ION vs. UGA
ION (Proshares S&P Global Core Battery Metals ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - ION is a Energy Equities fund tracking the S&P Global Core Battery Metals Index - Benchmark TR Net, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 3 years, ION returned 18.91%/yr vs 22.21%/yr for UGA. At a 0.08 correlation, their price movements are largely independent. ION charges 0.58%/yr vs 0.75%/yr for UGA.
Performance
ION vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, ION achieves a 14.02% return, which is significantly lower than UGA's 75.49% return.
ION
- 1D
- -3.20%
- 1M
- -9.27%
- YTD
- 14.02%
- 6M
- 27.44%
- 1Y
- 123.41%
- 3Y*
- 18.91%
- 5Y*
- —
- 10Y*
- —
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%
ION vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ION Proshares S&P Global Core Battery Metals ETF | 14.02% | 108.37% | -20.02% | -14.10% | -8.86% |
UGA United States Gasoline Fund LP | 75.49% | -2.00% | 3.77% | 1.27% | 5.90% |
Correlation
The correlation between ION and UGA is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2022 | 0.08 |
The correlation between ION and UGA shifts across timeframes, from -0.19 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ION vs. UGA — Risk / Return Rank
ION
UGA
ION vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares S&P Global Core Battery Metals ETF (ION) 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.
| ION | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.96 | ||
| Sortino ratioReturn per unit of downside risk | +0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.37 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 5.33 | 5.47 | -0.14 |
| Martin ratioReturn relative to average drawdown | 18.79 | 13.25 | +5.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ION | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.27 | 2.32 | +0.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.73 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.39 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.12 | +0.27 |
Drawdowns
ION vs. UGA - Drawdown Comparison
The maximum ION drawdown since its inception was -52.08%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for ION and UGA.
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Drawdown Indicators
| ION | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.08% | -86.59% | +34.51% |
Max Drawdown (1Y)Largest decline over 1 year | -23.30% | -14.88% | -8.42% |
Max Drawdown (3Y)Largest decline over 3 years | -46.47% | -26.68% | -19.79% |
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 | -13.99% | -12.35% | -1.64% |
Average DrawdownAverage peak-to-trough decline | -23.70% | -36.76% | +13.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.59% | 6.13% | +0.46% |
Volatility
ION vs. UGA - Volatility Comparison
Proshares S&P Global Core Battery Metals ETF (ION) and United States Gasoline Fund LP (UGA) have volatilities of 12.06% and 11.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ION | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.06% | 11.66% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 29.90% | 30.41% | -0.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.92% | 35.14% | +2.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.08% | 34.38% | -3.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.08% | 37.27% | -6.19% |
ION vs. UGA - Expense Ratio Comparison
ION has a 0.58% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
ION vs. UGA - Dividend Comparison
ION's dividend yield for the trailing twelve months is around 1.40%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
ION Proshares S&P Global Core Battery Metals ETF | 1.40% | 1.63% | 1.74% | 2.23% | 0.13% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ION and UGA have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ION has higher volatility (12.06%) compared to UGA (11.66%). In terms of maximum drawdown, ION dropped -52.08% vs UGA's -86.59%.
On 3-year performance, UGA leads with 22.21% vs 18.91% for ION. On fees, ION is cheaper at 0.58% per year. On volatility, UGA has been the lower-risk option at 11.66%. 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 22.21% return vs 18.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ION is cheaper with a 0.58% expense ratio, compared with 0.75% for UGA.
ION has the higher dividend yield at 1.40%, compared with 0.00% for UGA.
ION is categorized as Energy Equities, while UGA is Oil & Gas. ION tracks S&P Global Core Battery Metals Index - Benchmark TR Net, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.58% for ION and 0.75% for UGA.
ION currently has the higher Sharpe Ratio (3.27 vs 2.32), 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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