ESPO vs. UGA
ESPO (VanEck Video Gaming and eSports ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - ESPO is a Gaming fund tracking the MVIS Global Video Gaming and eSports Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, ESPO returned 5.00%/yr vs 23.21%/yr for UGA. At a 0.13 correlation, their price movements are largely independent. ESPO charges 0.55%/yr vs 0.75%/yr for UGA.
Performance
ESPO vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, ESPO achieves a -17.72% return, which is significantly lower than UGA's 66.14% return.
ESPO
- 1D
- -1.06%
- 1M
- -3.82%
- YTD
- -17.72%
- 6M
- -18.33%
- 1Y
- -19.58%
- 3Y*
- 17.30%
- 5Y*
- 5.00%
- 10Y*
- —
UGA
- 1D
- 4.14%
- 1M
- -5.40%
- YTD
- 66.14%
- 6M
- 62.36%
- 1Y
- 70.24%
- 3Y*
- 19.22%
- 5Y*
- 23.21%
- 10Y*
- 14.74%
ESPO vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ESPO VanEck Video Gaming and eSports ETF | -17.72% | 25.79% | 47.61% | 33.64% | -34.71% | -2.13% | 83.93% | 42.36% | -12.49% |
UGA United States Gasoline Fund LP | 66.14% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -33.06% |
Correlation
The correlation between ESPO 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 | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018 | 0.13 |
The correlation between ESPO and UGA shifts across timeframes, from -0.17 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ESPO vs. UGA — Risk / Return Rank
ESPO
UGA
ESPO vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Video Gaming and eSports ETF (ESPO) 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.
| ESPO | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.09 | ||
| Sortino ratioReturn per unit of downside risk | -3.98 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.34 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | 3.47 | -4.14 |
| Martin ratioReturn relative to average drawdown | -1.17 | 10.69 | -11.86 |
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Drawdowns
ESPO vs. UGA - Drawdown Comparison
The maximum ESPO drawdown since its inception was -50.99%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for ESPO and UGA.
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Drawdown Indicators
| ESPO | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.99% | -86.59% | +35.60% |
Max Drawdown (1Y)Largest decline over 1 year | -29.43% | -20.32% | -9.11% |
Max Drawdown (3Y)Largest decline over 3 years | -29.43% | -26.68% | -2.75% |
Max Drawdown (5Y)Largest decline over 5 years | -48.33% | -38.11% | -10.22% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -29.43% | -17.02% | -12.41% |
Average DrawdownAverage peak-to-trough decline | -15.12% | -36.69% | +21.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.70% | 6.59% | +10.11% |
Volatility
ESPO vs. UGA - Volatility Comparison
The current volatility for VanEck Video Gaming and eSports ETF (ESPO) is 4.34%, while United States Gasoline Fund LP (UGA) has a volatility of 8.84%. This indicates that ESPO 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
| ESPO | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.34% | 8.84% | -4.50% |
Volatility (6M)Calculated over the trailing 6-month period | 14.67% | 30.92% | -16.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.51% | 34.74% | -16.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.09% | 34.52% | -9.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.67% | 37.24% | -11.57% |
ESPO vs. UGA - Expense Ratio Comparison
ESPO has a 0.55% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
ESPO vs. UGA - Dividend Comparison
ESPO's dividend yield for the trailing twelve months is around 1.51%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ESPO VanEck Video Gaming and eSports ETF | 1.51% | 1.24% | 0.44% | 0.96% | 0.91% | 3.36% | 0.12% | 0.22% | 0.04% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ESPO 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 (8.84%) compared to ESPO (4.34%). In terms of maximum drawdown, ESPO dropped -50.99% vs UGA's -86.59%.
On 5-year performance, UGA leads with 23.21% vs 5.00% for ESPO. On fees, ESPO is cheaper at 0.55% per year. On volatility, ESPO has been the lower-risk option at 4.34%. 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 23.21% return vs 5.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ESPO is cheaper with a 0.55% expense ratio, compared with 0.75% for UGA.
ESPO has the higher dividend yield at 1.51%, compared with 0.00% for UGA.
ESPO is categorized as Gaming, while UGA is Oil & Gas. ESPO tracks MVIS Global Video Gaming and eSports Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: VanEck and Concierge Technologies. Their fees differ too: 0.55% for ESPO and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.03 vs -1.06), 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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