BKMS vs. UGA

Last updated Aug 5, 2026

BKMS (BNY Mellon Municipal Short Duration ETF) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - BKMS is a Municipal Bonds fund actively managed by BNY Mellon, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. BKMS is actively managed, while UGA is passively managed. Their -0.25 correlation means they have often moved in opposite directions in the past. BKMS charges 0.35%/yr vs 1.02%/yr for UGA.

Performance

BKMS vs. UGA - Performance Comparison

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

Returns By Period

BKMS

• 1D: 0.10%
• 1M: -0.03%
• 6M: 0.41%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

UGA

• 1D: -4.00%
• 1M: 4.18%
• 6M: 57.40%
• YTD: 73.74%
• 1Y: 71.86%
• 3Y*: 15.08%
• 5Y*: 23.69%
• 10Y*: 16.34%
• ALL TIME*: 4.28%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BKMS BNY Mellon Municipal Short Duration ETF	$790.45K	$878.97K	$1.09M
UGA United States Gasoline Fund, LP	$8.76M	$6.07M	$5.03M

BKMS vs. UGA - Yearly Performance Comparison

	2026 (YTD)
BKMS BNY Mellon Municipal Short Duration ETF	0.77%
UGA United States Gasoline Fund, LP	67.63%

Correlation

The correlation between BKMS and UGA is -0.25, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 12, 2026	-0.25

Return for Risk

BKMS vs. UGA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BKMS

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

UGA

UGA Risk / Return Rank: 74
UGA Sharpe Ratio Rank: 77
UGA Sortino Ratio Rank: 67
UGA Omega Ratio Rank: 68
UGA Calmar Ratio Rank: 85
UGA Martin Ratio Rank: 71

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BKMS vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Municipal Short Duration ETF (BKMS) 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.

	BKMS	UGA	Difference
Sharpe ratio: Return per unit of total volatility	—	1.97	—
Sortino ratio: Return per unit of downside risk	—	2.48	—
Omega ratio: Gain probability vs. loss probability	—	1.32	—
Calmar ratio: Return relative to maximum drawdown	—	3.56	—
Martin ratio: Return relative to average drawdown	—	9.88	—

Drawdowns

BKMS vs. UGA - Drawdown Comparison

The maximum BKMS drawdown since its inception was -0.87%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for BKMS and UGA.

Drawdown Indicators

	BKMS	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-0.87%	-86.59%	+85.72%
Max Drawdown (1Y) Largest decline over 1 year	—	-20.32%	—
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	-0.17%	-14.19%	+14.02%
Average Drawdown Average peak-to-trough decline	-0.25%	-36.52%	+36.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.30%	—

Volatility

Volatility by Period

	BKMS	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	32.31%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.30%	36.60%	-35.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.30%	34.73%	-33.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.30%	37.32%	-36.02%

BKMS vs. UGA - Expense Ratio Comparison

BKMS has a 0.35% expense ratio, which is lower than UGA's 1.02% expense ratio.

Dividends

BKMS vs. UGA - Dividend Comparison

BKMS's dividend yield for the trailing twelve months is around 1.67%, while UGA has not paid dividends to shareholders.

Position	TTM
BKMS BNY Mellon Municipal Short Duration ETF	1.67%
UGA United States Gasoline Fund, LP	0.00%

Frequently Asked Questions

Can I hold both BKMS and UGA in my portfolio?

BKMS and UGA have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BKMS or UGA?

On fees, BKMS 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, BKMS or UGA?

BKMS is cheaper with a 0.35% expense ratio, compared with 1.02% for UGA.

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

BKMS has the higher dividend yield at 1.67%, compared with 0.00% for UGA.

What is the main difference between BKMS and UGA?

BKMS is categorized as Municipal Bonds, while UGA is Oil & Gas. They also come from different issuers: BNY Mellon and USCF. Their fees differ too: 0.35% for BKMS and 1.02% for UGA.