BKMI vs. UGA

Last updated Jun 4, 2026

BKMI (BNY Mellon Municipal Intermediate ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - BKMI is a Municipal Bonds fund actively managed by BNY Mellon, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. BKMI is actively managed, while UGA is passively managed. At a correlation of -0.34, they often move in opposite directions. BKMI charges 0.35%/yr vs 0.75%/yr for UGA.

Performance

BKMI vs. UGA - Performance Comparison

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

Returns By Period

BKMI

• 1D: -0.06%
• 1M: 0.49%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

BKMI vs. UGA - Yearly Performance Comparison

	2026 (YTD)
BKMI BNY Mellon Municipal Intermediate ETF	0.26%
UGA United States Gasoline Fund LP	67.31%

Correlation

The correlation between BKMI and UGA is -0.34, 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 Jan 13, 2026	-0.34

Return for Risk

BKMI 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: 69
UGA Sharpe Ratio Rank: 69
UGA Sortino Ratio Rank: 57
UGA Omega Ratio Rank: 60
UGA Calmar Ratio Rank: 89
UGA Martin Ratio Rank: 71

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.

BKMI vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Municipal Intermediate ETF (BKMI) 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

	BKMI	UGA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.32	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.73	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.12	+0.11

Drawdowns

BKMI vs. UGA - Drawdown Comparison

The maximum BKMI drawdown since its inception was -2.99%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for BKMI and UGA.

Drawdown Indicators

	BKMI	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-2.99%	-86.59%	+83.60%
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	-1.23%	-12.35%	+11.12%
Average Drawdown Average peak-to-trough decline	-1.17%	-36.76%	+35.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.13%	—

Volatility

Volatility by Period

	BKMI	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.66%	—
Volatility (6M) Calculated over the trailing 6-month period	—	30.41%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.88%	35.14%	-32.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.88%	34.38%	-31.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.88%	37.27%	-34.39%

BKMI vs. UGA - Expense Ratio Comparison

BKMI has a 0.35% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

BKMI vs. UGA - Dividend Comparison

BKMI's dividend yield for the trailing twelve months is around 0.98%, while UGA has not paid dividends to shareholders.

Position	TTM
BKMI BNY Mellon Municipal Intermediate ETF	0.98%
UGA United States Gasoline Fund LP	0.00%

Frequently Asked Questions

Can I hold both BKMI and UGA in my portfolio?

BKMI and UGA have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BKMI or UGA?

On fees, BKMI is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BKMI or UGA?

BKMI is cheaper with a 0.35% expense ratio, compared with 0.75% for UGA.

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

BKMI has the higher dividend yield at 0.98%, compared with 0.00% for UGA.

What is the main difference between BKMI and UGA?

BKMI is categorized as Municipal Bonds, while UGA is Oil & Gas. They also come from different issuers: BNY Mellon and Concierge Technologies. Their fees differ too: 0.35% for BKMI and 0.75% for UGA.