DWAS vs. UGA
DWAS (Invesco DWA SmallCap Momentum ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - DWAS is a Momentum fund tracking the Dorsey Wright SmallCap Technical Leaders Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, DWAS returned 13.88%/yr vs 14.31%/yr for UGA. At a 0.18 correlation, their price movements are largely independent. DWAS charges 0.60%/yr vs 0.75%/yr for UGA.
Performance
DWAS vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, DWAS achieves a 24.87% return, which is significantly lower than UGA's 64.09% return. Both investments have delivered pretty close results over the past 10 years, with DWAS having a 13.88% annualized return and UGA not far ahead at 14.31%.
DWAS
- 1D
- -1.80%
- 1M
- 6.39%
- YTD
- 24.87%
- 6M
- 21.56%
- 1Y
- 45.00%
- 3Y*
- 17.62%
- 5Y*
- 6.84%
- 10Y*
- 13.88%
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%
DWAS vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DWAS Invesco DWA SmallCap Momentum ETF | 24.87% | 6.09% | 9.81% | 16.88% | -18.51% | 19.75% | 32.32% | 31.39% | -10.68% | 20.84% |
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 DWAS and UGA is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jul 19, 2012 | 0.18 |
The correlation between DWAS and UGA shifts across timeframes, from -0.22 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DWAS vs. UGA — Risk / Return Rank
DWAS
UGA
DWAS vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA SmallCap Momentum ETF (DWAS) 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.
| DWAS | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.30 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.51 | 3.17 | +1.35 |
| Martin ratioReturn relative to average drawdown | 14.54 | 9.39 | +5.15 |
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Drawdowns
DWAS vs. UGA - Drawdown Comparison
The maximum DWAS drawdown since its inception was -46.16%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for DWAS and UGA.
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Drawdown Indicators
| DWAS | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.16% | -86.59% | +40.43% |
Max Drawdown (1Y)Largest decline over 1 year | -10.02% | -18.96% | +8.94% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -26.68% | -7.15% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -38.11% | +4.28% |
Max Drawdown (10Y)Largest decline over 10 years | -46.16% | -75.89% | +29.73% |
Current DrawdownCurrent decline from peak | -1.80% | -18.05% | +16.25% |
Average DrawdownAverage peak-to-trough decline | -10.27% | -36.69% | +26.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.10% | 6.43% | -3.33% |
Volatility
DWAS vs. UGA - Volatility Comparison
Invesco DWA SmallCap Momentum ETF (DWAS) and United States Gasoline Fund LP (UGA) have volatilities of 8.88% 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
| DWAS | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.88% | 9.24% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 18.12% | 30.57% | -12.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.99% | 35.22% | -11.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.86% | 34.45% | -8.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.69% | 37.22% | -10.53% |
DWAS vs. UGA - Expense Ratio Comparison
DWAS has a 0.60% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
DWAS vs. UGA - Dividend Comparison
Neither DWAS nor UGA has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DWAS Invesco DWA SmallCap Momentum ETF | 0.00% | 0.07% | 0.79% | 1.42% | 0.81% | 0.16% | 0.21% | 0.13% | 0.04% | 0.20% | 0.52% | 0.19% |
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
DWAS and UGA have a correlation of -0.22, 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 DWAS (8.88%). In terms of maximum drawdown, DWAS dropped -46.16% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 13.88% for DWAS. On fees, DWAS is cheaper at 0.60% per year. On volatility, DWAS has been the lower-risk option at 8.88%. 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 13.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DWAS is cheaper with a 0.60% expense ratio, compared with 0.75% for UGA.
DWAS and UGA have nearly identical dividend yields, around 0.00%.
DWAS is categorized as Momentum, while UGA is Oil & Gas. DWAS tracks Dorsey Wright SmallCap Technical Leaders Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.60% for DWAS and 0.75% for UGA.
DWAS currently has the higher Sharpe Ratio (1.89 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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