BWZ vs. UGA
BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, BWZ returned -0.60%/yr vs 14.31%/yr for UGA. At a 0.10 correlation, their price movements are largely independent. BWZ charges 0.35%/yr vs 0.75%/yr for UGA.
Performance
BWZ vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, BWZ achieves a -1.98% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, BWZ has underperformed UGA with an annualized return of -0.60%, while UGA has yielded a comparatively higher 14.31% annualized return.
BWZ
- 1D
- -0.34%
- 1M
- -1.45%
- YTD
- -1.98%
- 6M
- -1.95%
- 1Y
- -1.90%
- 3Y*
- 2.03%
- 5Y*
- -1.91%
- 10Y*
- -0.60%
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%
BWZ vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | -1.98% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 6.47% | 0.99% | -3.36% | 10.18% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between BWZ and UGA is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.10 |
The correlation between BWZ and UGA shifts across timeframes, from -0.28 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BWZ vs. UGA — Risk / Return Rank
BWZ
UGA
BWZ vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) 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.
| BWZ | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.01 | ||
| Sortino ratioReturn per unit of downside risk | -2.60 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.30 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 3.17 | -3.54 |
| Martin ratioReturn relative to average drawdown | -0.78 | 9.39 | -10.18 |
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Drawdowns
BWZ vs. UGA - Drawdown Comparison
The maximum BWZ drawdown since its inception was -34.23%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for BWZ and UGA.
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Drawdown Indicators
| BWZ | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.23% | -86.59% | +52.36% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -18.96% | +13.81% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -26.68% | +18.08% |
Max Drawdown (5Y)Largest decline over 5 years | -22.15% | -38.11% | +15.96% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -75.89% | +50.99% |
Current DrawdownCurrent decline from peak | -23.46% | -18.05% | -5.41% |
Average DrawdownAverage peak-to-trough decline | -16.12% | -36.69% | +20.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 6.43% | -4.01% |
Volatility
BWZ vs. UGA - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 1.78%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that BWZ experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWZ | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 9.24% | -7.46% |
Volatility (6M)Calculated over the trailing 6-month period | 5.11% | 30.57% | -25.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.86% | 35.22% | -28.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 34.45% | -26.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.95% | 37.22% | -30.27% |
BWZ vs. UGA - Expense Ratio Comparison
BWZ has a 0.35% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
BWZ vs. UGA - Dividend Comparison
BWZ's dividend yield for the trailing twelve months is around 2.12%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | 2.12% | 2.05% | 2.47% | 1.63% | 0.44% | 0.60% | 0.13% | 0.43% | 1.10% | 0.40% | 0.13% | 0.06% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BWZ and UGA have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to BWZ (1.78%). In terms of maximum drawdown, BWZ dropped -34.23% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs -0.60% for BWZ. On fees, BWZ is cheaper at 0.35% per year. On volatility, BWZ has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGA has performed better with a 14.31% return vs -0.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWZ is cheaper with a 0.35% expense ratio, compared with 0.75% for UGA.
BWZ has the higher dividend yield at 2.12%, compared with 0.00% for UGA.
BWZ is categorized as International Government Bonds, while UGA is Oil & Gas. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: State Street and Concierge Technologies. Their fees differ too: 0.35% for BWZ and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs -0.28), 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.
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