IBGA vs. UGA
IBGA (iShares iBonds Dec 2044 Term Treasury ETF) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - IBGA is a Intermediate Core Bond fund tracking the ICE 2044 Maturity US Treasury Index, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past year, IBGA returned -0.27% vs 71.49% for UGA. Their -0.29 correlation means they have often moved in opposite directions in the past. IBGA charges 0.07%/yr vs 1.02%/yr for UGA.
Performance
IBGA vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, IBGA achieves a -1.68% return, which is significantly lower than UGA's 72.77% return.
IBGA
- 1D
- 0.07%
- 1M
- -1.93%
- 6M
- -1.48%
- YTD
- -1.68%
- 1Y
- -0.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 0.94%
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) |
|---|---|---|---|
| $409.82K | $308.92K | $376.59K | |
| $8.67M | $6.11M | $4.99M |
IBGA vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBGA iShares iBonds Dec 2044 Term Treasury ETF | -1.68% | 6.09% | -2.18% |
UGA United States Gasoline Fund, LP | 72.77% | -2.00% | -2.61% |
Correlation
The correlation between IBGA and UGA is -0.41, 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. | -0.41 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2024 | -0.29 |
The correlation between IBGA and UGA shifts across timeframes, from -0.41 (1 year) to -0.29 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBGA vs. UGA — Risk / Return Rank
IBGA
UGA
IBGA vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2044 Term Treasury ETF (IBGA) 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.
| IBGA | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.00 | ||
| Sortino ratioReturn per unit of downside risk | -2.46 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.32 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 3.54 | -3.58 |
| Martin ratioReturn relative to average drawdown | -0.09 | 9.75 | -9.84 |
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Drawdowns
IBGA vs. UGA - Drawdown Comparison
The maximum IBGA drawdown since its inception was -11.69%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for IBGA and UGA.
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Drawdown Indicators
| IBGA | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.69% | -86.59% | +74.90% |
Max Drawdown (1Y)Largest decline over 1 year | -6.60% | -20.32% | +13.72% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.68% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -5.92% | -14.67% | +8.75% |
Average DrawdownAverage peak-to-trough decline | -5.03% | -36.52% | +31.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.97% | 7.36% | -4.39% |
Volatility
IBGA vs. UGA - Volatility Comparison
The current volatility for iShares iBonds Dec 2044 Term Treasury ETF (IBGA) is 2.21%, while United States Gasoline Fund, LP (UGA) has a volatility of 13.00%. This indicates that IBGA 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
| IBGA | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.21% | 13.00% | -10.79% |
Volatility (6M)Calculated over the trailing 6-month period | 6.10% | 32.16% | -26.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.82% | 36.60% | -28.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.74% | 34.71% | -24.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.74% | 37.31% | -27.57% |
IBGA vs. UGA - Expense Ratio Comparison
IBGA has a 0.07% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
IBGA vs. UGA - Dividend Comparison
IBGA's dividend yield for the trailing twelve months is around 4.75%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IBGA iShares iBonds Dec 2044 Term Treasury ETF | 4.75% | 4.49% | 2.03% |
UGA United States Gasoline Fund, LP | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBGA and UGA have a correlation of -0.41, 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 IBGA (2.21%). In terms of maximum drawdown, IBGA dropped -11.69% vs UGA's -86.59%.
On 1-year performance, UGA leads with 71.49% vs -0.27% for IBGA. On fees, IBGA is cheaper at 0.07% per year. On volatility, IBGA has been the lower-risk option at 2.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, UGA has performed better with a 71.49% return vs -0.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBGA is cheaper with a 0.07% expense ratio, compared with 1.02% for UGA.
IBGA has the higher dividend yield at 4.75%, compared with 0.00% for UGA.
IBGA is categorized as Intermediate Core Bond, while UGA is Oil & Gas. IBGA tracks ICE 2044 Maturity US Treasury Index, while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. They also come from different issuers: iShares and USCF. Their fees differ too: 0.07% for IBGA and 1.02% for UGA.
UGA currently has the higher Sharpe Ratio (1.96 vs -0.03), 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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