EPHE vs. UGA
EPHE (iShares MSCI Philippines ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - EPHE is a Asia Pacific Equities fund tracking the MSCI Philippines Investable Market Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, EPHE returned -3.39%/yr vs 16.39%/yr for UGA. At a 0.14 correlation, their price movements are largely independent. EPHE charges 0.59%/yr vs 0.75%/yr for UGA.
Performance
EPHE vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, EPHE achieves a 2.00% return, which is significantly lower than UGA's 81.31% return. Over the past 10 years, EPHE has underperformed UGA with an annualized return of -3.39%, while UGA has yielded a comparatively higher 16.39% annualized return.
EPHE
- 1D
- -1.35%
- 1M
- 1.67%
- 6M
- -3.76%
- YTD
- 2.00%
- 1Y
- -5.56%
- 3Y*
- -0.26%
- 5Y*
- -1.57%
- 10Y*
- -3.39%
UGA
- 1D
- 5.54%
- 1M
- 6.45%
- 6M
- 72.85%
- YTD
- 81.31%
- 1Y
- 75.34%
- 3Y*
- 19.85%
- 5Y*
- 25.10%
- 10Y*
- 16.39%
EPHE vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EPHE iShares MSCI Philippines ETF | 2.00% | 1.56% | -1.41% | 1.27% | -15.87% | -2.23% | -3.95% | 8.50% | -17.50% | 20.20% |
UGA United States Gasoline Fund LP | 81.31% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between EPHE and UGA is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2010 | 0.14 |
The correlation between EPHE and UGA shifts across timeframes, from -0.27 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EPHE vs. UGA — Risk / Return Rank
EPHE
UGA
EPHE vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Philippines ETF (EPHE) 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.
| EPHE | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.39 | ||
| Sortino ratioReturn per unit of downside risk | -2.92 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.34 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.35 | 3.73 | -4.08 |
| Martin ratioReturn relative to average drawdown | -0.61 | 10.39 | -11.00 |
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Drawdowns
EPHE vs. UGA - Drawdown Comparison
The maximum EPHE drawdown since its inception was -53.82%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for EPHE and UGA.
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Drawdown Indicators
| EPHE | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.82% | -86.59% | +32.77% |
Max Drawdown (1Y)Largest decline over 1 year | -15.90% | -20.32% | +4.42% |
Max Drawdown (3Y)Largest decline over 3 years | -21.42% | -26.68% | +5.26% |
Max Drawdown (5Y)Largest decline over 5 years | -32.96% | -38.11% | +5.15% |
Max Drawdown (10Y)Largest decline over 10 years | -51.62% | -75.89% | +24.27% |
Current DrawdownCurrent decline from peak | -32.56% | -9.45% | -23.11% |
Average DrawdownAverage peak-to-trough decline | -21.06% | -36.63% | +15.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.13% | 7.28% | +1.85% |
Volatility
EPHE vs. UGA - Volatility Comparison
The current volatility for iShares MSCI Philippines ETF (EPHE) is 9.64%, while United States Gasoline Fund LP (UGA) has a volatility of 11.49%. This indicates that EPHE 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
| EPHE | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.64% | 11.49% | -1.85% |
Volatility (6M)Calculated over the trailing 6-month period | 15.92% | 31.60% | -15.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.62% | 35.78% | -15.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.45% | 34.66% | -16.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.28% | 37.23% | -14.95% |
EPHE vs. UGA - Expense Ratio Comparison
EPHE has a 0.59% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
EPHE vs. UGA - Dividend Comparison
EPHE's dividend yield for the trailing twelve months is around 2.72%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EPHE iShares MSCI Philippines ETF | 2.72% | 2.11% | 2.32% | 2.01% | 1.73% | 1.05% | 0.72% | 0.78% | 0.45% | 0.36% | 0.71% | 1.03% |
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
EPHE and UGA have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.49%) compared to EPHE (9.64%). In terms of maximum drawdown, EPHE dropped -53.82% vs UGA's -86.59%.
On 10-year performance, UGA leads with 16.39% vs -3.39% for EPHE. On fees, EPHE is cheaper at 0.59% per year. On volatility, EPHE has been the lower-risk option at 9.64%. 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 16.39% return vs -3.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EPHE is cheaper with a 0.59% expense ratio, compared with 0.75% for UGA.
EPHE has the higher dividend yield at 2.72%, compared with 0.00% for UGA.
EPHE is categorized as Asia Pacific Equities, while UGA is Oil & Gas. EPHE tracks MSCI Philippines Investable Market Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.59% for EPHE and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.12 vs -0.27), 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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