IMCG vs. UGA
IMCG (iShares Morningstar Mid-Cap Growth ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - IMCG is a Mid Cap Growth Equities fund tracking the Morningstar US Mid Cap Broad Growth Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, IMCG returned 14.87%/yr vs 13.99%/yr for UGA. At a 0.24 correlation, their price movements are largely independent. IMCG charges 0.06%/yr vs 0.75%/yr for UGA.
Performance
IMCG vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, IMCG achieves a 21.07% return, which is significantly lower than UGA's 59.54% return. Over the past 10 years, IMCG has outperformed UGA with an annualized return of 14.87%, while UGA has yielded a comparatively lower 13.99% annualized return.
IMCG
- 1D
- 0.43%
- 1M
- 5.66%
- YTD
- 21.07%
- 6M
- 18.85%
- 1Y
- 22.59%
- 3Y*
- 18.89%
- 5Y*
- 7.79%
- 10Y*
- 14.87%
UGA
- 1D
- -2.77%
- 1M
- -14.54%
- YTD
- 59.54%
- 6M
- 55.91%
- 1Y
- 62.68%
- 3Y*
- 17.85%
- 5Y*
- 22.22%
- 10Y*
- 13.99%
IMCG vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IMCG iShares Morningstar Mid-Cap Growth ETF | 21.07% | 6.55% | 18.14% | 20.73% | -25.79% | 15.39% | 45.64% | 35.70% | -3.68% | 25.57% |
UGA United States Gasoline Fund LP | 59.54% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between IMCG and UGA is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.24 |
The correlation between IMCG and UGA shifts across timeframes, from -0.22 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IMCG vs. UGA — Risk / Return Rank
IMCG
UGA
IMCG vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap Growth ETF (IMCG) 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.
| IMCG | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.31 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | 3.10 | -0.87 |
| Martin ratioReturn relative to average drawdown | 8.50 | 9.66 | -1.16 |
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Drawdowns
IMCG vs. UGA - Drawdown Comparison
The maximum IMCG drawdown since its inception was -58.96%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for IMCG and UGA.
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Drawdown Indicators
| IMCG | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.96% | -86.59% | +27.63% |
Max Drawdown (1Y)Largest decline over 1 year | -10.17% | -20.32% | +10.15% |
Max Drawdown (3Y)Largest decline over 3 years | -21.92% | -26.68% | +4.76% |
Max Drawdown (5Y)Largest decline over 5 years | -35.08% | -38.11% | +3.03% |
Max Drawdown (10Y)Largest decline over 10 years | -35.08% | -75.89% | +40.81% |
Current DrawdownCurrent decline from peak | -1.11% | -20.32% | +19.21% |
Average DrawdownAverage peak-to-trough decline | -9.20% | -36.69% | +27.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 6.51% | -3.85% |
Volatility
IMCG vs. UGA - Volatility Comparison
The current volatility for iShares Morningstar Mid-Cap Growth ETF (IMCG) is 7.40%, while United States Gasoline Fund LP (UGA) has a volatility of 9.45%. This indicates that IMCG 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
| IMCG | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.40% | 9.45% | -2.05% |
Volatility (6M)Calculated over the trailing 6-month period | 14.08% | 30.74% | -16.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.77% | 34.84% | -18.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.37% | 34.47% | -14.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.59% | 37.22% | -16.63% |
IMCG vs. UGA - Expense Ratio Comparison
IMCG has a 0.06% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
IMCG vs. UGA - Dividend Comparison
IMCG's dividend yield for the trailing twelve months is around 0.62%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IMCG iShares Morningstar Mid-Cap Growth ETF | 0.62% | 0.78% | 0.78% | 0.85% | 0.91% | 0.41% | 0.09% | 0.30% | 0.35% | 0.45% | 0.52% | 0.38% |
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
IMCG and UGA have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.45%) compared to IMCG (7.40%). In terms of maximum drawdown, IMCG dropped -58.96% vs UGA's -86.59%.
On 10-year performance, IMCG leads with 14.87% vs 13.99% for UGA. On fees, IMCG is cheaper at 0.06% per year. On volatility, IMCG has been the lower-risk option at 7.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IMCG has performed better with a 14.87% return vs 13.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IMCG is cheaper with a 0.06% expense ratio, compared with 0.75% for UGA.
IMCG has the higher dividend yield at 0.62%, compared with 0.00% for UGA.
IMCG is categorized as Mid Cap Growth Equities, while UGA is Oil & Gas. IMCG tracks Morningstar US Mid Cap Broad Growth Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.06% for IMCG and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.82 vs 1.36), 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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