CVMC vs. UGA
CVMC (Calvert US Mid-Cap Core Responsible Index ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - CVMC is a Mid Cap Blend Equities fund tracking the Russell Midcap Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 3 years, CVMC returned 16.39%/yr vs 18.95%/yr for UGA. At a correlation of -0.02, they often move in opposite directions. CVMC charges 0.15%/yr vs 0.75%/yr for UGA.
Performance
CVMC vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, CVMC achieves a 16.76% return, which is significantly lower than UGA's 64.09% return.
CVMC
- 1D
- -0.33%
- 1M
- 4.42%
- YTD
- 16.76%
- 6M
- 15.31%
- 1Y
- 26.59%
- 3Y*
- 16.39%
- 5Y*
- —
- 10Y*
- —
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%
CVMC vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CVMC Calvert US Mid-Cap Core Responsible Index ETF | 16.76% | 9.52% | 12.57% | 6.14% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | -1.83% |
Correlation
The correlation between CVMC 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 | -0.07 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023 | -0.02 |
Over the past year, the inverse relationship between CVMC and UGA has strengthened: their correlation has moved from -0.02 to -0.24, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
CVMC vs. UGA — Risk / Return Rank
CVMC
UGA
CVMC vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calvert US Mid-Cap Core Responsible Index ETF (CVMC) 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.
| CVMC | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.30 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.86 | 3.17 | -0.31 |
| Martin ratioReturn relative to average drawdown | 11.43 | 9.39 | +2.04 |
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Drawdowns
CVMC vs. UGA - Drawdown Comparison
The maximum CVMC drawdown since its inception was -22.53%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for CVMC and UGA.
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Drawdown Indicators
| CVMC | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.53% | -86.59% | +64.06% |
Max Drawdown (1Y)Largest decline over 1 year | -9.35% | -18.96% | +9.61% |
Max Drawdown (3Y)Largest decline over 3 years | -22.53% | -26.68% | +4.15% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -0.81% | -18.05% | +17.24% |
Average DrawdownAverage peak-to-trough decline | -4.13% | -36.69% | +32.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.33% | 6.43% | -4.10% |
Volatility
CVMC vs. UGA - Volatility Comparison
The current volatility for Calvert US Mid-Cap Core Responsible Index ETF (CVMC) is 5.04%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that CVMC 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
| CVMC | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.04% | 9.24% | -4.20% |
Volatility (6M)Calculated over the trailing 6-month period | 11.15% | 30.57% | -19.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.46% | 35.22% | -20.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.54% | 34.45% | -17.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.54% | 37.22% | -20.68% |
CVMC vs. UGA - Expense Ratio Comparison
CVMC has a 0.15% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
CVMC vs. UGA - Dividend Comparison
CVMC's dividend yield for the trailing twelve months is around 1.20%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CVMC Calvert US Mid-Cap Core Responsible Index ETF | 1.20% | 1.39% | 1.21% | 1.00% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CVMC 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 CVMC (5.04%). In terms of maximum drawdown, CVMC dropped -22.53% vs UGA's -86.59%.
On 3-year performance, UGA leads with 18.95% vs 16.39% for CVMC. On fees, CVMC is cheaper at 0.15% per year. On volatility, CVMC has been the lower-risk option at 5.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UGA has performed better with a 18.95% return vs 16.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CVMC is cheaper with a 0.15% expense ratio, compared with 0.75% for UGA.
CVMC has the higher dividend yield at 1.20%, compared with 0.00% for UGA.
CVMC is categorized as Mid Cap Blend Equities, while UGA is Oil & Gas. CVMC tracks Russell Midcap Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Calvert and Concierge Technologies. Their fees differ too: 0.15% for CVMC and 0.75% for UGA.
CVMC currently has the higher Sharpe Ratio (1.85 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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