IGOV vs. UGA
IGOV (iShares International Treasury Bond ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - IGOV is a International Government Bonds fund tracking the FTSE World Government Bond Index - Developed Markets Capped Select Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, IGOV returned -1.49%/yr vs 14.31%/yr for UGA. At a 0.04 correlation, their price movements are largely independent. IGOV charges 0.35%/yr vs 0.75%/yr for UGA.
Performance
IGOV vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, IGOV achieves a -1.80% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, IGOV has underperformed UGA with an annualized return of -1.49%, while UGA has yielded a comparatively higher 14.31% annualized return.
IGOV
- 1D
- -0.27%
- 1M
- -1.26%
- YTD
- -1.80%
- 6M
- -2.15%
- 1Y
- -2.13%
- 3Y*
- 1.73%
- 5Y*
- -4.43%
- 10Y*
- -1.49%
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%
IGOV vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGOV iShares International Treasury Bond ETF | -1.80% | 9.96% | -6.50% | 5.57% | -22.07% | -9.25% | 10.88% | 3.76% | -2.60% | 11.38% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between IGOV and UGA is -0.39, 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 | -0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2009 | 0.04 |
The correlation between IGOV and UGA shifts across timeframes, from -0.39 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IGOV vs. UGA — Risk / Return Rank
IGOV
UGA
IGOV vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares International Treasury Bond ETF (IGOV) 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.
| IGOV | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.99 | ||
| Sortino ratioReturn per unit of downside risk | -2.57 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.30 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.38 | 3.17 | -3.54 |
| Martin ratioReturn relative to average drawdown | -0.83 | 9.39 | -10.22 |
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Drawdowns
IGOV vs. UGA - Drawdown Comparison
The maximum IGOV drawdown since its inception was -35.88%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for IGOV and UGA.
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Drawdown Indicators
| IGOV | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.88% | -86.59% | +50.71% |
Max Drawdown (1Y)Largest decline over 1 year | -5.70% | -18.96% | +13.26% |
Max Drawdown (3Y)Largest decline over 3 years | -10.65% | -26.68% | +16.03% |
Max Drawdown (5Y)Largest decline over 5 years | -32.92% | -38.11% | +5.19% |
Max Drawdown (10Y)Largest decline over 10 years | -35.88% | -75.89% | +40.01% |
Current DrawdownCurrent decline from peak | -25.00% | -18.05% | -6.95% |
Average DrawdownAverage peak-to-trough decline | -11.05% | -36.69% | +25.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.58% | 6.43% | -3.85% |
Volatility
IGOV vs. UGA - Volatility Comparison
The current volatility for iShares International Treasury Bond ETF (IGOV) is 2.29%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that IGOV 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
| IGOV | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.29% | 9.24% | -6.95% |
Volatility (6M)Calculated over the trailing 6-month period | 6.37% | 30.57% | -24.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.13% | 35.22% | -27.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.97% | 34.45% | -24.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.60% | 37.22% | -28.62% |
IGOV vs. UGA - Expense Ratio Comparison
IGOV has a 0.35% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
IGOV vs. UGA - Dividend Comparison
IGOV's dividend yield for the trailing twelve months is around 1.43%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGOV iShares International Treasury Bond ETF | 1.43% | 1.41% | 0.59% | 0.00% | 0.11% | 0.39% | 0.00% | 0.24% | 0.31% | 0.19% | 0.69% | 0.12% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IGOV and UGA have a correlation of -0.39, 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 IGOV (2.29%). In terms of maximum drawdown, IGOV dropped -35.88% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs -1.49% for IGOV. On fees, IGOV is cheaper at 0.35% per year. On volatility, IGOV has been the lower-risk option at 2.29%. 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 14.31% return vs -1.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IGOV is cheaper with a 0.35% expense ratio, compared with 0.75% for UGA.
IGOV has the higher dividend yield at 1.43%, compared with 0.00% for UGA.
IGOV is categorized as International Government Bonds, while UGA is Oil & Gas. IGOV tracks FTSE World Government Bond Index - Developed Markets Capped Select Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.35% for IGOV and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs -0.26), 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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