HMOP vs. UGA
HMOP (Hartford Municipal Opportunities ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - HMOP is a Municipal Bonds fund actively managed by Hartford, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. HMOP is actively managed, while UGA is passively managed. Over the past 5 years, HMOP returned 1.32%/yr vs 22.69%/yr for UGA. At a correlation of -0.07, they often move in opposite directions. HMOP charges 0.29%/yr vs 0.75%/yr for UGA.
Performance
HMOP vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, HMOP achieves a 1.37% return, which is significantly lower than UGA's 64.09% return.
HMOP
- 1D
- -0.31%
- 1M
- 0.84%
- YTD
- 1.37%
- 6M
- 1.52%
- 1Y
- 5.59%
- 3Y*
- 4.21%
- 5Y*
- 1.32%
- 10Y*
- —
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%
HMOP vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HMOP Hartford Municipal Opportunities ETF | 1.37% | 4.70% | 2.52% | 6.83% | -8.37% | 1.80% | 5.52% | 7.77% | 1.59% | 0.05% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 6.95% |
Correlation
The correlation between HMOP and UGA is -0.33, 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 | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Dec 14, 2017 | -0.07 |
Over the past year, the inverse relationship between HMOP and UGA has strengthened: their correlation has moved from -0.07 to -0.33, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
HMOP vs. UGA — Risk / Return Rank
HMOP
UGA
HMOP vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hartford Municipal Opportunities ETF (HMOP) 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.
| HMOP | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.30 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 3.17 | -1.09 |
| Martin ratioReturn relative to average drawdown | 6.58 | 9.39 | -2.81 |
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Drawdowns
HMOP vs. UGA - Drawdown Comparison
The maximum HMOP drawdown since its inception was -13.12%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for HMOP and UGA.
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Drawdown Indicators
| HMOP | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.12% | -86.59% | +73.47% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -18.96% | +16.26% |
Max Drawdown (3Y)Largest decline over 3 years | -4.81% | -26.68% | +21.87% |
Max Drawdown (5Y)Largest decline over 5 years | -13.12% | -38.11% | +24.99% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -0.94% | -18.05% | +17.11% |
Average DrawdownAverage peak-to-trough decline | -2.46% | -36.69% | +34.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 6.43% | -5.58% |
Volatility
HMOP vs. UGA - Volatility Comparison
The current volatility for Hartford Municipal Opportunities ETF (HMOP) is 0.81%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that HMOP 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
| HMOP | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 9.24% | -8.43% |
Volatility (6M)Calculated over the trailing 6-month period | 1.86% | 30.57% | -28.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.65% | 35.22% | -32.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.87% | 34.45% | -30.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.25% | 37.22% | -32.97% |
HMOP vs. UGA - Expense Ratio Comparison
HMOP has a 0.29% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
HMOP vs. UGA - Dividend Comparison
HMOP's dividend yield for the trailing twelve months is around 3.46%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HMOP Hartford Municipal Opportunities ETF | 3.46% | 3.40% | 3.22% | 2.92% | 2.12% | 1.67% | 5.26% | 2.87% | 2.27% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HMOP and UGA have a correlation of -0.33, 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 HMOP (0.81%). In terms of maximum drawdown, HMOP dropped -13.12% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.69% vs 1.32% for HMOP. On fees, HMOP is cheaper at 0.29% per year. On volatility, HMOP has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 22.69% return vs 1.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HMOP is cheaper with a 0.29% expense ratio, compared with 0.75% for UGA.
HMOP has the higher dividend yield at 3.46%, compared with 0.00% for UGA.
HMOP is categorized as Municipal Bonds, while UGA is Oil & Gas. They also come from different issuers: Hartford and Concierge Technologies. Their fees differ too: 0.29% for HMOP and 0.75% for UGA.
HMOP currently has the higher Sharpe Ratio (2.13 vs 1.73), 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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