EMB vs. UGA
EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - EMB is a Emerging Markets Bonds fund tracking the J.P. Morgan EMBI Global Core Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, EMB returned 2.84%/yr vs 18.03%/yr for UGA. Their 0.12 correlation means their historical movements had little consistent relationship. EMB charges 0.39%/yr vs 0.75%/yr for UGA.
Performance
EMB vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, EMB achieves a 0.90% return, which is significantly lower than UGA's 91.06% return. Over the past 10 years, EMB has underperformed UGA with an annualized return of 2.84%, while UGA has yielded a comparatively higher 18.03% annualized return.
EMB
- 1D
- -0.14%
- 1M
- -1.60%
- 6M
- 0.59%
- YTD
- 0.90%
- 1Y
- 6.95%
- 3Y*
- 8.45%
- 5Y*
- 1.48%
- 10Y*
- 2.84%
- ALL TIME*
- 4.60%
UGA
- 1D
- -0.01%
- 1M
- 14.56%
- 6M
- 70.02%
- YTD
- 91.06%
- 1Y
- 88.12%
- 3Y*
- 17.55%
- 5Y*
- 25.78%
- 10Y*
- 18.03%
- ALL TIME*
- 4.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $536.38M | $549.68M | $593.36M | |
| $6.47M | $5.01M | $4.85M |
EMB vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 0.90% | 13.85% | 5.54% | 10.62% | -18.63% | -2.23% | 5.42% | 15.48% | -5.47% | 10.28% |
UGA United States Gasoline Fund LP | 91.06% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between EMB and UGA is -0.40, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.40 |
Correlation (3Y) Balances recent behavior with more history. | -0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.05 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.06 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.12 |
The correlation between EMB and UGA shifts across timeframes, from -0.40 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EMB vs. UGA — Risk / Return Rank
EMB
UGA
EMB vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) 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.
| EMB | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.37 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 4.12 | -2.50 |
| Martin ratioReturn relative to average drawdown | 6.59 | 11.57 | -4.97 |
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Drawdowns
EMB vs. UGA - Drawdown Comparison
The maximum EMB drawdown since its inception was -34.70%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for EMB and UGA.
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Drawdown Indicators
| EMB | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.70% | -86.59% | +51.89% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -20.32% | +15.81% |
Max Drawdown (3Y)Largest decline over 3 years | -6.91% | -26.68% | +19.77% |
Max Drawdown (5Y)Largest decline over 5 years | -28.74% | -38.11% | +9.37% |
Max Drawdown (10Y)Largest decline over 10 years | -28.74% | -75.89% | +47.15% |
Current DrawdownCurrent decline from peak | -1.82% | -5.63% | +3.81% |
Average DrawdownAverage peak-to-trough decline | -5.02% | -36.53% | +31.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 7.26% | -6.16% |
Volatility
EMB vs. UGA - Volatility Comparison
The current volatility for iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) is 1.40%, while United States Gasoline Fund LP (UGA) has a volatility of 11.28%. This indicates that EMB 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
| EMB | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.40% | 11.28% | -9.88% |
Volatility (6M)Calculated over the trailing 6-month period | 4.77% | 31.98% | -27.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.67% | 36.11% | -30.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.77% | 34.60% | -24.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.95% | 37.26% | -27.31% |
EMB vs. UGA - Expense Ratio Comparison
EMB has a 0.39% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
EMB vs. UGA - Dividend Comparison
EMB's dividend yield for the trailing twelve months is around 5.14%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 4.71% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
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
EMB and UGA have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.28%) compared to EMB (1.40%). In terms of maximum drawdown, EMB dropped -34.70% vs UGA's -86.59%.
On 10-year performance, UGA leads with 18.03% vs 2.84% for EMB. On fees, EMB is cheaper at 0.39% per year. On volatility, EMB has been the lower-risk option at 1.40%. 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 18.03% return vs 2.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMB is cheaper with a 0.39% expense ratio, compared with 0.75% for UGA.
EMB has the higher dividend yield at 4.71%, compared with 0.00% for UGA.
EMB is categorized as Emerging Markets Bonds, while UGA is Oil & Gas. EMB tracks J.P. Morgan EMBI Global Core Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.39% for EMB and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.32 vs 1.28), 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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