IBIK vs. UGA

Last updated Jun 23, 2026

IBIK (iShares iBonds Oct 2034 Term TIPS ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - IBIK is a Inflation-Protected Bonds fund tracking the iBonds Oct 2034 Term TIPS Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past year, IBIK returned 4.26% vs 52.27% for UGA. At a correlation of -0.13, they often move in opposite directions. IBIK charges 0.10%/yr vs 0.75%/yr for UGA.

Performance

IBIK vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Oct 2034 Term TIPS ETF (IBIK) 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, IBIK achieves a 0.59% return, which is significantly lower than UGA's 65.95% return.

IBIK

• 1D: -0.46%
• 1M: -0.23%
• YTD: 0.59%
• 6M: 0.77%
• 1Y: 4.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UGA

• 1D: 0.15%
• 1M: -11.11%
• YTD: 65.95%
• 6M: 62.61%
• 1Y: 52.27%
• 3Y*: 19.40%
• 5Y*: 23.05%
• 10Y*: 14.44%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IBIK vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBIK iShares iBonds Oct 2034 Term TIPS ETF	0.59%	8.78%	1.63%
UGA United States Gasoline Fund LP	65.95%	-2.00%	-4.29%

Correlation

The correlation between IBIK and UGA is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since May 24, 2024	-0.13

The correlation between IBIK and UGA shifts across timeframes, from -0.26 (1 year) to -0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IBIK vs. UGA — Risk / Return Rank

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

IBIK

IBIK Risk / Return Rank: 31
IBIK Sharpe Ratio Rank: 29
IBIK Sortino Ratio Rank: 28
IBIK Omega Ratio Rank: 26
IBIK Calmar Ratio Rank: 35
IBIK Martin Ratio Rank: 38

UGA

UGA Risk / Return Rank: 46
UGA Sharpe Ratio Rank: 44
UGA Sortino Ratio Rank: 40
UGA Omega Ratio Rank: 41
UGA Calmar Ratio Rank: 58
UGA Martin Ratio Rank: 50

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.

IBIK vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Oct 2034 Term TIPS ETF (IBIK) 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.

	IBIK	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.01	1.49	-0.48
Sortino ratio: Return per unit of downside risk	1.50	2.00	-0.50
Omega ratio: Gain probability vs. loss probability	1.17	1.26	-0.09
Calmar ratio: Return relative to maximum drawdown	1.71	2.77	-1.06
Martin ratio: Return relative to average drawdown	5.66	8.29	-2.63

IBIK vs. UGA - Sharpe Ratio Comparison

The current IBIK Sharpe Ratio is 1.01, which is lower than the UGA Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of IBIK 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.

Drawdowns

IBIK vs. UGA - Drawdown Comparison

The maximum IBIK drawdown since its inception was -5.59%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for IBIK and UGA.

Drawdown Indicators

	IBIK	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-5.59%	-86.59%	+81.00%
Max Drawdown (1Y) Largest decline over 1 year	-2.50%	-18.96%	+16.46%
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 Drawdown Current decline from peak	-1.49%	-17.12%	+15.63%
Average Drawdown Average peak-to-trough decline	-1.24%	-36.70%	+35.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	7.05%	-6.30%

Volatility

IBIK vs. UGA - Volatility Comparison

The current volatility for iShares iBonds Oct 2034 Term TIPS ETF (IBIK) is 1.57%, while United States Gasoline Fund LP (UGA) has a volatility of 9.26%. This indicates that IBIK 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

	IBIK	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.57%	9.26%	-7.69%
Volatility (6M) Calculated over the trailing 6-month period	3.09%	30.54%	-27.45%
Volatility (1Y) Calculated over the trailing 1-year period	4.23%	35.27%	-31.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.36%	34.45%	-29.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.36%	37.25%	-31.89%

IBIK vs. UGA - Expense Ratio Comparison

IBIK has a 0.10% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

IBIK vs. UGA - Dividend Comparison

IBIK's dividend yield for the trailing twelve months is around 3.77%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024
IBIK iShares iBonds Oct 2034 Term TIPS ETF	3.77%	4.43%	2.67%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBIK and UGA in my portfolio?

IBIK and UGA have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBIK or UGA?

UGA has higher volatility (9.26%) compared to IBIK (1.57%). In terms of maximum drawdown, IBIK dropped -5.59% vs UGA's -86.59%.

Which ETF is better, IBIK or UGA?

On 1-year performance, UGA leads with 52.27% vs 4.26% for IBIK. On fees, IBIK is cheaper at 0.10% per year. On volatility, IBIK has been the lower-risk option at 1.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBIK or UGA?

Over the 1-year period, UGA has performed better with a 52.27% return vs 4.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBIK or UGA?

IBIK is cheaper with a 0.10% expense ratio, compared with 0.75% for UGA.

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

IBIK has the higher dividend yield at 3.77%, compared with 0.00% for UGA.

What is the main difference between IBIK and UGA?

IBIK is categorized as Inflation-Protected Bonds, while UGA is Oil & Gas. IBIK tracks iBonds Oct 2034 Term TIPS Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.10% for IBIK and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.49 vs 1.01), 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.