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IMCG vs. UGA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IMCG vs. UGA

Last updated Jun 4, 2026

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 14.46%/yr vs 14.43%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Mid-Cap Growth ETF (IMCG) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IMCG achieves a 20.05% return, which is significantly lower than UGA's 75.49% return. Both investments have delivered pretty close results over the past 10 years, with IMCG having a 14.46% annualized return and UGA not far behind at 14.43%.

IMCG

1D
-0.26%
1M
8.33%
YTD
20.05%
6M
18.28%
1Y
23.35%
3Y*
18.91%
5Y*
8.62%
10Y*
14.46%

UGA

1D
-0.19%
1M
-12.35%
YTD
75.49%
6M
64.35%
1Y
80.94%
3Y*
22.21%
5Y*
25.10%
10Y*
14.43%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IMCG vs. UGA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IMCG
iShares Morningstar Mid-Cap Growth ETF		20.05%6.55%18.14%20.73%-25.79%15.39%45.64%35.70%-3.68%25.57%
UGA
United States Gasoline Fund LP		75.49%-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 -0.25, 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

-0.25

Correlation (3Y)
Calculated over the trailing 3-year period

-0.04

Correlation (5Y)
Calculated over the trailing 5-year period

0.07

Correlation (10Y)
Calculated over the trailing 10-year period

0.15

Correlation (All Time)
Calculated using the full available price history since Feb 29, 2008

0.24

The correlation between IMCG and UGA shifts across timeframes, from -0.25 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Morningstar Mid-Cap Growth ETF

United States Gasoline Fund LP

Often compared with IMCG:
IMCG vs. VOTIMCG vs. IWPIMCG vs. SCHMIMCG vs. MDYGIMCG vs. XMHQIMCG vs. IJKIMCG vs. IMCB
Often compared with UGA:
UGA vs. URAUGA vs. FCGUGA vs. QQQUGA vs. VOOUGA vs. USOUGA vs. SPYUGA vs. FNGS

Return for Risk

IMCG vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IMCG
IMCG Risk / Return Rank: 4444
Overall Rank
IMCG Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
IMCG Sortino Ratio Rank: 4242
Sortino Ratio Rank
IMCG Omega Ratio Rank: 4040
Omega Ratio Rank
IMCG Calmar Ratio Rank: 4646
Calmar Ratio Rank
IMCG Martin Ratio Rank: 5252
Martin Ratio Rank
UGA
UGA Risk / Return Rank: 6969
Overall Rank
UGA Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
UGA Sortino Ratio Rank: 5757
Sortino Ratio Rank
UGA Omega Ratio Rank: 6060
Omega Ratio Rank
UGA Calmar Ratio Rank: 8989
Calmar Ratio Rank
UGA Martin Ratio Rank: 7171
Martin Ratio Rank
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.

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.

IMCGUGADifference
Sharpe ratioReturn per unit of total volatility
1.51
2.32

-0.80

Sortino ratioReturn per unit of downside risk
2.18
2.75

-0.57

Omega ratioGain probability vs. loss probability

1.26

1.37

-0.11

Calmar ratioReturn relative to maximum drawdown

2.31

5.47

-3.16

Martin ratioReturn relative to average drawdown

8.97

13.25

-4.28

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMCG vs. UGA - Sharpe Ratio Comparison

The current IMCG Sharpe Ratio is 1.51, which is lower than the UGA Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of IMCG 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.

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Sharpe Ratios by Period

IMCGUGADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.51

2.32

-0.80

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.43

0.73

-0.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.71

0.39

+0.32

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.12

+0.42

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

IMCGUGADifference

Max Drawdown

Largest peak-to-trough decline

-58.96%

-86.59%

+27.63%

Max Drawdown (1Y)

Largest decline over 1 year

-10.17%

-14.88%

+4.71%

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 Drawdown

Current decline from peak

-0.26%

-12.35%

+12.09%

Average Drawdown

Average peak-to-trough decline

-9.22%

-36.76%

+27.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.61%

6.13%

-3.52%

Volatility

IMCG vs. UGA - Volatility Comparison

The current volatility for iShares Morningstar Mid-Cap Growth ETF (IMCG) is 4.65%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. 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

IMCGUGADifference

Volatility (1M)

Calculated over the trailing 1-month period

4.65%

11.66%

-7.01%

Volatility (6M)

Calculated over the trailing 6-month period

12.53%

30.41%

-17.88%

Volatility (1Y)

Calculated over the trailing 1-year period

15.53%

35.14%

-19.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.17%

34.38%

-14.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.51%

37.27%

-16.76%

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 0.65%, while UGA has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
IMCG
iShares Morningstar Mid-Cap Growth ETF		0.65%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 -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UGA has higher volatility (11.66%) compared to IMCG (4.65%). In terms of maximum drawdown, IMCG dropped -58.96% vs UGA's -86.59%.

On 10-year performance, IMCG leads with 14.46% vs 14.43% for UGA. On fees, IMCG is cheaper at 0.06% per year. On volatility, IMCG has been the lower-risk option at 4.65%. 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 14.46% return vs 14.43%. 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 0.65%, 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 (2.32 vs 1.51), 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.

Portfolio Optimizer

Find the right allocation for IMCG and UGA

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