EMOP vs. UGA

Last updated Jun 24, 2026

EMOP (AB Emerging Markets Opportunities ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - EMOP is a Emerging Markets Equities fund actively managed by AllianceBernstein, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. EMOP is actively managed, while UGA is passively managed. Over the past year, EMOP returned 47.69% vs 59.74% for UGA. At a correlation of -0.18, they often move in opposite directions. EMOP charges 0.70%/yr vs 0.75%/yr for UGA.

Performance

EMOP vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB Emerging Markets Opportunities ETF (EMOP) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMOP achieves a 27.21% return, which is significantly lower than UGA's 64.09% return.

EMOP

• 1D: -4.78%
• 1M: 1.88%
• YTD: 27.21%
• 6M: 28.58%
• 1Y: 47.69%
• 3Y*: —
• 5Y*: —
• 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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EMOP vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025
EMOP AB Emerging Markets Opportunities ETF	27.21%	16.48%
UGA United States Gasoline Fund LP	64.09%	-5.82%

Correlation

The correlation between EMOP 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 (All Time) Calculated using the full available price history since Jun 18, 2025	-0.18

Return for Risk

EMOP vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EMOP

EMOP Risk / Return Rank: 76
EMOP Sharpe Ratio Rank: 77
EMOP Sortino Ratio Rank: 68
EMOP Omega Ratio Rank: 78
EMOP Calmar Ratio Rank: 78
EMOP Martin Ratio Rank: 79

UGA

UGA Risk / Return Rank: 55
UGA Sharpe Ratio Rank: 53
UGA Sortino Ratio Rank: 48
UGA Omega Ratio Rank: 49
UGA Calmar Ratio Rank: 67
UGA Martin Ratio Rank: 56

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EMOP vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB Emerging Markets Opportunities ETF (EMOP) 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.

	EMOP	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.73	+0.48
Sortino ratio: Return per unit of downside risk	2.81	2.25	+0.56
Omega ratio: Gain probability vs. loss probability	1.41	1.30	+0.12
Calmar ratio: Return relative to maximum drawdown	3.72	3.17	+0.56
Martin ratio: Return relative to average drawdown	13.88	9.39	+4.49

EMOP vs. UGA - Sharpe Ratio Comparison

The current EMOP Sharpe Ratio is 2.21, which is comparable to the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of EMOP and UGA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EMOP vs. UGA - Drawdown Comparison

The maximum EMOP drawdown since its inception was -12.88%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for EMOP and UGA.

Drawdown Indicators

	EMOP	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-12.88%	-86.59%	+73.71%
Max Drawdown (1Y) Largest decline over 1 year	-12.88%	-18.96%	+6.08%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	-4.78%	-18.05%	+13.27%
Average Drawdown Average peak-to-trough decline	-2.00%	-36.69%	+34.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	6.43%	-2.99%

Volatility

EMOP vs. UGA - Volatility Comparison

AB Emerging Markets Opportunities ETF (EMOP) has a higher volatility of 10.76% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that EMOP'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.

Volatility by Period

	EMOP	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.76%	9.24%	+1.52%
Volatility (6M) Calculated over the trailing 6-month period	19.59%	30.57%	-10.98%
Volatility (1Y) Calculated over the trailing 1-year period	21.65%	35.22%	-13.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.57%	34.45%	-12.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.57%	37.22%	-15.65%

EMOP vs. UGA - Expense Ratio Comparison

EMOP has a 0.70% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

EMOP vs. UGA - Dividend Comparison

EMOP's dividend yield for the trailing twelve months is around 0.85%, while UGA has not paid dividends to shareholders.

Position	TTM	2025
EMOP AB Emerging Markets Opportunities ETF	0.85%	0.27%
UGA United States Gasoline Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMOP and UGA in my portfolio?

EMOP 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.

Which is riskier, EMOP or UGA?

EMOP has higher volatility (10.76%) compared to UGA (9.24%). In terms of maximum drawdown, EMOP dropped -12.88% vs UGA's -86.59%.

Which ETF is better, EMOP or UGA?

On 1-year performance, UGA leads with 59.74% vs 47.69% for EMOP. On fees, EMOP is cheaper at 0.70% 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.

Which ETF has performed better, EMOP or UGA?

Over the 1-year period, UGA has performed better with a 59.74% return vs 47.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMOP or UGA?

EMOP is cheaper with a 0.70% expense ratio, compared with 0.75% for UGA.

Which ETF pays a higher dividend yield, EMOP or UGA?

EMOP has the higher dividend yield at 0.85%, compared with 0.00% for UGA.

What is the main difference between EMOP and UGA?

EMOP is categorized as Emerging Markets Equities, while UGA is Oil & Gas. They also come from different issuers: AllianceBernstein and Concierge Technologies. Their fees differ too: 0.70% for EMOP and 0.75% for UGA.

Which has better risk-adjusted returns?

EMOP currently has the higher Sharpe Ratio (2.21 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.