ESMV vs. UGA
ESMV (iShares ESG MSCI USA Min Vol Factor ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - ESMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index - Benchmark TR Gross, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 3 years, ESMV returned 10.45%/yr vs 18.95%/yr for UGA. At a 0.03 correlation, their price movements are largely independent. ESMV charges 0.18%/yr vs 0.75%/yr for UGA.
Performance
ESMV vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, ESMV achieves a 4.06% return, which is significantly lower than UGA's 64.09% return.
ESMV
- 1D
- -0.22%
- 1M
- -0.61%
- YTD
- 4.06%
- 6M
- 3.40%
- 1Y
- 6.29%
- 3Y*
- 10.45%
- 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%
ESMV vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ESMV iShares ESG MSCI USA Min Vol Factor ETF | 4.06% | 5.34% | 13.06% | 12.20% | -11.08% | 3.13% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | -2.10% |
Correlation
The correlation between ESMV and UGA is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2021 | 0.03 |
The correlation between ESMV and UGA shifts across timeframes, from -0.17 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ESMV vs. UGA — Risk / Return Rank
ESMV
UGA
ESMV vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares ESG MSCI USA Min Vol Factor ETF (ESMV) 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.
| ESMV | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.30 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.90 | 3.17 | -2.26 |
| Martin ratioReturn relative to average drawdown | 2.75 | 9.39 | -6.64 |
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Drawdowns
ESMV vs. UGA - Drawdown Comparison
The maximum ESMV drawdown since its inception was -19.77%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for ESMV and UGA.
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Drawdown Indicators
| ESMV | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.77% | -86.59% | +66.82% |
Max Drawdown (1Y)Largest decline over 1 year | -7.01% | -18.96% | +11.95% |
Max Drawdown (3Y)Largest decline over 3 years | -12.16% | -26.68% | +14.52% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -1.93% | -18.05% | +16.12% |
Average DrawdownAverage peak-to-trough decline | -5.28% | -36.69% | +31.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.29% | 6.43% | -4.14% |
Volatility
ESMV vs. UGA - Volatility Comparison
The current volatility for iShares ESG MSCI USA Min Vol Factor ETF (ESMV) is 2.82%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that ESMV 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
| ESMV | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.82% | 9.24% | -6.42% |
Volatility (6M)Calculated over the trailing 6-month period | 6.53% | 30.57% | -24.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.16% | 35.22% | -25.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.20% | 34.45% | -21.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.20% | 37.22% | -24.02% |
ESMV vs. UGA - Expense Ratio Comparison
ESMV has a 0.18% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
ESMV vs. UGA - Dividend Comparison
ESMV's dividend yield for the trailing twelve months is around 1.55%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
ESMV iShares ESG MSCI USA Min Vol Factor ETF | 1.55% | 1.56% | 1.71% | 1.75% | 1.66% | 0.24% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ESMV and UGA have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to ESMV (2.82%). In terms of maximum drawdown, ESMV dropped -19.77% vs UGA's -86.59%.
On 3-year performance, UGA leads with 18.95% vs 10.45% for ESMV. On fees, ESMV is cheaper at 0.18% per year. On volatility, ESMV has been the lower-risk option at 2.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UGA has performed better with a 18.95% return vs 10.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ESMV is cheaper with a 0.18% expense ratio, compared with 0.75% for UGA.
ESMV has the higher dividend yield at 1.55%, compared with 0.00% for UGA.
ESMV is categorized as Large Cap Blend Equities, while UGA is Oil & Gas. ESMV tracks MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index - Benchmark TR Gross, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.18% for ESMV and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 0.62), 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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