AVEE vs. UGA

Last updated Jun 24, 2026

AVEE (Avantis Emerging Markets Small Cap Equity ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - AVEE is a Emerging Markets Diversified fund actively managed by Avantis, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. AVEE is actively managed, while UGA is passively managed. Over the past year, AVEE returned 21.47% vs 59.74% for UGA. At a correlation of -0.01, they often move in opposite directions. AVEE charges 0.42%/yr vs 0.75%/yr for UGA.

Performance

AVEE vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets Small Cap Equity ETF (AVEE) 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, AVEE achieves a 11.09% return, which is significantly lower than UGA's 64.09% return.

AVEE

• 1D: -3.91%
• 1M: -1.72%
• YTD: 11.09%
• 6M: 10.95%
• 1Y: 21.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UGA

• 1D: -1.12%
• 1M: -12.11%
• YTD: 64.09%
• 6M: 60.42%
• 1Y: 59.74%
• 3Y*: 18.95%
• 5Y*: 22.69%
• 10Y*: 14.31%

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

AVEE vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AVEE Avantis Emerging Markets Small Cap Equity ETF	11.09%	19.80%	2.91%	6.15%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.77%	-0.05%

Correlation

The correlation between AVEE and UGA is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Nov 9, 2023	-0.01

Over the past year, the inverse relationship between AVEE and UGA has strengthened: their correlation has moved from -0.01 to -0.24, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

AVEE vs. UGA — Risk / Return Rank

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

AVEE

AVEE Risk / Return Rank: 37
AVEE Sharpe Ratio Rank: 34
AVEE Sortino Ratio Rank: 33
AVEE Omega Ratio Rank: 35
AVEE Calmar Ratio Rank: 42
AVEE Martin Ratio Rank: 41

UGA

UGA Risk / Return Rank: 55
UGA Sharpe Ratio Rank: 53
UGA Sortino Ratio Rank: 48
UGA Omega Ratio Rank: 49
UGA Calmar Ratio Rank: 67
UGA Martin Ratio Rank: 56

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.

AVEE vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Small Cap Equity ETF (AVEE) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AVEE	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.73	-0.55
Sortino ratio: Return per unit of downside risk	1.66	2.25	-0.59
Omega ratio: Gain probability vs. loss probability	1.23	1.30	-0.07
Calmar ratio: Return relative to maximum drawdown	2.03	3.17	-1.14
Martin ratio: Return relative to average drawdown	6.29	9.39	-3.10

AVEE vs. UGA - Sharpe Ratio Comparison

The current AVEE Sharpe Ratio is 1.18, which is lower than the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of AVEE 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.

Drawdowns

AVEE vs. UGA - Drawdown Comparison

The maximum AVEE drawdown since its inception was -20.21%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for AVEE and UGA.

Drawdown Indicators

	AVEE	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-20.21%	-86.59%	+66.38%
Max Drawdown (1Y) Largest decline over 1 year	-10.65%	-18.96%	+8.31%
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	-4.90%	-18.05%	+13.15%
Average Drawdown Average peak-to-trough decline	-3.67%	-36.69%	+33.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	6.43%	-3.01%

Volatility

AVEE vs. UGA - Volatility Comparison

Avantis Emerging Markets Small Cap Equity ETF (AVEE) and United States Gasoline Fund LP (UGA) have volatilities of 9.24% and 9.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVEE	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.24%	9.24%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	16.10%	30.57%	-14.47%
Volatility (1Y) Calculated over the trailing 1-year period	18.30%	35.22%	-16.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.21%	34.45%	-17.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.21%	37.22%	-20.01%

AVEE vs. UGA - Expense Ratio Comparison

AVEE has a 0.42% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

AVEE vs. UGA - Dividend Comparison

AVEE's dividend yield for the trailing twelve months is around 2.77%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
AVEE Avantis Emerging Markets Small Cap Equity ETF	2.77%	2.25%	3.26%	0.39%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVEE and UGA in my portfolio?

AVEE and UGA have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVEE or UGA?

UGA has higher volatility (9.24%) compared to AVEE (9.24%). In terms of maximum drawdown, AVEE dropped -20.21% vs UGA's -86.59%.

Which ETF is better, AVEE or UGA?

On 1-year performance, UGA leads with 59.74% vs 21.47% for AVEE. On fees, AVEE is cheaper at 0.42% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVEE or UGA?

Over the 1-year period, UGA has performed better with a 59.74% return vs 21.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVEE or UGA?

AVEE is cheaper with a 0.42% expense ratio, compared with 0.75% for UGA.

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

AVEE has the higher dividend yield at 2.77%, compared with 0.00% for UGA.

What is the main difference between AVEE and UGA?

AVEE is categorized as Emerging Markets Diversified, while UGA is Oil & Gas. They also come from different issuers: Avantis and Concierge Technologies. Their fees differ too: 0.42% for AVEE and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.73 vs 1.18), 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.