CSM vs. UGA
CSM (Proshares Large Cap Core Plus) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - CSM is a Long-Short fund tracking the Credit Suisse 130/30 Large-Cap Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, CSM returned 14.43%/yr vs 14.31%/yr for UGA. At a 0.25 correlation, their price movements are largely independent. CSM charges 0.45%/yr vs 0.75%/yr for UGA.
Performance
CSM vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, CSM achieves a 6.09% return, which is significantly lower than UGA's 64.09% return. Both investments have delivered pretty close results over the past 10 years, with CSM having a 14.43% annualized return and UGA not far behind at 14.31%.
CSM
- 1D
- -1.20%
- 1M
- -1.28%
- YTD
- 6.09%
- 6M
- 5.46%
- 1Y
- 24.27%
- 3Y*
- 20.69%
- 5Y*
- 12.67%
- 10Y*
- 14.43%
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%
CSM vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CSM Proshares Large Cap Core Plus | 6.09% | 21.84% | 22.09% | 23.50% | -18.27% | 33.13% | 10.94% | 29.26% | -7.88% | 22.52% |
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 CSM and UGA is -0.24, 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 (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2009 | 0.25 |
The correlation between CSM and UGA shifts across timeframes, from -0.24 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CSM vs. UGA — Risk / Return Rank
CSM
UGA
CSM vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Large Cap Core Plus (CSM) 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.
| CSM | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.30 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 3.17 | -0.57 |
| Martin ratioReturn relative to average drawdown | 10.87 | 9.39 | +1.48 |
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Drawdowns
CSM vs. UGA - Drawdown Comparison
The maximum CSM drawdown since its inception was -36.11%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for CSM and UGA.
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Drawdown Indicators
| CSM | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.11% | -86.59% | +50.48% |
Max Drawdown (1Y)Largest decline over 1 year | -9.40% | -18.96% | +9.56% |
Max Drawdown (3Y)Largest decline over 3 years | -18.30% | -26.68% | +8.38% |
Max Drawdown (5Y)Largest decline over 5 years | -23.82% | -38.11% | +14.29% |
Max Drawdown (10Y)Largest decline over 10 years | -36.11% | -75.89% | +39.78% |
Current DrawdownCurrent decline from peak | -3.47% | -18.05% | +14.58% |
Average DrawdownAverage peak-to-trough decline | -4.03% | -36.69% | +32.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.24% | 6.43% | -4.19% |
Volatility
CSM vs. UGA - Volatility Comparison
The current volatility for Proshares Large Cap Core Plus (CSM) is 4.50%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that CSM 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
| CSM | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.50% | 9.24% | -4.74% |
Volatility (6M)Calculated over the trailing 6-month period | 9.57% | 30.57% | -21.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.42% | 35.22% | -22.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.19% | 34.45% | -17.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.39% | 37.22% | -18.83% |
CSM vs. UGA - Expense Ratio Comparison
CSM has a 0.45% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
CSM vs. UGA - Dividend Comparison
CSM's dividend yield for the trailing twelve months is around 1.03%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSM Proshares Large Cap Core Plus | 1.03% | 1.04% | 1.06% | 1.17% | 1.37% | 0.78% | 1.21% | 1.41% | 1.54% | 1.28% | 1.49% | 1.67% |
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
CSM and UGA have a correlation of -0.24, 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 CSM (4.50%). In terms of maximum drawdown, CSM dropped -36.11% vs UGA's -86.59%.
On 10-year performance, CSM leads with 14.43% vs 14.31% for UGA. On fees, CSM is cheaper at 0.45% per year. On volatility, CSM has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CSM has performed better with a 14.43% return vs 14.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSM is cheaper with a 0.45% expense ratio, compared with 0.75% for UGA.
CSM has the higher dividend yield at 1.03%, compared with 0.00% for UGA.
CSM is categorized as Long-Short, while UGA is Oil & Gas. CSM tracks Credit Suisse 130/30 Large-Cap Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.45% for CSM and 0.75% for UGA.
CSM currently has the higher Sharpe Ratio (1.97 vs 1.73), 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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