GQRE vs. UGA
GQRE (FlexShares Global Quality Real Estate Index Fund) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - GQRE is a REIT fund tracking the Northern Trust Global Quality Real Estate (NR), while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, GQRE returned 4.10%/yr vs 14.31%/yr for UGA. At a 0.12 correlation, their price movements are largely independent. GQRE charges 0.45%/yr vs 0.75%/yr for UGA.
Performance
GQRE vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, GQRE achieves a 9.32% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, GQRE has underperformed UGA with an annualized return of 4.10%, while UGA has yielded a comparatively higher 14.31% annualized return.
GQRE
- 1D
- 0.69%
- 1M
- -0.17%
- YTD
- 9.32%
- 6M
- 9.88%
- 1Y
- 11.39%
- 3Y*
- 11.94%
- 5Y*
- 2.35%
- 10Y*
- 4.10%
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
GQRE vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GQRE FlexShares Global Quality Real Estate Index Fund | 9.32% | 8.27% | 6.09% | 9.21% | -27.22% | 32.01% | -9.17% | 21.84% | -8.88% | 13.60% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between GQRE and UGA is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2013 | 0.12 |
The correlation between GQRE and UGA shifts across timeframes, from -0.17 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GQRE vs. UGA — Risk / Return Rank
GQRE
UGA
GQRE vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FlexShares Global Quality Real Estate Index Fund (GQRE) 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.
| GQRE | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.30 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | 3.17 | -2.04 |
| Martin ratioReturn relative to average drawdown | 4.24 | 9.39 | -5.16 |
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Drawdowns
GQRE vs. UGA - Drawdown Comparison
The maximum GQRE drawdown since its inception was -41.87%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for GQRE and UGA.
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Drawdown Indicators
| GQRE | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.87% | -86.59% | +44.72% |
Max Drawdown (1Y)Largest decline over 1 year | -10.15% | -18.96% | +8.81% |
Max Drawdown (3Y)Largest decline over 3 years | -16.17% | -26.68% | +10.51% |
Max Drawdown (5Y)Largest decline over 5 years | -35.08% | -38.11% | +3.03% |
Max Drawdown (10Y)Largest decline over 10 years | -41.87% | -75.89% | +34.02% |
Current DrawdownCurrent decline from peak | -1.64% | -18.05% | +16.41% |
Average DrawdownAverage peak-to-trough decline | -9.20% | -36.69% | +27.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.70% | 6.43% | -3.73% |
Volatility
GQRE vs. UGA - Volatility Comparison
The current volatility for FlexShares Global Quality Real Estate Index Fund (GQRE) is 3.69%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that GQRE 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.
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Volatility by Period
| GQRE | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.69% | 9.24% | -5.55% |
Volatility (6M)Calculated over the trailing 6-month period | 9.20% | 30.57% | -21.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.91% | 35.22% | -23.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.46% | 34.45% | -17.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.65% | 37.22% | -19.57% |
GQRE vs. UGA - Expense Ratio Comparison
GQRE has a 0.45% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
GQRE vs. UGA - Dividend Comparison
GQRE's dividend yield for the trailing twelve months is around 4.29%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GQRE FlexShares Global Quality Real Estate Index Fund | 4.29% | 4.75% | 3.77% | 2.91% | 2.56% | 2.36% | 2.05% | 4.29% | 3.22% | 1.97% | 4.16% | 2.32% |
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
GQRE and UGA have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to GQRE (3.69%). In terms of maximum drawdown, GQRE dropped -41.87% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 4.10% for GQRE. On fees, GQRE is cheaper at 0.45% per year. On volatility, GQRE has been the lower-risk option at 3.69%. 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 14.31% return vs 4.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GQRE is cheaper with a 0.45% expense ratio, compared with 0.75% for UGA.
GQRE has the higher dividend yield at 4.29%, compared with 0.00% for UGA.
GQRE is categorized as REIT, while UGA is Oil & Gas. GQRE tracks Northern Trust Global Quality Real Estate (NR), while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Northern Trust and Concierge Technologies. Their fees differ too: 0.45% for GQRE and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 0.97), 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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