EXI vs. UGA
EXI (iShares Global Industrials ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - EXI is a Industrials Equities fund tracking the S&P Global 1200 / Industrials -SEC, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, EXI returned 12.43%/yr vs 14.43%/yr for UGA. At a 0.26 correlation, their price movements are largely independent. EXI charges 0.43%/yr vs 0.75%/yr for UGA.
Performance
EXI vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, EXI achieves a 10.88% return, which is significantly lower than UGA's 75.49% return. Over the past 10 years, EXI has underperformed UGA with an annualized return of 12.43%, while UGA has yielded a comparatively higher 14.43% annualized return.
EXI
- 1D
- -0.21%
- 1M
- 1.21%
- YTD
- 10.88%
- 6M
- 13.08%
- 1Y
- 22.09%
- 3Y*
- 20.74%
- 5Y*
- 11.17%
- 10Y*
- 12.43%
UGA
- 1D
- -0.19%
- 1M
- -12.35%
- YTD
- 75.49%
- 6M
- 64.35%
- 1Y
- 80.94%
- 3Y*
- 22.21%
- 5Y*
- 25.10%
- 10Y*
- 14.43%
EXI vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EXI iShares Global Industrials ETF | 10.88% | 25.88% | 12.47% | 22.04% | -12.36% | 17.37% | 11.33% | 27.13% | -14.41% | 25.16% |
UGA United States Gasoline Fund LP | 75.49% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between EXI 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 | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008 | 0.26 |
The correlation between EXI and UGA shifts across timeframes, from -0.28 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EXI vs. UGA — Risk / Return Rank
EXI
UGA
EXI vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Industrials ETF (EXI) 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.
| EXI | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.37 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.80 | 5.47 | -3.67 |
| Martin ratioReturn relative to average drawdown | 7.30 | 13.25 | -5.94 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EXI | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.39 | 2.32 | -0.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.66 | 0.73 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | 0.39 | +0.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.12 | +0.30 |
Drawdowns
EXI vs. UGA - Drawdown Comparison
The maximum EXI drawdown since its inception was -62.60%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for EXI and UGA.
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Drawdown Indicators
| EXI | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.60% | -86.59% | +23.99% |
Max Drawdown (1Y)Largest decline over 1 year | -12.35% | -14.88% | +2.53% |
Max Drawdown (3Y)Largest decline over 3 years | -14.38% | -26.68% | +12.30% |
Max Drawdown (5Y)Largest decline over 5 years | -27.23% | -38.11% | +10.88% |
Max Drawdown (10Y)Largest decline over 10 years | -39.56% | -75.89% | +36.33% |
Current DrawdownCurrent decline from peak | -3.16% | -12.35% | +9.19% |
Average DrawdownAverage peak-to-trough decline | -9.97% | -36.76% | +26.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.03% | 6.13% | -3.10% |
Volatility
EXI vs. UGA - Volatility Comparison
The current volatility for iShares Global Industrials ETF (EXI) is 5.33%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that EXI 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
| EXI | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.33% | 11.66% | -6.33% |
Volatility (6M)Calculated over the trailing 6-month period | 13.42% | 30.41% | -16.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.92% | 35.14% | -19.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.99% | 34.38% | -17.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.41% | 37.27% | -18.86% |
EXI vs. UGA - Expense Ratio Comparison
EXI has a 0.43% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
EXI vs. UGA - Dividend Comparison
EXI's dividend yield for the trailing twelve months is around 1.19%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EXI iShares Global Industrials ETF | 1.19% | 1.32% | 1.47% | 1.84% | 1.63% | 1.42% | 1.26% | 1.72% | 2.21% | 1.48% | 1.75% | 1.95% |
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
EXI 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 (11.66%) compared to EXI (5.33%). In terms of maximum drawdown, EXI dropped -62.60% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.43% vs 12.43% for EXI. On fees, EXI is cheaper at 0.43% per year. On volatility, EXI has been the lower-risk option at 5.33%. 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 14.43% return vs 12.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EXI is cheaper with a 0.43% expense ratio, compared with 0.75% for UGA.
EXI has the higher dividend yield at 1.19%, compared with 0.00% for UGA.
EXI is categorized as Industrials Equities, while UGA is Oil & Gas. EXI tracks S&P Global 1200 / Industrials -SEC, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.43% for EXI and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.32 vs 1.39), 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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