EWD vs. UGA
EWD (iShares MSCI Sweden ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - EWD is a Europe Equities fund tracking the MSCI Sweden Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, EWD returned 9.98%/yr vs 14.31%/yr for UGA. At a 0.24 correlation, their price movements are largely independent. EWD charges 0.55%/yr vs 0.75%/yr for UGA.
Performance
EWD vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, EWD achieves a 1.43% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, EWD has underperformed UGA with an annualized return of 9.98%, while UGA has yielded a comparatively higher 14.31% annualized return.
EWD
- 1D
- -2.77%
- 1M
- -4.76%
- YTD
- 1.43%
- 6M
- 1.47%
- 1Y
- 15.00%
- 3Y*
- 16.23%
- 5Y*
- 4.11%
- 10Y*
- 9.98%
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%
EWD vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWD iShares MSCI Sweden ETF | 1.43% | 36.55% | -3.90% | 25.07% | -27.84% | 22.84% | 22.27% | 21.74% | -12.78% | 21.86% |
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 EWD and UGA is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.24 |
The correlation between EWD and UGA shifts across timeframes, from -0.28 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EWD vs. UGA — Risk / Return Rank
EWD
UGA
EWD vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Sweden ETF (EWD) 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.
| EWD | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.30 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | 3.17 | -2.13 |
| Martin ratioReturn relative to average drawdown | 3.39 | 9.39 | -6.01 |
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Drawdowns
EWD vs. UGA - Drawdown Comparison
The maximum EWD drawdown since its inception was -75.40%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for EWD and UGA.
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Drawdown Indicators
| EWD | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.40% | -86.59% | +11.19% |
Max Drawdown (1Y)Largest decline over 1 year | -14.49% | -18.96% | +4.47% |
Max Drawdown (3Y)Largest decline over 3 years | -17.84% | -26.68% | +8.84% |
Max Drawdown (5Y)Largest decline over 5 years | -42.33% | -38.11% | -4.22% |
Max Drawdown (10Y)Largest decline over 10 years | -42.33% | -75.89% | +33.56% |
Current DrawdownCurrent decline from peak | -8.75% | -18.05% | +9.30% |
Average DrawdownAverage peak-to-trough decline | -19.20% | -36.69% | +17.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.44% | 6.43% | -1.99% |
Volatility
EWD vs. UGA - Volatility Comparison
The current volatility for iShares MSCI Sweden ETF (EWD) is 6.67%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that EWD 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
| EWD | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.67% | 9.24% | -2.57% |
Volatility (6M)Calculated over the trailing 6-month period | 17.20% | 30.57% | -13.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.34% | 35.22% | -14.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.01% | 34.45% | -10.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.23% | 37.22% | -13.99% |
EWD vs. UGA - Expense Ratio Comparison
EWD has a 0.55% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
EWD vs. UGA - Dividend Comparison
EWD's dividend yield for the trailing twelve months is around 3.68%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWD iShares MSCI Sweden ETF | 3.68% | 3.27% | 1.77% | 2.41% | 3.68% | 5.46% | 0.98% | 4.15% | 5.17% | 3.23% | 3.91% | 4.08% |
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
EWD and UGA have a correlation of -0.28, 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 EWD (6.67%). In terms of maximum drawdown, EWD dropped -75.40% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 9.98% for EWD. On fees, EWD is cheaper at 0.55% per year. On volatility, EWD has been the lower-risk option at 6.67%. 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 14.31% return vs 9.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWD is cheaper with a 0.55% expense ratio, compared with 0.75% for UGA.
EWD has the higher dividend yield at 3.68%, compared with 0.00% for UGA.
EWD is categorized as Europe Equities, while UGA is Oil & Gas. EWD tracks MSCI Sweden Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.55% for EWD and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 0.74), 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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