CXSE vs. UGA
CXSE (WisdomTree China ex-State-Owned Enterprises Fund) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - CXSE is a China Equities fund tracking the WisdomTree China ex-State-Owned Enterprises Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, CXSE returned 7.01%/yr vs 13.99%/yr for UGA. At a 0.14 correlation, their price movements are largely independent. CXSE charges 0.32%/yr vs 0.75%/yr for UGA.
Performance
CXSE vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, CXSE achieves a -4.16% return, which is significantly lower than UGA's 59.54% return. Over the past 10 years, CXSE has underperformed UGA with an annualized return of 7.01%, while UGA has yielded a comparatively higher 13.99% annualized return.
CXSE
- 1D
- -0.29%
- 1M
- -3.14%
- YTD
- -4.16%
- 6M
- -5.53%
- 1Y
- 12.86%
- 3Y*
- 10.02%
- 5Y*
- -9.30%
- 10Y*
- 7.01%
UGA
- 1D
- -2.77%
- 1M
- -14.54%
- YTD
- 59.54%
- 6M
- 55.91%
- 1Y
- 62.68%
- 3Y*
- 17.85%
- 5Y*
- 22.22%
- 10Y*
- 13.99%
CXSE vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CXSE WisdomTree China ex-State-Owned Enterprises Fund | -4.16% | 37.00% | 8.56% | -18.02% | -29.32% | -23.67% | 59.39% | 37.96% | -28.55% | 81.50% |
UGA United States Gasoline Fund LP | 59.54% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between CXSE and UGA is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Sep 20, 2012 | 0.14 |
The correlation between CXSE and UGA shifts across timeframes, from -0.09 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CXSE vs. UGA — Risk / Return Rank
CXSE
UGA
CXSE vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree China ex-State-Owned Enterprises Fund (CXSE) 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.
| CXSE | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.23 | ||
| Sortino ratioReturn per unit of downside risk | -1.39 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.31 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.73 | 3.10 | -2.37 |
| Martin ratioReturn relative to average drawdown | 1.44 | 9.66 | -8.22 |
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Drawdowns
CXSE vs. UGA - Drawdown Comparison
The maximum CXSE drawdown since its inception was -70.01%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for CXSE and UGA.
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Drawdown Indicators
| CXSE | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.01% | -86.59% | +16.58% |
Max Drawdown (1Y)Largest decline over 1 year | -17.70% | -20.32% | +2.62% |
Max Drawdown (3Y)Largest decline over 3 years | -32.12% | -26.68% | -5.44% |
Max Drawdown (5Y)Largest decline over 5 years | -64.47% | -38.11% | -26.36% |
Max Drawdown (10Y)Largest decline over 10 years | -70.01% | -75.89% | +5.88% |
Current DrawdownCurrent decline from peak | -48.73% | -20.32% | -28.41% |
Average DrawdownAverage peak-to-trough decline | -27.90% | -36.69% | +8.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.96% | 6.51% | +2.45% |
Volatility
CXSE vs. UGA - Volatility Comparison
The current volatility for WisdomTree China ex-State-Owned Enterprises Fund (CXSE) is 7.43%, while United States Gasoline Fund LP (UGA) has a volatility of 9.45%. This indicates that CXSE 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
| CXSE | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.43% | 9.45% | -2.02% |
Volatility (6M)Calculated over the trailing 6-month period | 15.56% | 30.74% | -15.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.86% | 34.84% | -12.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.37% | 34.47% | -2.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.73% | 37.22% | -8.49% |
CXSE vs. UGA - Expense Ratio Comparison
CXSE has a 0.32% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
CXSE vs. UGA - Dividend Comparison
CXSE's dividend yield for the trailing twelve months is around 2.09%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CXSE WisdomTree China ex-State-Owned Enterprises Fund | 2.09% | 1.95% | 1.70% | 1.71% | 1.55% | 0.86% | 0.54% | 0.96% | 1.49% | 1.24% | 1.39% | 2.50% |
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
CXSE and UGA have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.45%) compared to CXSE (7.43%). In terms of maximum drawdown, CXSE dropped -70.01% vs UGA's -86.59%.
On 10-year performance, UGA leads with 13.99% vs 7.01% for CXSE. On fees, CXSE is cheaper at 0.32% per year. On volatility, CXSE has been the lower-risk option at 7.43%. 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 13.99% return vs 7.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CXSE is cheaper with a 0.32% expense ratio, compared with 0.75% for UGA.
CXSE has the higher dividend yield at 2.09%, compared with 0.00% for UGA.
CXSE is categorized as China Equities, while UGA is Oil & Gas. CXSE tracks WisdomTree China ex-State-Owned Enterprises Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: WisdomTree and Concierge Technologies. Their fees differ too: 0.32% for CXSE and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.82 vs 0.60), 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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