GOVI vs. UGA

Last updated Jun 5, 2026

GOVI (Invesco Equal Weight 0-30 Year Treasury ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - GOVI is a Government Bonds fund tracking the ICE 1-30 Year Laddered Maturity U.S. Treasury Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, GOVI returned -0.05%/yr vs 14.27%/yr for UGA. At a correlation of -0.20, they often move in opposite directions. GOVI charges 0.15%/yr vs 0.75%/yr for UGA.

Performance

GOVI vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) 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, GOVI achieves a -0.34% return, which is significantly lower than UGA's 70.69% return. Over the past 10 years, GOVI has underperformed UGA with an annualized return of -0.05%, while UGA has yielded a comparatively higher 14.27% annualized return.

GOVI

• 1D: 0.20%
• 1M: 0.24%
• YTD: -0.34%
• 6M: -0.80%
• 1Y: 3.44%
• 3Y*: 0.97%
• 5Y*: -2.73%
• 10Y*: -0.05%

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)

GOVI vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GOVI Invesco Equal Weight 0-30 Year Treasury ETF	-0.34%	5.84%	-2.95%	3.31%	-19.98%	-3.76%	12.55%	10.00%	-0.28%	4.96%
UGA United States Gasoline Fund LP	70.69%	-2.00%	3.77%	1.27%	46.34%	68.49%	-24.88%	41.25%	-28.07%	1.69%

Correlation

The correlation between GOVI and UGA is -0.40, 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	-0.40
Correlation (3Y) Calculated over the trailing 3-year period	-0.20
Correlation (5Y) Calculated over the trailing 5-year period	-0.17
Correlation (10Y) Calculated over the trailing 10-year period	-0.17
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008	-0.20

Over the past year, the inverse relationship between GOVI and UGA has strengthened: their correlation has moved from -0.20 to -0.40, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

GOVI vs. UGA — Risk / Return Rank

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

GOVI

GOVI Risk / Return Rank: 17
GOVI Sharpe Ratio Rank: 18
GOVI Sortino Ratio Rank: 17
GOVI Omega Ratio Rank: 16
GOVI Calmar Ratio Rank: 17
GOVI Martin Ratio Rank: 18

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.

GOVI vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) 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.

	GOVI	UGA	Difference
Sharpe ratio: Return per unit of total volatility	0.53	2.27	-1.74
Sortino ratio: Return per unit of downside risk	0.81	2.71	-1.90
Omega ratio: Gain probability vs. loss probability	1.09	1.37	-0.28
Calmar ratio: Return relative to maximum drawdown	0.63	5.37	-4.74
Martin ratio: Return relative to average drawdown	1.76	12.86	-11.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GOVI vs. UGA - Sharpe Ratio Comparison

The current GOVI Sharpe Ratio is 0.53, which is lower than the UGA Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of GOVI 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

	GOVI	UGA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.53	2.27	-1.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.28	0.71	-0.99
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.01	0.38	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.12	+0.20

Drawdowns

GOVI vs. UGA - Drawdown Comparison

The maximum GOVI drawdown since its inception was -32.70%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for GOVI and UGA.

Drawdown Indicators

	GOVI	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-32.70%	-86.59%	+53.89%
Max Drawdown (1Y) Largest decline over 1 year	-5.45%	-14.88%	+9.43%
Max Drawdown (3Y) Largest decline over 3 years	-11.58%	-26.68%	+15.10%
Max Drawdown (5Y) Largest decline over 5 years	-28.30%	-38.11%	+9.81%
Max Drawdown (10Y) Largest decline over 10 years	-32.70%	-75.89%	+43.19%
Current Drawdown Current decline from peak	-22.22%	-14.75%	-7.47%
Average Drawdown Average peak-to-trough decline	-9.65%	-36.76%	+27.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	6.20%	-4.25%

Volatility

GOVI vs. UGA - Volatility Comparison

The current volatility for Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) is 2.03%, while United States Gasoline Fund LP (UGA) has a volatility of 11.64%. This indicates that GOVI 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

	GOVI	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.03%	11.64%	-9.61%
Volatility (6M) Calculated over the trailing 6-month period	4.54%	30.48%	-25.94%
Volatility (1Y) Calculated over the trailing 1-year period	6.58%	35.27%	-28.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.86%	34.40%	-24.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.10%	37.27%	-28.17%

GOVI vs. UGA - Expense Ratio Comparison

GOVI has a 0.15% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

GOVI vs. UGA - Dividend Comparison

GOVI's dividend yield for the trailing twelve months is around 3.82%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GOVI Invesco Equal Weight 0-30 Year Treasury ETF	3.82%	3.75%	3.56%	2.87%	1.97%	1.15%	1.00%	1.96%	2.14%	2.02%	2.00%	2.14%
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

Can I hold both GOVI and UGA in my portfolio?

GOVI and UGA have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOVI or UGA?

UGA has higher volatility (11.64%) compared to GOVI (2.03%). In terms of maximum drawdown, GOVI dropped -32.70% vs UGA's -86.59%.

Which ETF is better, GOVI or UGA?

On 10-year performance, UGA leads with 14.27% vs -0.05% for GOVI. On fees, GOVI is cheaper at 0.15% per year. On volatility, GOVI has been the lower-risk option at 2.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOVI or UGA?

Over the 10-year period, UGA has performed better with a 14.27% return vs -0.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOVI or UGA?

GOVI is cheaper with a 0.15% expense ratio, compared with 0.75% for UGA.

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

GOVI has the higher dividend yield at 3.82%, compared with 0.00% for UGA.

What is the main difference between GOVI and UGA?

GOVI is categorized as Government Bonds, while UGA is Oil & Gas. GOVI tracks ICE 1-30 Year Laddered Maturity U.S. Treasury Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.15% for GOVI and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (2.27 vs 0.53), 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.