GDX vs. UGA
GDX (VanEck Gold Miners ETF) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners 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, GDX returned 10.74%/yr vs 16.82%/yr for UGA. Their 0.19 correlation means their historical movements had little consistent relationship. GDX charges 0.51%/yr vs 1.02%/yr for UGA.
Performance
GDX vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, GDX achieves a -11.33% return, which is significantly lower than UGA's 80.98% return. Over the past 10 years, GDX has underperformed UGA with an annualized return of 10.74%, while UGA has yielded a comparatively higher 16.82% annualized return.
GDX
- 1D
- 2.63%
- 1M
- -3.03%
- 6M
- -19.26%
- YTD
- -11.33%
- 1Y
- 46.05%
- 3Y*
- 38.64%
- 5Y*
- 18.57%
- 10Y*
- 10.74%
- ALL TIME*
- 4.69%
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) |
|---|---|---|---|
| $1.27B | $1.28B | $1.79B | |
| $8.16M | $5.91M | $4.98M |
GDX vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | -11.33% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
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 GDX and UGA is -0.21, 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. | -0.21 |
Correlation (3Y) Balances recent behavior with more history. | -0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.08 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.19 |
The correlation between GDX and UGA shifts across timeframes, from -0.21 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GDX vs. UGA — Risk / Return Rank
GDX
UGA
GDX vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) 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.
| GDX | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.21 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.35 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.19 | 3.87 | -2.68 |
| Martin ratioReturn relative to average drawdown | 2.55 | 10.83 | -8.28 |
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Drawdowns
GDX vs. UGA - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for GDX and UGA.
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Drawdown Indicators
| GDX | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -86.59% | +6.25% |
Max Drawdown (1Y)Largest decline over 1 year | -38.93% | -20.32% | -18.61% |
Max Drawdown (3Y)Largest decline over 3 years | -38.93% | -26.68% | -12.25% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -38.11% | -8.40% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -75.89% | +26.10% |
Current DrawdownCurrent decline from peak | -34.35% | -10.61% | -23.74% |
Average DrawdownAverage peak-to-trough decline | -40.37% | -36.53% | -3.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.10% | 7.25% | +10.85% |
Volatility
GDX vs. UGA - Volatility Comparison
VanEck Gold Miners ETF (GDX) and United States Gasoline Fund, LP (UGA) have volatilities of 12.19% and 12.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.19% | 12.68% | -0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 37.71% | 32.51% | +5.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.63% | 36.42% | +12.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.26% | 34.68% | +2.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.36% | 37.30% | +0.06% |
GDX vs. UGA - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
GDX vs. UGA - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.83%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.83% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
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
GDX and UGA have a correlation of -0.21, 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 GDX (12.19%). In terms of maximum drawdown, GDX dropped -80.34% vs UGA's -86.59%.
On 10-year performance, UGA leads with 16.82% vs 10.74% for GDX. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 12.19%. 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 10.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 1.02% for UGA.
GDX has the higher dividend yield at 0.83%, compared with 0.00% for UGA.
GDX is categorized as Gold, while UGA is Oil & Gas. GDX tracks NYSE MarketVector Global Gold Miners Index, while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. They also come from different issuers: VanEck and USCF. Their fees differ too: 0.51% for GDX and 1.02% for UGA.
UGA currently has the higher Sharpe Ratio (2.16 vs 0.95), 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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