AIOO vs. UGA

Last updated Jun 3, 2026

AIOO (AllianzIM U.S. Equity Buffer100 Protection ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - AIOO is a Defined Outcome fund actively managed by Allianz, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. AIOO is actively managed, while UGA is passively managed. At a correlation of -0.12, they often move in opposite directions. AIOO charges 0.64%/yr vs 0.75%/yr for UGA.

Performance

AIOO vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AIOO achieves a 2.48% return, which is significantly lower than UGA's 75.83% return.

AIOO

• 1D: 0.04%
• 1M: 1.11%
• YTD: 2.48%
• 6M: 2.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UGA

• 1D: 1.74%
• 1M: -8.95%
• YTD: 75.83%
• 6M: 64.53%
• 1Y: 82.09%
• 3Y*: 22.29%
• 5Y*: 25.18%
• 10Y*: 14.46%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AIOO vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	2.48%	2.67%
UGA United States Gasoline Fund LP	75.83%	0.77%

Correlation

The correlation between AIOO and UGA is -0.12, 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 (All Time) Calculated using the full available price history since Jul 2, 2025	-0.12

Return for Risk

AIOO vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UGA

UGA Risk / Return Rank: 71
UGA Sharpe Ratio Rank: 70
UGA Sortino Ratio Rank: 58
UGA Omega Ratio Rank: 61
UGA Calmar Ratio Rank: 91
UGA Martin Ratio Rank: 74

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.

AIOO vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	AIOO	UGA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.35	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.88	0.12	+2.76

Drawdowns

AIOO vs. UGA - Drawdown Comparison

The maximum AIOO drawdown since its inception was -0.74%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for AIOO and UGA.

Drawdown Indicators

	AIOO	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-0.74%	-86.59%	+85.85%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-26.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	0.00%	-12.18%	+12.18%
Average Drawdown Average peak-to-trough decline	-0.17%	-36.77%	+36.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.08%	—

Volatility

Volatility by Period

	AIOO	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.41%	—
Volatility (6M) Calculated over the trailing 6-month period	—	30.41%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.98%	35.21%	-33.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.98%	34.38%	-32.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.98%	37.27%	-35.29%

AIOO vs. UGA - Expense Ratio Comparison

AIOO has a 0.64% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

AIOO vs. UGA - Dividend Comparison

Neither AIOO nor UGA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AIOO and UGA in my portfolio?

AIOO and UGA have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AIOO or UGA?

On fees, AIOO is cheaper at 0.64% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AIOO or UGA?

AIOO is cheaper with a 0.64% expense ratio, compared with 0.75% for UGA.

Which ETF pays a higher dividend yield, AIOO or UGA?

AIOO and UGA have nearly identical dividend yields, around 0.00%.

What is the main difference between AIOO and UGA?

AIOO is categorized as Defined Outcome, while UGA is Oil & Gas. They also come from different issuers: Allianz and Concierge Technologies. Their fees differ too: 0.64% for AIOO and 0.75% for UGA.