EUSA vs. UGA
EUSA (iShares MSCI USA Equal Weighted ETF) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - EUSA is a Mid Cap Blend Equities fund tracking the MSCI USA Equal Weighted Index, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past 10 years, EUSA returned 11.56%/yr vs 16.82%/yr for UGA. Their 0.21 correlation means their historical movements had little consistent relationship. EUSA charges 0.09%/yr vs 1.02%/yr for UGA.
Performance
EUSA vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, EUSA achieves a 12.74% return, which is significantly lower than UGA's 80.98% return. Over the past 10 years, EUSA has underperformed UGA with an annualized return of 11.56%, while UGA has yielded a comparatively higher 16.82% annualized return.
EUSA
- 1D
- 1.19%
- 1M
- 0.60%
- 6M
- 10.01%
- YTD
- 12.74%
- 1Y
- 18.77%
- 3Y*
- 14.91%
- 5Y*
- 7.90%
- 10Y*
- 11.56%
- ALL TIME*
- 12.10%
UGA
- 1D
- -5.27%
- 1M
- 8.52%
- 6M
- 69.92%
- YTD
- 80.98%
- 1Y
- 78.20%
- 3Y*
- 16.66%
- 5Y*
- 25.31%
- 10Y*
- 16.82%
- ALL TIME*
- 4.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.84M | $10.68M | $7.63M | |
| $8.16M | $5.91M | $4.98M |
EUSA vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUSA iShares MSCI USA Equal Weighted ETF | 12.74% | 10.24% | 14.64% | 17.72% | -17.13% | 25.60% | 15.03% | 30.56% | -8.58% | 19.02% |
UGA United States Gasoline Fund, LP | 80.98% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between EUSA and UGA is -0.27, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.27 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.18 |
Correlation (All Time) Calculated using the full available price history since May 7, 2010 | 0.21 |
The correlation between EUSA and UGA shifts across timeframes, from -0.27 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EUSA vs. UGA — Risk / Return Rank
EUSA
UGA
EUSA vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Equal Weighted ETF (EUSA) 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.
| EUSA | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.35 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 3.87 | -1.46 |
| Martin ratioReturn relative to average drawdown | 9.63 | 10.83 | -1.20 |
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Drawdowns
EUSA vs. UGA - Drawdown Comparison
The maximum EUSA drawdown since its inception was -39.16%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for EUSA and UGA.
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Drawdown Indicators
| EUSA | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.16% | -86.59% | +47.43% |
Max Drawdown (1Y)Largest decline over 1 year | -7.82% | -20.32% | +12.50% |
Max Drawdown (3Y)Largest decline over 3 years | -18.20% | -26.68% | +8.48% |
Max Drawdown (5Y)Largest decline over 5 years | -25.24% | -38.11% | +12.87% |
Max Drawdown (10Y)Largest decline over 10 years | -39.16% | -75.89% | +36.73% |
Current DrawdownCurrent decline from peak | -0.03% | -10.61% | +10.58% |
Average DrawdownAverage peak-to-trough decline | -4.56% | -36.53% | +31.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 7.25% | -5.30% |
Volatility
EUSA vs. UGA - Volatility Comparison
The current volatility for iShares MSCI USA Equal Weighted ETF (EUSA) is 2.97%, while United States Gasoline Fund, LP (UGA) has a volatility of 12.68%. This indicates that EUSA 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
| EUSA | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.97% | 12.68% | -9.71% |
Volatility (6M)Calculated over the trailing 6-month period | 8.94% | 32.51% | -23.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.95% | 36.42% | -24.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.96% | 34.68% | -17.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.28% | 37.30% | -19.02% |
EUSA vs. UGA - Expense Ratio Comparison
EUSA has a 0.09% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
EUSA vs. UGA - Dividend Comparison
EUSA's dividend yield for the trailing twelve months is around 1.43%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUSA iShares MSCI USA Equal Weighted ETF | 1.43% | 1.63% | 1.47% | 1.53% | 1.73% | 1.23% | 1.45% | 1.49% | 2.01% | 1.50% | 1.59% | 2.21% |
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
EUSA 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 (12.68%) compared to EUSA (2.97%). In terms of maximum drawdown, EUSA dropped -39.16% vs UGA's -86.59%.
On 10-year performance, UGA leads with 16.82% vs 11.56% for EUSA. On fees, EUSA is cheaper at 0.09% per year. On volatility, EUSA has been the lower-risk option at 2.97%. 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 16.82% return vs 11.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EUSA is cheaper with a 0.09% expense ratio, compared with 1.02% for UGA.
EUSA has the higher dividend yield at 1.43%, compared with 0.00% for UGA.
EUSA is categorized as Mid Cap Blend Equities, while UGA is Oil & Gas. EUSA tracks MSCI USA Equal Weighted Index, while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. They also come from different issuers: iShares and USCF. Their fees differ too: 0.09% for EUSA and 1.02% for UGA.
UGA currently has the higher Sharpe Ratio (2.16 vs 1.58), 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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