IOPP vs. UGA
IOPP (Simplify Tara India Opportunities ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - IOPP is a Asia Pacific Equities fund actively managed by Simplify, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. IOPP is actively managed, while UGA is passively managed. Over the past year, IOPP returned -4.86% vs 79.48% for UGA. At a correlation of -0.12, they often move in opposite directions. IOPP charges 0.73%/yr vs 0.75%/yr for UGA.
Performance
IOPP vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, IOPP achieves a -7.36% return, which is significantly lower than UGA's 70.69% return.
IOPP
- 1D
- 1.90%
- 1M
- 0.66%
- YTD
- -7.36%
- 6M
- -5.51%
- 1Y
- -4.86%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UGA
- 1D
- -2.73%
- 1M
- -12.25%
- YTD
- 70.69%
- 6M
- 59.72%
- 1Y
- 79.48%
- 3Y*
- 20.80%
- 5Y*
- 24.41%
- 10Y*
- 14.27%
IOPP vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IOPP Simplify Tara India Opportunities ETF | -7.36% | 1.86% | 14.13% |
UGA United States Gasoline Fund LP | 70.69% | -2.00% | -3.95% |
Correlation
The correlation between IOPP 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 (All Time) Calculated using the full available price history since Mar 6, 2024 | -0.12 |
The correlation between IOPP and UGA shifts across timeframes, from -0.30 (1 year) to -0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IOPP vs. UGA — Risk / Return Rank
IOPP
UGA
IOPP vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Tara India Opportunities ETF (IOPP) 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.
| IOPP | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.55 | ||
| Sortino ratioReturn per unit of downside risk | -3.01 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.37 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | 5.37 | -5.62 |
| Martin ratioReturn relative to average drawdown | -0.67 | 12.86 | -13.53 |
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
| IOPP | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.28 | 2.27 | -2.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.71 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.12 | +0.08 |
Drawdowns
IOPP vs. UGA - Drawdown Comparison
The maximum IOPP drawdown since its inception was -23.67%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for IOPP and UGA.
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Drawdown Indicators
| IOPP | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.67% | -86.59% | +62.92% |
Max Drawdown (1Y)Largest decline over 1 year | -19.42% | -14.88% | -4.54% |
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 DrawdownCurrent decline from peak | -15.38% | -14.75% | -0.63% |
Average DrawdownAverage peak-to-trough decline | -8.86% | -36.76% | +27.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.27% | 6.20% | +1.07% |
Volatility
IOPP vs. UGA - Volatility Comparison
The current volatility for Simplify Tara India Opportunities ETF (IOPP) is 5.96%, while United States Gasoline Fund LP (UGA) has a volatility of 11.64%. This indicates that IOPP 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
| IOPP | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.96% | 11.64% | -5.68% |
Volatility (6M)Calculated over the trailing 6-month period | 14.44% | 30.48% | -16.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.19% | 35.27% | -18.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.81% | 34.40% | -17.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.81% | 37.27% | -20.46% |
IOPP vs. UGA - Expense Ratio Comparison
IOPP has a 0.73% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
IOPP vs. UGA - Dividend Comparison
IOPP's dividend yield for the trailing twelve months is around 0.20%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IOPP Simplify Tara India Opportunities ETF | 0.20% | 0.29% | 6.96% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IOPP 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 (11.64%) compared to IOPP (5.96%). In terms of maximum drawdown, IOPP dropped -23.67% vs UGA's -86.59%.
On 1-year performance, UGA leads with 79.48% vs -4.86% for IOPP. On fees, IOPP is cheaper at 0.73% per year. On volatility, IOPP has been the lower-risk option at 5.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, UGA has performed better with a 79.48% return vs -4.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IOPP is cheaper with a 0.73% expense ratio, compared with 0.75% for UGA.
IOPP has the higher dividend yield at 0.20%, compared with 0.00% for UGA.
IOPP is categorized as Asia Pacific Equities, while UGA is Oil & Gas. They also come from different issuers: Simplify and Concierge Technologies. Their fees differ too: 0.73% for IOPP and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.27 vs -0.28), 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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