GOEX vs. UGA
GOEX (Global X Gold Explorers ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - GOEX is a Gold fund tracking the Solactive Global Gold Explorers & Developers Total Return, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, GOEX returned 11.56%/yr vs 14.74%/yr for UGA. At a 0.18 correlation, their price movements are largely independent. GOEX charges 0.65%/yr vs 0.75%/yr for UGA.
Performance
GOEX vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, GOEX achieves a -14.04% return, which is significantly lower than UGA's 66.14% return. Over the past 10 years, GOEX has underperformed UGA with an annualized return of 11.56%, while UGA has yielded a comparatively higher 14.74% annualized return.
GOEX
- 1D
- 1.85%
- 1M
- -13.73%
- YTD
- -14.04%
- 6M
- -17.13%
- 1Y
- 56.93%
- 3Y*
- 44.30%
- 5Y*
- 18.80%
- 10Y*
- 11.56%
UGA
- 1D
- 4.14%
- 1M
- -5.40%
- YTD
- 66.14%
- 6M
- 62.36%
- 1Y
- 70.24%
- 3Y*
- 19.22%
- 5Y*
- 23.21%
- 10Y*
- 14.74%
GOEX vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GOEX Global X Gold Explorers ETF | -14.04% | 179.50% | 19.38% | 1.99% | -14.63% | -14.45% | 34.98% | 36.73% | -14.84% | 12.61% |
UGA United States Gasoline Fund LP | 66.14% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between GOEX and UGA is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2010 | 0.18 |
The correlation between GOEX and UGA shifts across timeframes, from -0.15 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GOEX vs. UGA — Risk / Return Rank
GOEX
UGA
GOEX vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Gold Explorers ETF (GOEX) 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.
| GOEX | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.34 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.44 | 3.47 | -2.03 |
| Martin ratioReturn relative to average drawdown | 3.74 | 10.69 | -6.95 |
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Drawdowns
GOEX vs. UGA - Drawdown Comparison
The maximum GOEX drawdown since its inception was -88.83%, roughly equal to the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for GOEX and UGA.
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Drawdown Indicators
| GOEX | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.83% | -86.59% | -2.24% |
Max Drawdown (1Y)Largest decline over 1 year | -39.64% | -20.32% | -19.32% |
Max Drawdown (3Y)Largest decline over 3 years | -39.64% | -26.68% | -12.96% |
Max Drawdown (5Y)Largest decline over 5 years | -47.16% | -38.11% | -9.05% |
Max Drawdown (10Y)Largest decline over 10 years | -53.66% | -75.89% | +22.23% |
Current DrawdownCurrent decline from peak | -36.56% | -17.02% | -19.54% |
Average DrawdownAverage peak-to-trough decline | -63.45% | -36.69% | -26.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.28% | 6.59% | +8.69% |
Volatility
GOEX vs. UGA - Volatility Comparison
Global X Gold Explorers ETF (GOEX) has a higher volatility of 18.76% compared to United States Gasoline Fund LP (UGA) at 8.84%. This indicates that GOEX's price experiences larger fluctuations and is considered to be riskier 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
| GOEX | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.76% | 8.84% | +9.92% |
Volatility (6M)Calculated over the trailing 6-month period | 42.83% | 30.92% | +11.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.77% | 34.74% | +17.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.65% | 34.52% | +5.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.19% | 37.24% | +2.95% |
GOEX vs. UGA - Expense Ratio Comparison
GOEX has a 0.65% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
GOEX vs. UGA - Dividend Comparison
GOEX's dividend yield for the trailing twelve months is around 2.42%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOEX Global X Gold Explorers ETF | 2.42% | 2.08% | 2.46% | 0.05% | 1.04% | 2.35% | 2.62% | 1.60% | 0.00% | 0.00% | 38.91% | 11.70% |
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
GOEX and UGA have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOEX has higher volatility (18.76%) compared to UGA (8.84%). In terms of maximum drawdown, GOEX dropped -88.83% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.74% vs 11.56% for GOEX. On fees, GOEX is cheaper at 0.65% per year. On volatility, UGA has been the lower-risk option at 8.84%. 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 14.74% return vs 11.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOEX is cheaper with a 0.65% expense ratio, compared with 0.75% for UGA.
GOEX has the higher dividend yield at 2.42%, compared with 0.00% for UGA.
GOEX is categorized as Gold, while UGA is Oil & Gas. GOEX tracks Solactive Global Gold Explorers & Developers Total Return, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Global X and Concierge Technologies. Their fees differ too: 0.65% for GOEX and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.03 vs 1.11), 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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