GSC vs. UGA
GSC (Goldman Sachs Small Cap Core Equity ETF) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - GSC is a Small Cap Blend Equities fund actively managed by Goldman Sachs, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. GSC is actively managed, while UGA is passively managed. Over the past 10 years, GSC returned 12.89%/yr vs 16.28%/yr for UGA. Their 0.44 correlation means their historical movements had little consistent relationship. GSC charges 0.75%/yr vs 1.02%/yr for UGA.
Performance
GSC vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, GSC achieves a 25.66% return, which is significantly lower than UGA's 72.77% return. Over the past 10 years, GSC has underperformed UGA with an annualized return of 12.89%, while UGA has yielded a comparatively higher 16.28% annualized return.
GSC
- 1D
- -0.30%
- 1M
- 1.05%
- 6M
- 17.81%
- YTD
- 25.66%
- 1Y
- 32.89%
- 3Y*
- 29.77%
- 5Y*
- 22.41%
- 10Y*
- 12.89%
- ALL TIME*
- 0.44%
UGA
- 1D
- -0.56%
- 1M
- 0.07%
- 6M
- 54.03%
- YTD
- 72.77%
- 1Y
- 71.49%
- 3Y*
- 14.87%
- 5Y*
- 24.07%
- 10Y*
- 16.28%
- ALL TIME*
- 4.25%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $771.95K | $761.49K | $912.67K | |
| $8.67M | $6.11M | $4.99M |
GSC vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GSC Goldman Sachs Small Cap Core Equity ETF | 25.66% | 6.29% | 13.79% | 33.52% | 28.40% | 58.09% | -33.08% | 29.69% | -19.52% | 2.90% |
UGA United States Gasoline Fund, LP | 72.77% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between GSC and UGA is -0.20, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.20 |
Correlation (3Y) Balances recent behavior with more history. | -0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.11 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.44 |
The correlation between GSC and UGA shifts across timeframes, from -0.20 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GSC vs. UGA — Risk / Return Rank
GSC
UGA
GSC vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Small Cap Core Equity ETF (GSC) 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.
| GSC | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.88 | ||
| Sortino ratioReturn per unit of downside risk | +1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.99 | 1.32 | +0.67 |
| Calmar ratioReturn relative to maximum drawdown | 0.57 | 3.54 | -2.97 |
| Martin ratioReturn relative to average drawdown | 1.95 | 9.75 | -7.80 |
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Drawdowns
GSC vs. UGA - Drawdown Comparison
The maximum GSC drawdown since its inception was -88.63%, roughly equal to the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for GSC and UGA.
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Drawdown Indicators
| GSC | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -86.59% | -2.04% |
Max Drawdown (1Y)Largest decline over 1 year | -58.25% | -20.32% | -37.93% |
Max Drawdown (3Y)Largest decline over 3 years | -58.25% | -26.68% | -31.57% |
Max Drawdown (5Y)Largest decline over 5 years | -58.25% | -38.11% | -20.14% |
Max Drawdown (10Y)Largest decline over 10 years | -66.06% | -75.89% | +9.83% |
Current DrawdownCurrent decline from peak | -25.37% | -14.67% | -10.70% |
Average DrawdownAverage peak-to-trough decline | -58.97% | -36.52% | -22.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.94% | 7.36% | +9.58% |
Volatility
GSC vs. UGA - Volatility Comparison
The current volatility for Goldman Sachs Small Cap Core Equity ETF (GSC) is 5.12%, while United States Gasoline Fund, LP (UGA) has a volatility of 13.00%. This indicates that GSC 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
| GSC | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.12% | 13.00% | -7.88% |
Volatility (6M)Calculated over the trailing 6-month period | 125.43% | 32.16% | +93.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 403.82% | 36.60% | +367.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 218.83% | 34.71% | +184.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 160.40% | 37.31% | +123.09% |
GSC vs. UGA - Expense Ratio Comparison
GSC has a 0.75% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
GSC vs. UGA - Dividend Comparison
GSC's dividend yield for the trailing twelve months is around 0.13%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GSC Goldman Sachs Small Cap Core Equity ETF | 0.13% | 0.16% | 0.66% | 0.11% |
UGA United States Gasoline Fund, LP | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GSC and UGA have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (13.00%) compared to GSC (5.12%). In terms of maximum drawdown, GSC dropped -88.63% vs UGA's -86.59%.
On 10-year performance, UGA leads with 16.28% vs 12.89% for GSC. On fees, GSC is cheaper at 0.75% per year. On volatility, GSC has been the lower-risk option at 5.12%. 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 16.28% return vs 12.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSC is cheaper with a 0.75% expense ratio, compared with 1.02% for UGA.
GSC has the higher dividend yield at 0.13%, compared with 0.00% for UGA.
GSC is categorized as Small Cap Blend Equities, while UGA is Oil & Gas. They also come from different issuers: Goldman Sachs and USCF. Their fees differ too: 0.75% for GSC and 1.02% for UGA.
UGA currently has the higher Sharpe Ratio (1.96 vs 0.08), 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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