DWMF vs. UGA
DWMF (WisdomTree International Multifactor Fund) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - DWMF is a Foreign Large Cap Equities fund actively managed by WisdomTree, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. DWMF is actively managed, while UGA is passively managed. Over the past 5 years, DWMF returned 8.70%/yr vs 22.69%/yr for UGA. At a 0.15 correlation, their price movements are largely independent. DWMF charges 0.38%/yr vs 0.75%/yr for UGA.
Performance
DWMF vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, DWMF achieves a 5.12% return, which is significantly lower than UGA's 64.09% return.
DWMF
- 1D
- -2.08%
- 1M
- 1.38%
- YTD
- 5.12%
- 6M
- 4.50%
- 1Y
- 11.72%
- 3Y*
- 14.20%
- 5Y*
- 8.70%
- 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%
DWMF vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DWMF WisdomTree International Multifactor Fund | 5.12% | 24.42% | 10.22% | 10.78% | -7.31% | 11.24% | -1.18% | 16.10% | -7.26% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -29.87% |
Correlation
The correlation between DWMF and UGA is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2018 | 0.15 |
The correlation between DWMF and UGA shifts across timeframes, from -0.27 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DWMF vs. UGA — Risk / Return Rank
DWMF
UGA
DWMF vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree International Multifactor Fund (DWMF) 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.
| DWMF | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.72 | ||
| Sortino ratioReturn per unit of downside risk | -0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.30 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 3.17 | -1.82 |
| Martin ratioReturn relative to average drawdown | 3.70 | 9.39 | -5.69 |
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Drawdowns
DWMF vs. UGA - Drawdown Comparison
The maximum DWMF drawdown since its inception was -29.72%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for DWMF and UGA.
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Drawdown Indicators
| DWMF | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.72% | -86.59% | +56.87% |
Max Drawdown (1Y)Largest decline over 1 year | -8.74% | -18.96% | +10.22% |
Max Drawdown (3Y)Largest decline over 3 years | -8.74% | -26.68% | +17.94% |
Max Drawdown (5Y)Largest decline over 5 years | -17.00% | -38.11% | +21.11% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -4.17% | -18.05% | +13.88% |
Average DrawdownAverage peak-to-trough decline | -3.90% | -36.69% | +32.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.18% | 6.43% | -3.25% |
Volatility
DWMF vs. UGA - Volatility Comparison
The current volatility for WisdomTree International Multifactor Fund (DWMF) is 4.71%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that DWMF 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
| DWMF | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.71% | 9.24% | -4.53% |
Volatility (6M)Calculated over the trailing 6-month period | 9.58% | 30.57% | -20.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.64% | 35.22% | -23.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.37% | 34.45% | -23.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.14% | 37.22% | -23.08% |
DWMF vs. UGA - Expense Ratio Comparison
DWMF has a 0.38% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
DWMF vs. UGA - Dividend Comparison
DWMF's dividend yield for the trailing twelve months is around 2.83%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DWMF WisdomTree International Multifactor Fund | 2.83% | 2.80% | 3.50% | 4.01% | 3.41% | 3.54% | 2.06% | 2.77% | 1.15% |
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
DWMF and UGA have a correlation of -0.27, 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 DWMF (4.71%). In terms of maximum drawdown, DWMF dropped -29.72% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.69% vs 8.70% for DWMF. On fees, DWMF is cheaper at 0.38% per year. On volatility, DWMF has been the lower-risk option at 4.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 22.69% return vs 8.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DWMF is cheaper with a 0.38% expense ratio, compared with 0.75% for UGA.
DWMF has the higher dividend yield at 2.83%, compared with 0.00% for UGA.
DWMF is categorized as Foreign Large Cap Equities, while UGA is Oil & Gas. They also come from different issuers: WisdomTree and Concierge Technologies. Their fees differ too: 0.38% for DWMF and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 1.01), 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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