GLOW vs. UGA

Last updated Jun 24, 2026

GLOW (VictoryShares WestEnd Global Equity ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - GLOW is a Global Equities fund actively managed by VictoryShares, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. GLOW is actively managed, while UGA is passively managed. Over the past year, GLOW returned 24.97% vs 62.68% for UGA. At a correlation of -0.13, they often move in opposite directions. GLOW charges 0.72%/yr vs 0.75%/yr for UGA.

Performance

GLOW vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares WestEnd Global Equity ETF (GLOW) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLOW achieves a 10.19% return, which is significantly lower than UGA's 59.54% return.

GLOW

• 1D: -1.50%
• 1M: 0.87%
• YTD: 10.19%
• 6M: 9.56%
• 1Y: 24.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UGA

• 1D: -2.77%
• 1M: -14.54%
• YTD: 59.54%
• 6M: 55.91%
• 1Y: 62.68%
• 3Y*: 17.85%
• 5Y*: 22.22%
• 10Y*: 13.99%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GLOW vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GLOW VictoryShares WestEnd Global Equity ETF	10.19%	21.29%	4.44%
UGA United States Gasoline Fund LP	59.54%	-2.00%	-5.94%

Correlation

The correlation between GLOW and UGA is -0.27, 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	-0.27
Correlation (All Time) Calculated using the full available price history since Jun 21, 2024	-0.13

The correlation between GLOW and UGA shifts across timeframes, from -0.27 (1 year) to -0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GLOW vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GLOW

GLOW Risk / Return Rank: 64
GLOW Sharpe Ratio Rank: 66
GLOW Sortino Ratio Rank: 65
GLOW Omega Ratio Rank: 64
GLOW Calmar Ratio Rank: 60
GLOW Martin Ratio Rank: 68

UGA

UGA Risk / Return Rank: 60
UGA Sharpe Ratio Rank: 62
UGA Sortino Ratio Rank: 54
UGA Omega Ratio Rank: 55
UGA Calmar Ratio Rank: 69
UGA Martin Ratio Rank: 60

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GLOW vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares WestEnd Global Equity ETF (GLOW) 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.

	GLOW	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.83	+0.12
Sortino ratio: Return per unit of downside risk	2.72	2.35	+0.37
Omega ratio: Gain probability vs. loss probability	1.35	1.31	+0.04
Calmar ratio: Return relative to maximum drawdown	2.69	3.10	-0.41
Martin ratio: Return relative to average drawdown	11.37	9.66	+1.71

GLOW vs. UGA - Sharpe Ratio Comparison

The current GLOW Sharpe Ratio is 1.95, which is comparable to the UGA Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of GLOW and UGA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GLOW vs. UGA - Drawdown Comparison

The maximum GLOW drawdown since its inception was -15.58%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for GLOW and UGA.

Drawdown Indicators

	GLOW	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-15.58%	-86.59%	+71.01%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-20.32%	+10.99%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	-1.82%	-20.32%	+18.50%
Average Drawdown Average peak-to-trough decline	-1.79%	-36.69%	+34.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	6.51%	-4.31%

Volatility

GLOW vs. UGA - Volatility Comparison

The current volatility for VictoryShares WestEnd Global Equity ETF (GLOW) is 5.07%, while United States Gasoline Fund LP (UGA) has a volatility of 9.45%. This indicates that GLOW 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.

Volatility by Period

	GLOW	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.07%	9.45%	-4.38%
Volatility (6M) Calculated over the trailing 6-month period	10.57%	30.74%	-20.17%
Volatility (1Y) Calculated over the trailing 1-year period	12.91%	34.84%	-21.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.32%	34.47%	-19.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.32%	37.22%	-21.90%

GLOW vs. UGA - Expense Ratio Comparison

GLOW has a 0.72% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

GLOW vs. UGA - Dividend Comparison

GLOW's dividend yield for the trailing twelve months is around 1.12%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024
GLOW VictoryShares WestEnd Global Equity ETF	1.12%	1.33%	1.18%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLOW and UGA in my portfolio?

GLOW 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.

Which is riskier, GLOW or UGA?

UGA has higher volatility (9.45%) compared to GLOW (5.07%). In terms of maximum drawdown, GLOW dropped -15.58% vs UGA's -86.59%.

Which ETF is better, GLOW or UGA?

On 1-year performance, UGA leads with 62.68% vs 24.97% for GLOW. On fees, GLOW is cheaper at 0.72% per year. On volatility, GLOW has been the lower-risk option at 5.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLOW or UGA?

Over the 1-year period, UGA has performed better with a 62.68% return vs 24.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLOW or UGA?

GLOW is cheaper with a 0.72% expense ratio, compared with 0.75% for UGA.

Which ETF pays a higher dividend yield, GLOW or UGA?

GLOW has the higher dividend yield at 1.12%, compared with 0.00% for UGA.

What is the main difference between GLOW and UGA?

GLOW is categorized as Global Equities, while UGA is Oil & Gas. They also come from different issuers: VictoryShares and Concierge Technologies. Their fees differ too: 0.72% for GLOW and 0.75% for UGA.

Which has better risk-adjusted returns?

GLOW currently has the higher Sharpe Ratio (1.95 vs 1.82), 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.