FXI vs. UGA
FXI (iShares China Large-Cap ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FXI is a China Equities fund tracking the FTSE China 50 Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, FXI returned 2.55%/yr vs 14.31%/yr for UGA. At a 0.24 correlation, their price movements are largely independent. FXI charges 0.74%/yr vs 0.75%/yr for UGA.
Performance
FXI vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, FXI achieves a -13.61% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, FXI has underperformed UGA with an annualized return of 2.55%, while UGA has yielded a comparatively higher 14.31% annualized return.
FXI
- 1D
- -1.79%
- 1M
- -6.88%
- YTD
- -13.61%
- 6M
- -14.15%
- 1Y
- -7.33%
- 3Y*
- 9.64%
- 5Y*
- -4.39%
- 10Y*
- 2.55%
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%
FXI vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXI iShares China Large-Cap ETF | -13.61% | 28.95% | 28.98% | -12.42% | -20.66% | -20.06% | 8.92% | 14.90% | -13.28% | 36.26% |
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 FXI and UGA is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
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 | 0.16 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.24 |
The correlation between FXI and UGA shifts across timeframes, from -0.08 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FXI vs. UGA — Risk / Return Rank
FXI
UGA
FXI vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (FXI) 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.
| FXI | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.10 | ||
| Sortino ratioReturn per unit of downside risk | -2.64 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.30 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 3.17 | -3.54 |
| Martin ratioReturn relative to average drawdown | -0.90 | 9.39 | -10.30 |
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Drawdowns
FXI vs. UGA - Drawdown Comparison
The maximum FXI drawdown since its inception was -72.68%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FXI and UGA.
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Drawdown Indicators
| FXI | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.68% | -86.59% | +13.91% |
Max Drawdown (1Y)Largest decline over 1 year | -19.91% | -18.96% | -0.95% |
Max Drawdown (3Y)Largest decline over 3 years | -28.72% | -26.68% | -2.04% |
Max Drawdown (5Y)Largest decline over 5 years | -54.94% | -38.11% | -16.83% |
Max Drawdown (10Y)Largest decline over 10 years | -60.81% | -75.89% | +15.08% |
Current DrawdownCurrent decline from peak | -31.97% | -18.05% | -13.92% |
Average DrawdownAverage peak-to-trough decline | -31.21% | -36.69% | +5.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.13% | 6.43% | +1.70% |
Volatility
FXI vs. UGA - Volatility Comparison
The current volatility for iShares China Large-Cap ETF (FXI) is 6.02%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that FXI 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
| FXI | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.02% | 9.24% | -3.22% |
Volatility (6M)Calculated over the trailing 6-month period | 14.66% | 30.57% | -15.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.00% | 35.22% | -15.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.72% | 34.45% | -2.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.60% | 37.22% | -9.62% |
FXI vs. UGA - Expense Ratio Comparison
FXI has a 0.74% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
FXI vs. UGA - Dividend Comparison
FXI's dividend yield for the trailing twelve months is around 2.07%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXI iShares China Large-Cap ETF | 2.07% | 2.42% | 1.76% | 3.17% | 2.61% | 1.60% | 2.19% | 2.74% | 2.69% | 2.31% | 2.69% | 2.90% |
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
FXI and UGA have a correlation of -0.08, 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 FXI (6.02%). In terms of maximum drawdown, FXI dropped -72.68% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 2.55% for FXI. On fees, FXI is cheaper at 0.74% per year. On volatility, FXI has been the lower-risk option at 6.02%. 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 2.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXI is cheaper with a 0.74% expense ratio, compared with 0.75% for UGA.
FXI has the higher dividend yield at 2.07%, compared with 0.00% for UGA.
FXI is categorized as China Equities, while UGA is Oil & Gas. FXI tracks FTSE China 50 Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.74% for FXI and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs -0.37), 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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