EQLT vs. UGA

Last updated Jun 24, 2026

EQLT (iShares MSCI Emerging Markets Quality Factor ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - EQLT is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Quality Factor Select Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past year, EQLT returned 53.56% vs 59.74% for UGA. At a correlation of -0.04, they often move in opposite directions. EQLT charges 0.35%/yr vs 0.75%/yr for UGA.

Performance

EQLT vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets Quality Factor ETF (EQLT) 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, EQLT achieves a 27.04% return, which is significantly lower than UGA's 64.09% return.

EQLT

• 1D: -4.53%
• 1M: 0.53%
• YTD: 27.04%
• 6M: 27.81%
• 1Y: 53.56%
• 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)

EQLT vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EQLT iShares MSCI Emerging Markets Quality Factor ETF	27.04%	33.93%	-1.29%
UGA United States Gasoline Fund LP	64.09%	-2.00%	9.76%

Correlation

The correlation between EQLT and UGA is -0.20, 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	-0.20
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	-0.04

The correlation between EQLT and UGA shifts across timeframes, from -0.20 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EQLT vs. UGA — Risk / Return Rank

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

EQLT

EQLT Risk / Return Rank: 81
EQLT Sharpe Ratio Rank: 80
EQLT Sortino Ratio Rank: 73
EQLT Omega Ratio Rank: 79
EQLT Calmar Ratio Rank: 86
EQLT Martin Ratio Rank: 87

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.

EQLT vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Quality Factor ETF (EQLT) 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.

	EQLT	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.36	1.73	+0.63
Sortino ratio: Return per unit of downside risk	3.00	2.25	+0.75
Omega ratio: Gain probability vs. loss probability	1.43	1.30	+0.13
Calmar ratio: Return relative to maximum drawdown	4.49	3.17	+1.32
Martin ratio: Return relative to average drawdown	17.33	9.39	+7.94

EQLT vs. UGA - Sharpe Ratio Comparison

The current EQLT Sharpe Ratio is 2.36, which is higher than the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of EQLT 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

EQLT vs. UGA - Drawdown Comparison

The maximum EQLT drawdown since its inception was -17.38%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for EQLT and UGA.

Drawdown Indicators

	EQLT	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-17.38%	-86.59%	+69.21%
Max Drawdown (1Y) Largest decline over 1 year	-12.00%	-18.96%	+6.96%
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	-5.24%	-18.05%	+12.81%
Average Drawdown Average peak-to-trough decline	-3.59%	-36.69%	+33.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	6.43%	-3.33%

Volatility

EQLT vs. UGA - Volatility Comparison

iShares MSCI Emerging Markets Quality Factor ETF (EQLT) has a higher volatility of 10.59% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that EQLT'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

	EQLT	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.59%	9.24%	+1.35%
Volatility (6M) Calculated over the trailing 6-month period	20.74%	30.57%	-9.83%
Volatility (1Y) Calculated over the trailing 1-year period	22.82%	35.22%	-12.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.35%	34.45%	-13.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.35%	37.22%	-15.87%

EQLT vs. UGA - Expense Ratio Comparison

EQLT has a 0.35% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

EQLT vs. UGA - Dividend Comparison

EQLT's dividend yield for the trailing twelve months is around 2.62%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024
EQLT iShares MSCI Emerging Markets Quality Factor ETF	2.62%	3.10%	0.51%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EQLT and UGA in my portfolio?

EQLT and UGA have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EQLT or UGA?

EQLT has higher volatility (10.59%) compared to UGA (9.24%). In terms of maximum drawdown, EQLT dropped -17.38% vs UGA's -86.59%.

Which ETF is better, EQLT or UGA?

On 1-year performance, UGA leads with 59.74% vs 53.56% for EQLT. On fees, EQLT is cheaper at 0.35% 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, EQLT or UGA?

Over the 1-year period, UGA has performed better with a 59.74% return vs 53.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EQLT or UGA?

EQLT is cheaper with a 0.35% expense ratio, compared with 0.75% for UGA.

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

EQLT has the higher dividend yield at 2.62%, compared with 0.00% for UGA.

What is the main difference between EQLT and UGA?

EQLT is categorized as Emerging Markets Equities, while UGA is Oil & Gas. EQLT tracks MSCI Emerging Markets Quality Factor Select Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.35% for EQLT and 0.75% for UGA.

Which has better risk-adjusted returns?

EQLT currently has the higher Sharpe Ratio (2.36 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.