INDY vs. UGA
INDY (iShares India 50 ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - INDY is a Emerging Markets Equities fund tracking the Nifty 50 Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, INDY returned 6.94%/yr vs 14.31%/yr for UGA. At a 0.19 correlation, their price movements are largely independent. INDY charges 0.65%/yr vs 0.75%/yr for UGA.
Performance
INDY vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, INDY achieves a -12.36% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, INDY has underperformed UGA with an annualized return of 6.94%, while UGA has yielded a comparatively higher 14.31% annualized return.
INDY
- 1D
- -1.49%
- 1M
- 1.53%
- YTD
- -12.36%
- 6M
- -12.66%
- 1Y
- -12.06%
- 3Y*
- 2.42%
- 5Y*
- 2.23%
- 10Y*
- 6.94%
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%
INDY vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDY iShares India 50 ETF | -12.36% | 4.97% | 3.47% | 16.88% | -7.31% | 19.43% | 10.01% | 9.99% | -4.32% | 36.15% |
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 INDY and UGA is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2009 | 0.19 |
The correlation between INDY and UGA shifts across timeframes, from -0.30 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INDY vs. UGA — Risk / Return Rank
INDY
UGA
INDY vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares India 50 ETF (INDY) 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.
| INDY | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.57 | ||
| Sortino ratioReturn per unit of downside risk | -3.43 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.30 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.64 | 3.17 | -3.80 |
| Martin ratioReturn relative to average drawdown | -1.35 | 9.39 | -10.74 |
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Drawdowns
INDY vs. UGA - Drawdown Comparison
The maximum INDY drawdown since its inception was -44.74%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for INDY and UGA.
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Drawdown Indicators
| INDY | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.74% | -86.59% | +41.85% |
Max Drawdown (1Y)Largest decline over 1 year | -18.95% | -18.96% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -22.40% | -26.68% | +4.28% |
Max Drawdown (5Y)Largest decline over 5 years | -22.40% | -38.11% | +15.71% |
Max Drawdown (10Y)Largest decline over 10 years | -43.50% | -75.89% | +32.39% |
Current DrawdownCurrent decline from peak | -18.17% | -18.05% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -12.24% | -36.69% | +24.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.98% | 6.43% | +2.55% |
Volatility
INDY vs. UGA - Volatility Comparison
The current volatility for iShares India 50 ETF (INDY) is 4.06%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that INDY 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
| INDY | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.06% | 9.24% | -5.18% |
Volatility (6M)Calculated over the trailing 6-month period | 12.55% | 30.57% | -18.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.36% | 35.22% | -20.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.98% | 34.45% | -19.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.53% | 37.22% | -17.69% |
INDY vs. UGA - Expense Ratio Comparison
INDY has a 0.65% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
INDY vs. UGA - Dividend Comparison
INDY's dividend yield for the trailing twelve months is around 9.50%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INDY iShares India 50 ETF | 9.50% | 8.11% | 0.24% | 0.38% | 3.75% | 7.12% | 0.08% | 0.58% | 0.55% | 0.27% | 0.48% | 0.57% |
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
INDY and UGA have a correlation of -0.30, 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 INDY (4.06%). In terms of maximum drawdown, INDY dropped -44.74% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 6.94% for INDY. On fees, INDY is cheaper at 0.65% per year. On volatility, INDY has been the lower-risk option at 4.06%. 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 6.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INDY is cheaper with a 0.65% expense ratio, compared with 0.75% for UGA.
INDY has the higher dividend yield at 9.50%, compared with 0.00% for UGA.
INDY is categorized as Emerging Markets Equities, while UGA is Oil & Gas. INDY tracks Nifty 50 Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.65% for INDY and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs -0.84), 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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