INRO vs. UGA

Last updated Jun 24, 2026

INRO (Blackrock U.S. Industry Rotation ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - INRO is a Large Cap Blend Equities fund actively managed by BlackRock, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. INRO is actively managed, while UGA is passively managed. Over the past year, INRO returned 28.25% vs 59.74% for UGA. At a correlation of -0.05, they often move in opposite directions. INRO charges 0.42%/yr vs 0.75%/yr for UGA.

Performance

INRO vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Blackrock U.S. Industry Rotation ETF (INRO) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INRO achieves a 11.64% return, which is significantly lower than UGA's 64.09% return.

INRO

• 1D: -1.81%
• 1M: 0.25%
• YTD: 11.64%
• 6M: 10.49%
• 1Y: 28.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

INRO vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
INRO Blackrock U.S. Industry Rotation ETF	11.64%	16.67%	10.92%
UGA United States Gasoline Fund LP	64.09%	-2.00%	-9.87%

Correlation

The correlation between INRO 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 (All Time) Calculated using the full available price history since Mar 28, 2024	-0.05

The correlation between INRO and UGA shifts across timeframes, from -0.22 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

INRO vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

INRO

INRO Risk / Return Rank: 69
INRO Sharpe Ratio Rank: 69
INRO Sortino Ratio Rank: 67
INRO Omega Ratio Rank: 67
INRO Calmar Ratio Rank: 66
INRO Martin Ratio Rank: 77

UGA

UGA Risk / Return Rank: 55
UGA Sharpe Ratio Rank: 53
UGA Sortino Ratio Rank: 48
UGA Omega Ratio Rank: 49
UGA Calmar Ratio Rank: 67
UGA Martin Ratio Rank: 56

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.

INRO vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Blackrock U.S. Industry Rotation ETF (INRO) 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.

	INRO	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.73	+0.33
Sortino ratio: Return per unit of downside risk	2.80	2.25	+0.55
Omega ratio: Gain probability vs. loss probability	1.37	1.30	+0.07
Calmar ratio: Return relative to maximum drawdown	3.03	3.17	-0.13
Martin ratio: Return relative to average drawdown	13.68	9.39	+4.29

INRO vs. UGA - Sharpe Ratio Comparison

The current INRO Sharpe Ratio is 2.06, which is comparable to the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of INRO 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.

Drawdowns

INRO vs. UGA - Drawdown Comparison

The maximum INRO drawdown since its inception was -20.02%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for INRO and UGA.

Drawdown Indicators

	INRO	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-20.02%	-86.59%	+66.57%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-18.96%	+9.60%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	-2.30%	-18.05%	+15.75%
Average Drawdown Average peak-to-trough decline	-2.58%	-36.69%	+34.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	6.43%	-4.36%

Volatility

INRO vs. UGA - Volatility Comparison

The current volatility for Blackrock U.S. Industry Rotation ETF (INRO) is 5.91%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that INRO 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.

Volatility by Period

	INRO	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.91%	9.24%	-3.33%
Volatility (6M) Calculated over the trailing 6-month period	11.23%	30.57%	-19.34%
Volatility (1Y) Calculated over the trailing 1-year period	13.83%	35.22%	-21.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.29%	34.45%	-17.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.29%	37.22%	-19.93%

INRO vs. UGA - Expense Ratio Comparison

INRO has a 0.42% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

INRO vs. UGA - Dividend Comparison

INRO's dividend yield for the trailing twelve months is around 0.61%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024
INRO Blackrock U.S. Industry Rotation ETF	0.61%	0.68%	0.50%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INRO and UGA in my portfolio?

INRO 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.

Which is riskier, INRO or UGA?

UGA has higher volatility (9.24%) compared to INRO (5.91%). In terms of maximum drawdown, INRO dropped -20.02% vs UGA's -86.59%.

Which ETF is better, INRO or UGA?

On 1-year performance, UGA leads with 59.74% vs 28.25% for INRO. On fees, INRO is cheaper at 0.42% per year. On volatility, INRO has been the lower-risk option at 5.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INRO or UGA?

Over the 1-year period, UGA has performed better with a 59.74% return vs 28.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INRO or UGA?

INRO is cheaper with a 0.42% expense ratio, compared with 0.75% for UGA.

Which ETF pays a higher dividend yield, INRO or UGA?

INRO has the higher dividend yield at 0.61%, compared with 0.00% for UGA.

What is the main difference between INRO and UGA?

INRO is categorized as Large Cap Blend Equities, while UGA is Oil & Gas. They also come from different issuers: BlackRock and Concierge Technologies. Their fees differ too: 0.42% for INRO and 0.75% for UGA.

Which has better risk-adjusted returns?

INRO currently has the higher Sharpe Ratio (2.06 vs 1.73), 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.