CPER vs. UGA
CPER (United States Copper Index Fund) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - CPER is a Copper fund tracking the SummerHaven Copper Index Total Return, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past 10 years, CPER returned 10.57%/yr vs 18.03%/yr for UGA. Their 0.21 correlation means their historical movements had little consistent relationship. CPER charges 1.06%/yr vs 1.02%/yr for UGA.
Performance
CPER vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, CPER achieves a 13.16% return, which is significantly lower than UGA's 91.06% return. Over the past 10 years, CPER has underperformed UGA with an annualized return of 10.57%, while UGA has yielded a comparatively higher 18.03% annualized return.
CPER
- 1D
- 0.56%
- 1M
- 6.09%
- 6M
- 8.59%
- YTD
- 13.16%
- 1Y
- 43.49%
- 3Y*
- 17.80%
- 5Y*
- 7.64%
- 10Y*
- 10.57%
- ALL TIME*
- 3.14%
UGA
- 1D
- -0.01%
- 1M
- 14.56%
- 6M
- 70.02%
- YTD
- 91.06%
- 1Y
- 88.12%
- 3Y*
- 17.55%
- 5Y*
- 25.78%
- 10Y*
- 18.03%
- ALL TIME*
- 4.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.98M | $14.74M | $24.58M | |
| $6.47M | $5.01M | $4.85M |
CPER vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CPER United States Copper Index Fund | 13.16% | 38.95% | 4.23% | 4.55% | -15.14% | 25.21% | 23.90% | 6.66% | -21.91% | 28.80% |
UGA United States Gasoline Fund, LP | 91.06% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between CPER and UGA is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.07 |
Correlation (3Y) Balances recent behavior with more history. | 0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.20 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.21 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2011 | 0.21 |
The correlation between CPER and UGA shifts across timeframes, from -0.07 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CPER vs. UGA — Risk / Return Rank
CPER
UGA
CPER vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Copper Index Fund (CPER) 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.
| CPER | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.74 | ||
| Sortino ratioReturn per unit of downside risk | -0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.37 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 4.12 | -1.42 |
| Martin ratioReturn relative to average drawdown | 8.40 | 11.57 | -3.16 |
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Drawdowns
CPER vs. UGA - Drawdown Comparison
The maximum CPER drawdown since its inception was -54.04%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for CPER and UGA.
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Drawdown Indicators
| CPER | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.04% | -86.59% | +32.55% |
Max Drawdown (1Y)Largest decline over 1 year | -16.43% | -20.32% | +3.89% |
Max Drawdown (3Y)Largest decline over 3 years | -24.77% | -26.68% | +1.91% |
Max Drawdown (5Y)Largest decline over 5 years | -34.75% | -38.11% | +3.36% |
Max Drawdown (10Y)Largest decline over 10 years | -38.42% | -75.89% | +37.47% |
Current DrawdownCurrent decline from peak | -2.56% | -5.63% | +3.07% |
Average DrawdownAverage peak-to-trough decline | -25.19% | -36.53% | +11.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.26% | 7.26% | -2.00% |
Volatility
CPER vs. UGA - Volatility Comparison
The current volatility for United States Copper Index Fund (CPER) is 6.29%, while United States Gasoline Fund, LP (UGA) has a volatility of 11.28%. This indicates that CPER 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
| CPER | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.29% | 11.28% | -4.99% |
Volatility (6M)Calculated over the trailing 6-month period | 21.59% | 31.98% | -10.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.15% | 36.11% | -7.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.08% | 34.60% | -7.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.11% | 37.26% | -13.15% |
CPER vs. UGA - Expense Ratio Comparison
CPER has a 1.06% expense ratio, which is higher than UGA's 1.02% expense ratio.
Dividends
CPER vs. UGA - Dividend Comparison
Neither CPER nor UGA has paid dividends to shareholders.
Frequently Asked Questions
CPER and UGA have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.28%) compared to CPER (6.29%). In terms of maximum drawdown, CPER dropped -54.04% vs UGA's -86.59%.
On 10-year performance, UGA leads with 18.03% vs 10.57% for CPER. On fees, UGA is cheaper at 1.02% per year. On volatility, CPER has been the lower-risk option at 6.29%. 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 18.03% return vs 10.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 1.02% expense ratio, compared with 1.06% for CPER.
CPER and UGA have nearly identical dividend yields, around 0.00%.
CPER is categorized as Copper, while UGA is Oil & Gas. CPER tracks SummerHaven Copper Index Total Return, while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. Their fees differ too: 1.06% for CPER and 1.02% for UGA.
UGA currently has the higher Sharpe Ratio (2.32 vs 1.58), 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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