
*Multi-year figures are annualized to reflect compound growth (CAGR)

AGZ vs. UGA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
AGZ
iShares Agency Bond ETF		0.16%6.05%3.08%5.18%-7.77%-1.05%5.77%5.51%1.32%2.01%
UGA
United States Gasoline Fund LP		75.49%-2.00%3.77%1.27%46.34%68.49%-24.88%41.25%-28.07%1.69%

Correlation

The correlation between AGZ and UGA is -0.37, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.37

Correlation (3Y)
Calculated over the trailing 3-year period

-0.22

Correlation (5Y)
Calculated over the trailing 5-year period

-0.15

Correlation (10Y)
Calculated over the trailing 10-year period

-0.15

Correlation (All Time)
Calculated using the full available price history since Nov 10, 2008

-0.15

Over the past year, the inverse relationship between AGZ and UGA has strengthened: their correlation has moved from -0.15 to -0.37, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Agency Bond ETF

United States Gasoline Fund LP

Often compared with AGZ:
AGZ vs. AGZDAGZ vs. FGOVXAGZ vs. NYFAGZ vs. GVIAGZ vs. LLDYXAGZ vs. GBFAGZ vs. USFR
Often compared with UGA:
UGA vs. URAUGA vs. FCGUGA vs. QQQUGA vs. VOOUGA vs. USOUGA vs. SPYUGA vs. FNGS

Return for Risk

AGZ vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AGZ
AGZ Risk / Return Rank: 5050
Overall Rank
AGZ Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
AGZ Sortino Ratio Rank: 4747
Sortino Ratio Rank
AGZ Omega Ratio Rank: 4444
Omega Ratio Rank
AGZ Calmar Ratio Rank: 5959
Calmar Ratio Rank
AGZ Martin Ratio Rank: 5656
Martin Ratio Rank
UGA
UGA Risk / Return Rank: 6969
Overall Rank
UGA Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
UGA Sortino Ratio Rank: 5757
Sortino Ratio Rank
UGA Omega Ratio Rank: 6060
Omega Ratio Rank
UGA Calmar Ratio Rank: 8989
Calmar Ratio Rank
UGA Martin Ratio Rank: 7171
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AGZ vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Agency Bond ETF (AGZ) and United States Gasoline Fund LP (UGA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

AGZUGADifference
Sharpe ratioReturn per unit of total volatility
1.54
2.32

-0.78

Sortino ratioReturn per unit of downside risk
2.33
2.75

-0.42

Omega ratioGain probability vs. loss probability

1.28

1.37

-0.09

Calmar ratioReturn relative to maximum drawdown

2.93

5.47

-2.54

Martin ratioReturn relative to average drawdown

9.76

13.25

-3.48

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AGZ vs. UGA - Sharpe Ratio Comparison

The current AGZ Sharpe Ratio is 1.54, which is lower than the UGA Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of AGZ and UGA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

AGZUGADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.54

2.32

-0.78

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.33

0.73

-0.41

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.60

0.39

+0.22

Sharpe Ratio (All Time)

Calculated using the full available price history

0.68

0.12

+0.56

Drawdowns

AGZ vs. UGA - Drawdown Comparison

The maximum AGZ drawdown since its inception was -11.01%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for AGZ and UGA.

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Drawdown Indicators

AGZUGADifference

Max Drawdown

Largest peak-to-trough decline

-11.01%

-86.59%

+75.58%

Max Drawdown (1Y)

Largest decline over 1 year

-1.35%

-14.88%

+13.53%

Max Drawdown (3Y)

Largest decline over 3 years

-1.85%

-26.68%

+24.83%

Max Drawdown (5Y)

Largest decline over 5 years

-10.66%

-38.11%

+27.45%

Max Drawdown (10Y)

Largest decline over 10 years

-11.01%

-75.89%

+64.88%

Current Drawdown

Current decline from peak

-0.78%

-12.35%

+11.57%

Average Drawdown

Average peak-to-trough decline

-1.61%

-36.76%

+35.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.41%

6.13%

-5.72%

Volatility

AGZ vs. UGA - Volatility Comparison

The current volatility for iShares Agency Bond ETF (AGZ) is 0.76%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that AGZ experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AGZUGADifference

Volatility (1M)

Calculated over the trailing 1-month period

0.76%

11.66%

-10.90%

Volatility (6M)

Calculated over the trailing 6-month period

1.93%

30.41%

-28.48%

Volatility (1Y)

Calculated over the trailing 1-year period

2.58%

35.14%

-32.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.54%

34.38%

-30.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.03%

37.27%

-34.24%

AGZ vs. UGA - Expense Ratio Comparison

AGZ has a 0.20% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

AGZ vs. UGA - Dividend Comparison

AGZ's dividend yield for the trailing twelve months is around 3.73%, while UGA has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
AGZ
iShares Agency Bond ETF		3.73%3.75%3.48%3.14%1.56%0.96%2.25%2.32%2.15%1.58%1.52%1.30%
UGA
United States Gasoline Fund LP		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

AGZ and UGA have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UGA has higher volatility (11.66%) compared to AGZ (0.76%). In terms of maximum drawdown, AGZ dropped -11.01% vs UGA's -86.59%.

On 10-year performance, UGA leads with 14.43% vs 1.83% for AGZ. On fees, AGZ is cheaper at 0.20% per year. On volatility, AGZ has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, UGA has performed better with a 14.43% return vs 1.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

AGZ is cheaper with a 0.20% expense ratio, compared with 0.75% for UGA.

AGZ has the higher dividend yield at 3.73%, compared with 0.00% for UGA.

AGZ is categorized as Government Bonds, while UGA is Oil & Gas. AGZ tracks Bloomberg U.S. Agency Bond Index (USD), while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.20% for AGZ and 0.75% for UGA.

UGA currently has the higher Sharpe Ratio (2.32 vs 1.54), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

Portfolio Optimizer

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