EEMV vs. UGA
EEMV (iShares MSCI Emerging Markets Min Vol Factor ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - EEMV is a Asia Pacific Equities fund tracking the MSCI Emerging Markets Minimum Volatility Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, EEMV returned 6.81%/yr vs 14.31%/yr for UGA. At a 0.21 correlation, their price movements are largely independent. EEMV charges 0.25%/yr vs 0.75%/yr for UGA.
Performance
EEMV vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, EEMV achieves a 16.76% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, EEMV has underperformed UGA with an annualized return of 6.81%, while UGA has yielded a comparatively higher 14.31% annualized return.
EEMV
- 1D
- -3.65%
- 1M
- 3.07%
- YTD
- 16.76%
- 6M
- 16.47%
- 1Y
- 24.00%
- 3Y*
- 14.12%
- 5Y*
- 5.66%
- 10Y*
- 6.81%
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%
EEMV vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF | 16.76% | 13.45% | 7.98% | 7.75% | -13.94% | 5.05% | 6.90% | 7.83% | -5.81% | 27.28% |
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 EEMV and UGA is -0.23, 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 | -0.23 |
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 | 0.17 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011 | 0.21 |
The correlation between EEMV and UGA shifts across timeframes, from -0.23 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EEMV vs. UGA — Risk / Return Rank
EEMV
UGA
EEMV vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) 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.
| EEMV | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.30 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.61 | 3.17 | -0.55 |
| Martin ratioReturn relative to average drawdown | 9.38 | 9.39 | -0.02 |
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Drawdowns
EEMV vs. UGA - Drawdown Comparison
The maximum EEMV drawdown since its inception was -31.56%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for EEMV and UGA.
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Drawdown Indicators
| EEMV | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.56% | -86.59% | +55.03% |
Max Drawdown (1Y)Largest decline over 1 year | -9.22% | -18.96% | +9.74% |
Max Drawdown (3Y)Largest decline over 3 years | -12.47% | -26.68% | +14.21% |
Max Drawdown (5Y)Largest decline over 5 years | -21.90% | -38.11% | +16.21% |
Max Drawdown (10Y)Largest decline over 10 years | -31.56% | -75.89% | +44.33% |
Current DrawdownCurrent decline from peak | -3.65% | -18.05% | +14.40% |
Average DrawdownAverage peak-to-trough decline | -7.95% | -36.69% | +28.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.57% | 6.43% | -3.86% |
Volatility
EEMV vs. UGA - Volatility Comparison
iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) and United States Gasoline Fund LP (UGA) have volatilities of 8.95% 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
| EEMV | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.95% | 9.24% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 14.17% | 30.57% | -16.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.25% | 35.22% | -19.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.36% | 34.45% | -22.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.97% | 37.22% | -23.25% |
EEMV vs. UGA - Expense Ratio Comparison
EEMV has a 0.25% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
EEMV vs. UGA - Dividend Comparison
EEMV's dividend yield for the trailing twelve months is around 2.19%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF | 2.19% | 2.65% | 3.50% | 2.75% | 1.93% | 2.14% | 2.45% | 2.63% | 2.46% | 2.34% | 2.79% | 2.55% |
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
EEMV and UGA have a correlation of -0.23, 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 EEMV (8.95%). In terms of maximum drawdown, EEMV dropped -31.56% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 6.81% for EEMV. On fees, EEMV is cheaper at 0.25% per year. On volatility, EEMV has been the lower-risk option at 8.95%. 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 6.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EEMV is cheaper with a 0.25% expense ratio, compared with 0.75% for UGA.
EEMV has the higher dividend yield at 2.19%, compared with 0.00% for UGA.
EEMV is categorized as Asia Pacific Equities, while UGA is Oil & Gas. EEMV tracks MSCI Emerging Markets Minimum Volatility Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.25% for EEMV 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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