GMOI vs. UGA

Last updated Jun 5, 2026

GMOI (GMO International Value ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - GMOI is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Value, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past year, GMOI returned 37.64% vs 79.48% for UGA. At a correlation of -0.10, they often move in opposite directions. GMOI charges 0.60%/yr vs 0.75%/yr for UGA.

Performance

GMOI vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO International Value ETF (GMOI) 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, GMOI achieves a 13.97% return, which is significantly lower than UGA's 70.69% return.

GMOI

• 1D: 0.82%
• 1M: 2.57%
• YTD: 13.97%
• 6M: 17.28%
• 1Y: 37.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UGA

• 1D: -2.73%
• 1M: -12.25%
• YTD: 70.69%
• 6M: 59.72%
• 1Y: 79.48%
• 3Y*: 20.80%
• 5Y*: 24.41%
• 10Y*: 14.27%

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

GMOI vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GMOI GMO International Value ETF	13.97%	45.64%	-4.57%
UGA United States Gasoline Fund LP	70.69%	-2.00%	6.24%

Correlation

The correlation between GMOI and UGA is -0.22, 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	-0.22
Correlation (All Time) Calculated using the full available price history since Oct 30, 2024	-0.10

The correlation between GMOI and UGA shifts across timeframes, from -0.22 (1 year) to -0.10 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GMOI vs. UGA — Risk / Return Rank

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

GMOI

GMOI Risk / Return Rank: 86
GMOI Sharpe Ratio Rank: 87
GMOI Sortino Ratio Rank: 88
GMOI Omega Ratio Rank: 85
GMOI Calmar Ratio Rank: 84
GMOI Martin Ratio Rank: 86

UGA

UGA Risk / Return Rank: 70
UGA Sharpe Ratio Rank: 71
UGA Sortino Ratio Rank: 58
UGA Omega Ratio Rank: 62
UGA Calmar Ratio Rank: 89
UGA Martin Ratio Rank: 70

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.

GMOI vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO International Value ETF (GMOI) 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.

	GMOI	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.88	2.27	+0.61
Sortino ratio: Return per unit of downside risk	3.94	2.71	+1.23
Omega ratio: Gain probability vs. loss probability	1.51	1.37	+0.14
Calmar ratio: Return relative to maximum drawdown	4.52	5.37	-0.85
Martin ratio: Return relative to average drawdown	17.89	12.86	+5.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GMOI vs. UGA - Sharpe Ratio Comparison

The current GMOI Sharpe Ratio is 2.88, which is comparable to the UGA Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of GMOI 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.

Sharpe Ratios by Period

	GMOI	UGA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.88	2.27	+0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.71	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.17	0.12	+2.05

Drawdowns

GMOI vs. UGA - Drawdown Comparison

The maximum GMOI drawdown since its inception was -14.67%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for GMOI and UGA.

Drawdown Indicators

	GMOI	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-14.67%	-86.59%	+71.92%
Max Drawdown (1Y) Largest decline over 1 year	-8.36%	-14.88%	+6.52%
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	-0.18%	-14.75%	+14.57%
Average Drawdown Average peak-to-trough decline	-1.70%	-36.76%	+35.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	6.20%	-4.09%

Volatility

GMOI vs. UGA - Volatility Comparison

The current volatility for GMO International Value ETF (GMOI) is 3.88%, while United States Gasoline Fund LP (UGA) has a volatility of 11.64%. This indicates that GMOI 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

	GMOI	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	11.64%	-7.76%
Volatility (6M) Calculated over the trailing 6-month period	10.29%	30.48%	-20.19%
Volatility (1Y) Calculated over the trailing 1-year period	13.15%	35.27%	-22.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.58%	34.40%	-18.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.58%	37.27%	-21.69%

GMOI vs. UGA - Expense Ratio Comparison

GMOI has a 0.60% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

GMOI vs. UGA - Dividend Comparison

GMOI's dividend yield for the trailing twelve months is around 2.40%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024
GMOI GMO International Value ETF	2.40%	2.74%	0.54%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GMOI and UGA in my portfolio?

GMOI and UGA have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMOI or UGA?

UGA has higher volatility (11.64%) compared to GMOI (3.88%). In terms of maximum drawdown, GMOI dropped -14.67% vs UGA's -86.59%.

Which ETF is better, GMOI or UGA?

On 1-year performance, UGA leads with 79.48% vs 37.64% for GMOI. On fees, GMOI is cheaper at 0.60% per year. On volatility, GMOI has been the lower-risk option at 3.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GMOI or UGA?

Over the 1-year period, UGA has performed better with a 79.48% return vs 37.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GMOI or UGA?

GMOI is cheaper with a 0.60% expense ratio, compared with 0.75% for UGA.

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

GMOI has the higher dividend yield at 2.40%, compared with 0.00% for UGA.

What is the main difference between GMOI and UGA?

GMOI is categorized as Foreign Large Cap Equities, while UGA is Oil & Gas. GMOI tracks MSCI World ex USA Value, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: GMO and Concierge Technologies. Their fees differ too: 0.60% for GMOI and 0.75% for UGA.

Which has better risk-adjusted returns?

GMOI currently has the higher Sharpe Ratio (2.88 vs 2.27), 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.