EEMO vs. UGA
EEMO (Invesco S&P Emerging Markets Momentum ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - EEMO is a Momentum fund tracking the S&P Momentum Emerging Plus LargeMidCap Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, EEMO returned 8.71%/yr vs 14.31%/yr for UGA. At a 0.16 correlation, their price movements are largely independent. EEMO charges 0.31%/yr vs 0.75%/yr for UGA.
Performance
EEMO vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, EEMO achieves a 35.52% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, EEMO has underperformed UGA with an annualized return of 8.71%, while UGA has yielded a comparatively higher 14.31% annualized return.
EEMO
- 1D
- -8.31%
- 1M
- 6.72%
- YTD
- 35.52%
- 6M
- 35.05%
- 1Y
- 47.55%
- 3Y*
- 23.13%
- 5Y*
- 6.20%
- 10Y*
- 8.71%
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%
EEMO vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EEMO Invesco S&P Emerging Markets Momentum ETF | 35.52% | 10.99% | 9.88% | 13.90% | -18.73% | -5.57% | 9.66% | 21.17% | -17.24% | 49.65% |
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 EEMO and UGA is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2012 | 0.16 |
The correlation between EEMO and UGA shifts across timeframes, from -0.17 (1 year) to 0.18 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
EEMO vs. UGA — Risk / Return Rank
EEMO
UGA
EEMO vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P Emerging Markets Momentum ETF (EEMO) 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.
| EEMO | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.30 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.24 | 3.17 | +0.07 |
| Martin ratioReturn relative to average drawdown | 11.80 | 9.39 | +2.41 |
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Drawdowns
EEMO vs. UGA - Drawdown Comparison
The maximum EEMO drawdown since its inception was -48.47%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for EEMO and UGA.
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Drawdown Indicators
| EEMO | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.47% | -86.59% | +38.12% |
Max Drawdown (1Y)Largest decline over 1 year | -14.75% | -18.96% | +4.21% |
Max Drawdown (3Y)Largest decline over 3 years | -26.06% | -26.68% | +0.62% |
Max Drawdown (5Y)Largest decline over 5 years | -34.03% | -38.11% | +4.08% |
Max Drawdown (10Y)Largest decline over 10 years | -46.57% | -75.89% | +29.32% |
Current DrawdownCurrent decline from peak | -8.31% | -18.05% | +9.74% |
Average DrawdownAverage peak-to-trough decline | -20.11% | -36.69% | +16.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.04% | 6.43% | -2.39% |
Volatility
EEMO vs. UGA - Volatility Comparison
Invesco S&P Emerging Markets Momentum ETF (EEMO) has a higher volatility of 20.47% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that EEMO's price experiences larger fluctuations and is considered to be riskier 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
| EEMO | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.47% | 9.24% | +11.23% |
Volatility (6M)Calculated over the trailing 6-month period | 28.78% | 30.57% | -1.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.30% | 35.22% | -4.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.93% | 34.45% | -13.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.33% | 37.22% | -14.89% |
EEMO vs. UGA - Expense Ratio Comparison
EEMO has a 0.31% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
EEMO vs. UGA - Dividend Comparison
EEMO's dividend yield for the trailing twelve months is around 1.67%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EEMO Invesco S&P Emerging Markets Momentum ETF | 1.67% | 2.31% | 2.57% | 3.65% | 3.82% | 1.51% | 1.53% | 2.13% | 13.10% | 5.13% | 1.55% | 2.92% |
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
EEMO and UGA have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EEMO has higher volatility (20.47%) compared to UGA (9.24%). In terms of maximum drawdown, EEMO dropped -48.47% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 8.71% for EEMO. On fees, EEMO is cheaper at 0.31% 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 8.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EEMO is cheaper with a 0.31% expense ratio, compared with 0.75% for UGA.
EEMO has the higher dividend yield at 1.67%, compared with 0.00% for UGA.
EEMO is categorized as Momentum, while UGA is Oil & Gas. EEMO tracks S&P Momentum Emerging Plus LargeMidCap Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.31% for EEMO and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 1.58), 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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