EMXC vs. UGA
EMXC (iShares MSCI Emerging Markets ex China ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, EMXC returned 12.43%/yr vs 22.69%/yr for UGA. At a 0.19 correlation, their price movements are largely independent. EMXC charges 0.49%/yr vs 0.75%/yr for UGA.
Performance
EMXC vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, EMXC achieves a 37.89% return, which is significantly lower than UGA's 64.09% return.
EMXC
- 1D
- -6.44%
- 1M
- 4.83%
- YTD
- 37.89%
- 6M
- 39.80%
- 1Y
- 67.97%
- 3Y*
- 27.65%
- 5Y*
- 12.43%
- 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%
EMXC vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMXC iShares MSCI Emerging Markets ex China ETF | 37.89% | 35.14% | 2.68% | 18.96% | -19.56% | 8.54% | 12.76% | 15.80% | -12.96% | 7.16% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 23.98% |
Correlation
The correlation between EMXC and UGA is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017 | 0.19 |
The correlation between EMXC and UGA shifts across timeframes, from -0.22 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EMXC vs. UGA — Risk / Return Rank
EMXC
UGA
EMXC vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ex China ETF (EMXC) 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.
| EMXC | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.97 | ||
| Sortino ratioReturn per unit of downside risk | +0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.30 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 4.74 | 3.17 | +1.57 |
| Martin ratioReturn relative to average drawdown | 18.14 | 9.39 | +8.74 |
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Drawdowns
EMXC vs. UGA - Drawdown Comparison
The maximum EMXC drawdown since its inception was -42.81%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for EMXC and UGA.
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Drawdown Indicators
| EMXC | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.81% | -86.59% | +43.78% |
Max Drawdown (1Y)Largest decline over 1 year | -14.41% | -18.96% | +4.55% |
Max Drawdown (3Y)Largest decline over 3 years | -19.12% | -26.68% | +7.56% |
Max Drawdown (5Y)Largest decline over 5 years | -28.91% | -38.11% | +9.20% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -6.44% | -18.05% | +11.61% |
Average DrawdownAverage peak-to-trough decline | -10.15% | -36.69% | +26.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.76% | 6.43% | -2.67% |
Volatility
EMXC vs. UGA - Volatility Comparison
iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 14.74% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that EMXC'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
| EMXC | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.74% | 9.24% | +5.50% |
Volatility (6M)Calculated over the trailing 6-month period | 23.44% | 30.57% | -7.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.27% | 35.22% | -9.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.40% | 34.45% | -16.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.25% | 37.22% | -16.97% |
EMXC vs. UGA - Expense Ratio Comparison
EMXC has a 0.49% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
EMXC vs. UGA - Dividend Comparison
EMXC's dividend yield for the trailing twelve months is around 1.93%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMXC iShares MSCI Emerging Markets ex China ETF | 1.93% | 2.82% | 2.69% | 1.83% | 2.85% | 1.78% | 1.45% | 3.25% | 2.63% | 0.99% |
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% |
Frequently Asked Questions
EMXC and UGA have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMXC has higher volatility (14.74%) compared to UGA (9.24%). In terms of maximum drawdown, EMXC dropped -42.81% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.69% vs 12.43% for EMXC. On fees, EMXC is cheaper at 0.49% 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 5-year period, UGA has performed better with a 22.69% return vs 12.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMXC is cheaper with a 0.49% expense ratio, compared with 0.75% for UGA.
EMXC has the higher dividend yield at 1.93%, compared with 0.00% for UGA.
EMXC is categorized as Emerging Markets Equities, while UGA is Oil & Gas. EMXC tracks MSCI Emerging Markets ex China Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.49% for EMXC and 0.75% for UGA.
EMXC currently has the higher Sharpe Ratio (2.70 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.
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