BCHI vs. UGA

Last updated Jun 23, 2026

BCHI (GMO Beyond China ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - BCHI is a Emerging Markets Diversified fund actively managed by GMO, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. BCHI is actively managed, while UGA is passively managed. Over the past year, BCHI returned 64.74% vs 52.27% for UGA. At a correlation of -0.12, they often move in opposite directions. BCHI charges 0.65%/yr vs 0.75%/yr for UGA.

Performance

BCHI vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO Beyond China ETF (BCHI) 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, BCHI achieves a 35.93% return, which is significantly lower than UGA's 65.95% return.

BCHI

• 1D: -0.82%
• 1M: 6.18%
• YTD: 35.93%
• 6M: 37.59%
• 1Y: 64.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UGA

• 1D: 0.15%
• 1M: -11.11%
• YTD: 65.95%
• 6M: 62.61%
• 1Y: 52.27%
• 3Y*: 19.40%
• 5Y*: 23.05%
• 10Y*: 14.44%

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

BCHI vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025
BCHI GMO Beyond China ETF	35.93%	26.33%
UGA United States Gasoline Fund LP	65.95%	-4.21%

Correlation

The correlation between BCHI and UGA is -0.23, 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 Feb 13, 2025	-0.12

The correlation between BCHI and UGA shifts across timeframes, from -0.23 (1 year) to -0.12 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BCHI vs. UGA — Risk / Return Rank

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

BCHI

BCHI Risk / Return Rank: 88
BCHI Sharpe Ratio Rank: 91
BCHI Sortino Ratio Rank: 87
BCHI Omega Ratio Rank: 90
BCHI Calmar Ratio Rank: 86
BCHI Martin Ratio Rank: 87

UGA

UGA Risk / Return Rank: 46
UGA Sharpe Ratio Rank: 44
UGA Sortino Ratio Rank: 40
UGA Omega Ratio Rank: 41
UGA Calmar Ratio Rank: 58
UGA Martin Ratio Rank: 50

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.

BCHI vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Beyond China ETF (BCHI) 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.

	BCHI	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.98	1.49	+1.49
Sortino ratio: Return per unit of downside risk	3.77	2.00	+1.78
Omega ratio: Gain probability vs. loss probability	1.55	1.26	+0.29
Calmar ratio: Return relative to maximum drawdown	4.60	2.77	+1.83
Martin ratio: Return relative to average drawdown	17.73	8.29	+9.44

BCHI vs. UGA - Sharpe Ratio Comparison

The current BCHI Sharpe Ratio is 2.98, which is higher than the UGA Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of BCHI 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

BCHI vs. UGA - Drawdown Comparison

The maximum BCHI drawdown since its inception was -14.33%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for BCHI and UGA.

Drawdown Indicators

	BCHI	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-14.33%	-86.59%	+72.26%
Max Drawdown (1Y) Largest decline over 1 year	-14.14%	-18.96%	+4.82%
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	-1.09%	-17.12%	+16.03%
Average Drawdown Average peak-to-trough decline	-2.26%	-36.70%	+34.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	7.05%	-3.39%

Volatility

BCHI vs. UGA - Volatility Comparison

GMO Beyond China ETF (BCHI) has a higher volatility of 11.10% compared to United States Gasoline Fund LP (UGA) at 9.26%. This indicates that BCHI's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCHI	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.10%	9.26%	+1.84%
Volatility (6M) Calculated over the trailing 6-month period	19.96%	30.54%	-10.58%
Volatility (1Y) Calculated over the trailing 1-year period	21.88%	35.27%	-13.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.77%	34.45%	-12.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.77%	37.25%	-15.48%

BCHI vs. UGA - Expense Ratio Comparison

BCHI has a 0.65% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

BCHI vs. UGA - Dividend Comparison

BCHI's dividend yield for the trailing twelve months is around 2.70%, while UGA has not paid dividends to shareholders.

Position	TTM	2025
BCHI GMO Beyond China ETF	2.70%	3.67%
UGA United States Gasoline Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both BCHI and UGA in my portfolio?

BCHI and UGA have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BCHI or UGA?

BCHI has higher volatility (11.10%) compared to UGA (9.26%). In terms of maximum drawdown, BCHI dropped -14.33% vs UGA's -86.59%.

Which ETF is better, BCHI or UGA?

On 1-year performance, BCHI leads with 64.74% vs 52.27% for UGA. On fees, BCHI is cheaper at 0.65% per year. On volatility, UGA has been the lower-risk option at 9.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BCHI or UGA?

Over the 1-year period, BCHI has performed better with a 64.74% return vs 52.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BCHI or UGA?

BCHI is cheaper with a 0.65% expense ratio, compared with 0.75% for UGA.

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

BCHI has the higher dividend yield at 2.70%, compared with 0.00% for UGA.

What is the main difference between BCHI and UGA?

BCHI is categorized as Emerging Markets Diversified, while UGA is Oil & Gas. They also come from different issuers: GMO and Concierge Technologies. Their fees differ too: 0.65% for BCHI and 0.75% for UGA.

Which has better risk-adjusted returns?

BCHI currently has the higher Sharpe Ratio (2.98 vs 1.49), 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.