IBMQ vs. UGA
IBMQ (iShares iBonds Dec 2028 Term Muni Bond ETF) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - IBMQ is a Municipal Bonds fund tracking the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2028 Index, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past 5 years, IBMQ returned 0.35%/yr vs 25.78%/yr for UGA. Their -0.07 correlation means they have often moved in opposite directions in the past. IBMQ charges 0.18%/yr vs 1.02%/yr for UGA.
Performance
IBMQ vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, IBMQ achieves a 0.90% return, which is significantly lower than UGA's 91.06% return.
IBMQ
- 1D
- 0.04%
- 1M
- -0.16%
- 6M
- 0.41%
- YTD
- 0.90%
- 1Y
- 2.02%
- 3Y*
- 2.88%
- 5Y*
- 0.35%
- 10Y*
- —
- ALL TIME*
- 1.95%
UGA
- 1D
- -0.01%
- 1M
- 14.56%
- 6M
- 70.02%
- YTD
- 91.06%
- 1Y
- 88.12%
- 3Y*
- 17.55%
- 5Y*
- 25.78%
- 10Y*
- 18.03%
- ALL TIME*
- 4.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.97M | $1.98M | $1.89M | |
| $6.47M | $5.01M | $4.85M |
IBMQ vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IBMQ iShares iBonds Dec 2028 Term Muni Bond ETF | 0.90% | 4.09% | 0.71% | 4.00% | -6.73% | -0.26% | 6.93% | 5.24% |
UGA United States Gasoline Fund, LP | 91.06% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 1.54% |
Correlation
The correlation between IBMQ and UGA is -0.18, 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. | -0.18 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2019 | -0.07 |
The correlation between IBMQ and UGA shifts across timeframes, from -0.18 (1 year) to -0.04 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IBMQ vs. UGA — Risk / Return Rank
IBMQ
UGA
IBMQ vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2028 Term Muni Bond ETF (IBMQ) 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.
| IBMQ | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.37 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | 4.12 | -2.02 |
| Martin ratioReturn relative to average drawdown | 5.46 | 11.57 | -6.11 |
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Drawdowns
IBMQ vs. UGA - Drawdown Comparison
The maximum IBMQ drawdown since its inception was -15.85%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for IBMQ and UGA.
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Drawdown Indicators
| IBMQ | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.85% | -86.59% | +70.74% |
Max Drawdown (1Y)Largest decline over 1 year | -1.13% | -20.32% | +19.19% |
Max Drawdown (3Y)Largest decline over 3 years | -2.64% | -26.68% | +24.04% |
Max Drawdown (5Y)Largest decline over 5 years | -11.45% | -38.11% | +26.66% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -0.25% | -5.63% | +5.38% |
Average DrawdownAverage peak-to-trough decline | -3.19% | -36.53% | +33.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 7.26% | -6.83% |
Volatility
IBMQ vs. UGA - Volatility Comparison
The current volatility for iShares iBonds Dec 2028 Term Muni Bond ETF (IBMQ) is 0.37%, while United States Gasoline Fund, LP (UGA) has a volatility of 11.28%. This indicates that IBMQ 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
| IBMQ | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.37% | 11.28% | -10.91% |
Volatility (6M)Calculated over the trailing 6-month period | 0.88% | 31.98% | -31.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.22% | 36.11% | -34.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.94% | 34.60% | -31.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.49% | 37.26% | -31.77% |
IBMQ vs. UGA - Expense Ratio Comparison
IBMQ has a 0.18% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
IBMQ vs. UGA - Dividend Comparison
IBMQ's dividend yield for the trailing twelve months is around 2.45%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IBMQ iShares iBonds Dec 2028 Term Muni Bond ETF | 2.24% | 2.43% | 2.33% | 1.93% | 1.25% | 1.05% | 1.24% | 1.03% |
UGA United States Gasoline Fund, LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBMQ and UGA have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.28%) compared to IBMQ (0.37%). In terms of maximum drawdown, IBMQ dropped -15.85% vs UGA's -86.59%.
On 5-year performance, UGA leads with 25.78% vs 0.35% for IBMQ. On fees, IBMQ is cheaper at 0.18% per year. On volatility, IBMQ has been the lower-risk option at 0.37%. 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 25.78% return vs 0.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBMQ is cheaper with a 0.18% expense ratio, compared with 1.02% for UGA.
IBMQ has the higher dividend yield at 2.24%, compared with 0.00% for UGA.
IBMQ is categorized as Municipal Bonds, while UGA is Oil & Gas. IBMQ tracks S&P AMT-Free Municipal Series Callable-Adjusted Dec 2028 Index, while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. They also come from different issuers: iShares and USCF. Their fees differ too: 0.18% for IBMQ and 1.02% for UGA.
UGA currently has the higher Sharpe Ratio (2.32 vs 1.95), 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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