ESGE vs. UGA
ESGE (iShares ESG Aware MSCI EM ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - ESGE is a Emerging Markets Equities fund tracking the MSCI EM Extended ESG Focus Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, ESGE returned 6.26%/yr vs 22.69%/yr for UGA. At a 0.17 correlation, their price movements are largely independent. ESGE charges 0.25%/yr vs 0.75%/yr for UGA.
Performance
ESGE vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, ESGE achieves a 22.27% return, which is significantly lower than UGA's 64.09% return.
ESGE
- 1D
- -5.62%
- 1M
- 2.83%
- YTD
- 22.27%
- 6M
- 23.13%
- 1Y
- 44.92%
- 3Y*
- 22.70%
- 5Y*
- 6.26%
- 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%
ESGE vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ESGE iShares ESG Aware MSCI EM ETF | 22.27% | 35.86% | 6.63% | 9.51% | -22.41% | -2.87% | 18.60% | 20.37% | -15.24% | 38.86% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between ESGE and UGA is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jul 20, 2016 | 0.17 |
The correlation between ESGE and UGA shifts across timeframes, from -0.21 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ESGE vs. UGA — Risk / Return Rank
ESGE
UGA
ESGE vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares ESG Aware MSCI EM ETF (ESGE) 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.
| ESGE | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.30 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.25 | 3.17 | +0.08 |
| Martin ratioReturn relative to average drawdown | 12.10 | 9.39 | +2.71 |
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Drawdowns
ESGE vs. UGA - Drawdown Comparison
The maximum ESGE drawdown since its inception was -41.07%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for ESGE and UGA.
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Drawdown Indicators
| ESGE | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.07% | -86.59% | +45.52% |
Max Drawdown (1Y)Largest decline over 1 year | -13.90% | -18.96% | +5.06% |
Max Drawdown (3Y)Largest decline over 3 years | -16.71% | -26.68% | +9.97% |
Max Drawdown (5Y)Largest decline over 5 years | -39.18% | -38.11% | -1.07% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -5.62% | -18.05% | +12.43% |
Average DrawdownAverage peak-to-trough decline | -14.41% | -36.69% | +22.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.72% | 6.43% | -2.71% |
Volatility
ESGE vs. UGA - Volatility Comparison
iShares ESG Aware MSCI EM ETF (ESGE) has a higher volatility of 12.44% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that ESGE'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
| ESGE | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.44% | 9.24% | +3.20% |
Volatility (6M)Calculated over the trailing 6-month period | 20.66% | 30.57% | -9.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.76% | 35.22% | -12.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.71% | 34.45% | -14.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.19% | 37.22% | -17.03% |
ESGE vs. UGA - Expense Ratio Comparison
ESGE has a 0.25% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
ESGE vs. UGA - Dividend Comparison
ESGE's dividend yield for the trailing twelve months is around 2.12%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
ESGE iShares ESG Aware MSCI EM ETF | 2.12% | 2.50% | 2.41% | 2.64% | 2.68% | 2.66% | 1.31% | 2.59% | 2.19% | 1.86% | 0.27% |
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% |
Frequently Asked Questions
ESGE and UGA have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ESGE has higher volatility (12.44%) compared to UGA (9.24%). In terms of maximum drawdown, ESGE dropped -41.07% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.69% vs 6.26% for ESGE. On fees, ESGE is cheaper at 0.25% 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 6.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ESGE is cheaper with a 0.25% expense ratio, compared with 0.75% for UGA.
ESGE has the higher dividend yield at 2.12%, compared with 0.00% for UGA.
ESGE is categorized as Emerging Markets Equities, while UGA is Oil & Gas. ESGE tracks MSCI EM Extended ESG Focus Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.25% for ESGE and 0.75% for UGA.
ESGE currently has the higher Sharpe Ratio (1.98 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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