DBE vs. UGA
DBE (Invesco DB Energy Fund) and UGA (United States Gasoline Fund LP) are both Oil & Gas funds - DBE tracks the DBIQ Optimum Yield Energy Index while UGA tracks the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, DBE returned 10.12%/yr vs 14.31%/yr for UGA. Their correlation of 0.88 suggests significant overlap in exposure. DBE charges 0.78%/yr vs 0.75%/yr for UGA.
Performance
DBE vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, DBE achieves a 53.97% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, DBE has underperformed UGA with an annualized return of 10.12%, while UGA has yielded a comparatively higher 14.31% annualized return.
DBE
- 1D
- -0.63%
- 1M
- -16.23%
- YTD
- 53.97%
- 6M
- 50.93%
- 1Y
- 43.95%
- 3Y*
- 16.83%
- 5Y*
- 14.66%
- 10Y*
- 10.12%
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%
DBE vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 53.97% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
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 DBE and UGA is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.88 |
The correlation between DBE and UGA has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.
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Return for Risk
DBE vs. UGA — Risk / Return Rank
DBE
UGA
DBE vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Energy Fund (DBE) 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.
| DBE | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.30 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 3.17 | -1.09 |
| Martin ratioReturn relative to average drawdown | 6.89 | 9.39 | -2.51 |
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Drawdowns
DBE vs. UGA - Drawdown Comparison
The maximum DBE drawdown since its inception was -86.69%, roughly equal to the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for DBE and UGA.
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Drawdown Indicators
| DBE | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.69% | -86.59% | -0.10% |
Max Drawdown (1Y)Largest decline over 1 year | -21.28% | -18.96% | -2.32% |
Max Drawdown (3Y)Largest decline over 3 years | -23.89% | -26.68% | +2.79% |
Max Drawdown (5Y)Largest decline over 5 years | -38.74% | -38.11% | -0.63% |
Max Drawdown (10Y)Largest decline over 10 years | -60.84% | -75.89% | +15.05% |
Current DrawdownCurrent decline from peak | -41.55% | -18.05% | -23.50% |
Average DrawdownAverage peak-to-trough decline | -57.24% | -36.69% | -20.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.42% | 6.43% | -0.01% |
Volatility
DBE vs. UGA - Volatility Comparison
Invesco DB Energy Fund (DBE) and United States Gasoline Fund LP (UGA) have volatilities of 9.37% and 9.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBE | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.37% | 9.24% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 31.44% | 30.57% | +0.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.27% | 35.22% | +0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.58% | 34.45% | -4.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.34% | 37.22% | -8.88% |
DBE vs. UGA - Expense Ratio Comparison
DBE has a 0.78% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
DBE vs. UGA - Dividend Comparison
DBE's dividend yield for the trailing twelve months is around 2.51%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.51% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 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% |
Frequently Asked Questions
With a correlation of 0.91, DBE and UGA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
DBE has higher volatility (9.37%) compared to UGA (9.24%). In terms of maximum drawdown, DBE dropped -86.69% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 10.12% for DBE. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 9.24%. 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 10.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.51%, compared with 0.00% for UGA.
DBE tracks DBIQ Optimum Yield Energy Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.78% for DBE and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 1.27), 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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