INQQ vs. UGA
INQQ (India Internet & Ecommerce ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - INQQ is a India Equities fund tracking the INQQ The India Internet & Ecommerce Index - Benchmark TR Gross, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 3 years, INQQ returned 3.30%/yr vs 21.76%/yr for UGA. At a correlation of -0.03, they often move in opposite directions. INQQ charges 0.86%/yr vs 0.75%/yr for UGA.
Performance
INQQ vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, INQQ achieves a -11.14% return, which is significantly lower than UGA's 94.18% return.
INQQ
- 1D
- 0.38%
- 1M
- 4.35%
- 6M
- -8.34%
- YTD
- -11.14%
- 1Y
- -18.69%
- 3Y*
- 3.30%
- 5Y*
- —
- 10Y*
- —
UGA
- 1D
- 2.90%
- 1M
- 19.68%
- 6M
- 86.37%
- YTD
- 94.18%
- 1Y
- 89.49%
- 3Y*
- 21.76%
- 5Y*
- 27.30%
- 10Y*
- 17.58%
INQQ vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
INQQ India Internet & Ecommerce ETF | -11.14% | -7.05% | 19.12% | 31.45% | -34.72% |
UGA United States Gasoline Fund LP | 94.18% | -2.00% | 3.77% | 1.27% | 8.53% |
Correlation
The correlation between INQQ and UGA is -0.33, 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 | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2022 | -0.03 |
Over the past year, the inverse relationship between INQQ and UGA has strengthened: their correlation has moved from -0.03 to -0.33, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
INQQ vs. UGA — Risk / Return Rank
INQQ
UGA
INQQ vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for India Internet & Ecommerce ETF (INQQ) 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.
| INQQ | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.55 | ||
| Sortino ratioReturn per unit of downside risk | -4.46 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.39 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 4.43 | -5.05 |
| Martin ratioReturn relative to average drawdown | -1.18 | 12.30 | -13.48 |
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Drawdowns
INQQ vs. UGA - Drawdown Comparison
The maximum INQQ drawdown since its inception was -40.53%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for INQQ and UGA.
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Drawdown Indicators
| INQQ | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.53% | -86.59% | +46.06% |
Max Drawdown (1Y)Largest decline over 1 year | -30.20% | -20.32% | -9.88% |
Max Drawdown (3Y)Largest decline over 3 years | -32.45% | -26.68% | -5.77% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -21.81% | -3.02% | -18.79% |
Average DrawdownAverage peak-to-trough decline | -17.23% | -36.61% | +19.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.89% | 7.31% | +8.58% |
Volatility
INQQ vs. UGA - Volatility Comparison
The current volatility for India Internet & Ecommerce ETF (INQQ) is 4.76%, while United States Gasoline Fund LP (UGA) has a volatility of 11.14%. This indicates that INQQ 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
| INQQ | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.76% | 11.14% | -6.38% |
Volatility (6M)Calculated over the trailing 6-month period | 15.27% | 31.73% | -16.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.96% | 35.91% | -17.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.92% | 34.68% | -14.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.92% | 37.23% | -17.31% |
INQQ vs. UGA - Expense Ratio Comparison
INQQ has a 0.86% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
INQQ vs. UGA - Dividend Comparison
INQQ's dividend yield for the trailing twelve months is around 2.51%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
INQQ India Internet & Ecommerce ETF | 2.51% | 2.23% | 1.18% | 0.04% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
INQQ and UGA have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.14%) compared to INQQ (4.76%). In terms of maximum drawdown, INQQ dropped -40.53% vs UGA's -86.59%.
On 3-year performance, UGA leads with 21.76% vs 3.30% for INQQ. On fees, UGA is cheaper at 0.75% per year. On volatility, INQQ has been the lower-risk option at 4.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UGA has performed better with a 21.76% return vs 3.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.86% for INQQ.
INQQ has the higher dividend yield at 2.51%, compared with 0.00% for UGA.
INQQ is categorized as India Equities, while UGA is Oil & Gas. INQQ tracks INQQ The India Internet & Ecommerce Index - Benchmark TR Gross, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: India and Concierge Technologies. Their fees differ too: 0.86% for INQQ and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.51 vs -1.04), 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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