EPEM vs. UGA

Last updated Jun 25, 2026

EPEM (Harbor Emerging Markets Equity ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - EPEM is a Emerging Markets Diversified fund actively managed by Harbor, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. EPEM is actively managed, while UGA is passively managed. Over the past year, EPEM returned 44.02% vs 62.68% for UGA. At a correlation of -0.21, they often move in opposite directions. EPEM charges 0.84%/yr vs 0.75%/yr for UGA.

Performance

EPEM vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Emerging Markets Equity ETF (EPEM) 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, EPEM achieves a 23.73% return, which is significantly lower than UGA's 59.54% return.

EPEM

• 1D: -0.40%
• 1M: 0.78%
• YTD: 23.73%
• 6M: 25.59%
• 1Y: 44.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UGA

• 1D: -2.77%
• 1M: -14.54%
• YTD: 59.54%
• 6M: 55.91%
• 1Y: 62.68%
• 3Y*: 17.85%
• 5Y*: 22.22%
• 10Y*: 13.99%

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

EPEM vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025
EPEM Harbor Emerging Markets Equity ETF	23.73%	20.73%
UGA United States Gasoline Fund LP	59.54%	5.14%

Correlation

The correlation between EPEM and UGA is -0.18, 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	-0.18
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	-0.21

Return for Risk

EPEM vs. UGA — Risk / Return Rank

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

EPEM

EPEM Risk / Return Rank: 74
EPEM Sharpe Ratio Rank: 76
EPEM Sortino Ratio Rank: 67
EPEM Omega Ratio Rank: 76
EPEM Calmar Ratio Rank: 75
EPEM Martin Ratio Rank: 74

UGA

UGA Risk / Return Rank: 60
UGA Sharpe Ratio Rank: 62
UGA Sortino Ratio Rank: 54
UGA Omega Ratio Rank: 55
UGA Calmar Ratio Rank: 69
UGA Martin Ratio Rank: 60

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.

EPEM vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Emerging Markets Equity ETF (EPEM) 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.

	EPEM	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.83	+0.27
Sortino ratio: Return per unit of downside risk	2.67	2.35	+0.32
Omega ratio: Gain probability vs. loss probability	1.39	1.31	+0.08
Calmar ratio: Return relative to maximum drawdown	3.33	3.10	+0.23
Martin ratio: Return relative to average drawdown	11.97	9.66	+2.31

EPEM vs. UGA - Sharpe Ratio Comparison

The current EPEM Sharpe Ratio is 2.10, which is comparable to the UGA Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of EPEM 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

EPEM vs. UGA - Drawdown Comparison

The maximum EPEM drawdown since its inception was -13.27%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for EPEM and UGA.

Drawdown Indicators

	EPEM	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-13.27%	-86.59%	+73.32%
Max Drawdown (1Y) Largest decline over 1 year	-13.27%	-20.32%	+7.05%
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	-6.10%	-20.32%	+14.22%
Average Drawdown Average peak-to-trough decline	-2.09%	-36.69%	+34.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	6.51%	-2.82%

Volatility

EPEM vs. UGA - Volatility Comparison

Harbor Emerging Markets Equity ETF (EPEM) has a higher volatility of 10.68% compared to United States Gasoline Fund LP (UGA) at 9.45%. This indicates that EPEM'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

	EPEM	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.68%	9.45%	+1.23%
Volatility (6M) Calculated over the trailing 6-month period	18.89%	30.74%	-11.85%
Volatility (1Y) Calculated over the trailing 1-year period	21.19%	34.84%	-13.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.88%	34.47%	-13.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.88%	37.22%	-16.34%

EPEM vs. UGA - Expense Ratio Comparison

EPEM has a 0.84% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

EPEM vs. UGA - Dividend Comparison

EPEM's dividend yield for the trailing twelve months is around 2.96%, while UGA has not paid dividends to shareholders.

Position	TTM	2025
EPEM Harbor Emerging Markets Equity ETF	2.96%	3.66%
UGA United States Gasoline Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both EPEM and UGA in my portfolio?

EPEM and UGA have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPEM or UGA?

EPEM has higher volatility (10.68%) compared to UGA (9.45%). In terms of maximum drawdown, EPEM dropped -13.27% vs UGA's -86.59%.

Which ETF is better, EPEM or UGA?

On 1-year performance, UGA leads with 62.68% vs 44.02% for EPEM. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 9.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPEM or UGA?

Over the 1-year period, UGA has performed better with a 62.68% return vs 44.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPEM or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 0.84% for EPEM.

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

EPEM has the higher dividend yield at 2.96%, compared with 0.00% for UGA.

What is the main difference between EPEM and UGA?

EPEM is categorized as Emerging Markets Diversified, while UGA is Oil & Gas. They also come from different issuers: Harbor and Concierge Technologies. Their fees differ too: 0.84% for EPEM and 0.75% for UGA.

Which has better risk-adjusted returns?

EPEM currently has the higher Sharpe Ratio (2.10 vs 1.82), 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.