IPAY vs. UGA
IPAY (ETFMG Prime Mobile Payments ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - IPAY is a Technology Equities fund tracking the Prime Mobile Payments Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, IPAY returned 7.04%/yr vs 13.99%/yr for UGA. At a 0.16 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.
Performance
IPAY vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, IPAY achieves a -13.98% return, which is significantly lower than UGA's 59.54% return. Over the past 10 years, IPAY has underperformed UGA with an annualized return of 7.04%, while UGA has yielded a comparatively higher 13.99% annualized return.
IPAY
- 1D
- 2.55%
- 1M
- -1.05%
- YTD
- -13.98%
- 6M
- -15.52%
- 1Y
- -24.10%
- 3Y*
- 3.07%
- 5Y*
- -8.73%
- 10Y*
- 7.04%
UGA
- 1D
- -2.77%
- 1M
- -14.54%
- YTD
- 59.54%
- 6M
- 55.91%
- 1Y
- 62.68%
- 3Y*
- 17.85%
- 5Y*
- 22.22%
- 10Y*
- 13.99%
IPAY vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IPAY ETFMG Prime Mobile Payments ETF | -13.98% | -9.55% | 25.88% | 18.21% | -32.38% | -12.72% | 34.22% | 41.80% | 0.17% | 36.34% |
UGA United States Gasoline Fund LP | 59.54% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between IPAY and UGA is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2015 | 0.16 |
The correlation between IPAY and UGA shifts across timeframes, from -0.20 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IPAY vs. UGA — Risk / Return Rank
IPAY
UGA
IPAY vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETFMG Prime Mobile Payments ETF (IPAY) 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.
| IPAY | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.84 | ||
| Sortino ratioReturn per unit of downside risk | -3.66 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.31 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 3.10 | -3.87 |
| Martin ratioReturn relative to average drawdown | -1.38 | 9.66 | -11.04 |
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Drawdowns
IPAY vs. UGA - Drawdown Comparison
The maximum IPAY drawdown since its inception was -51.75%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for IPAY and UGA.
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Drawdown Indicators
| IPAY | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.75% | -86.59% | +34.84% |
Max Drawdown (1Y)Largest decline over 1 year | -31.31% | -20.32% | -10.99% |
Max Drawdown (3Y)Largest decline over 3 years | -32.74% | -26.68% | -6.06% |
Max Drawdown (5Y)Largest decline over 5 years | -51.49% | -38.11% | -13.38% |
Max Drawdown (10Y)Largest decline over 10 years | -51.75% | -75.89% | +24.14% |
Current DrawdownCurrent decline from peak | -37.72% | -20.32% | -17.40% |
Average DrawdownAverage peak-to-trough decline | -16.78% | -36.69% | +19.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.54% | 6.51% | +11.03% |
Volatility
IPAY vs. UGA - Volatility Comparison
The current volatility for ETFMG Prime Mobile Payments ETF (IPAY) is 8.33%, while United States Gasoline Fund LP (UGA) has a volatility of 9.45%. This indicates that IPAY 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
| IPAY | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.33% | 9.45% | -1.12% |
Volatility (6M)Calculated over the trailing 6-month period | 18.96% | 30.74% | -11.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.99% | 34.84% | -10.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.17% | 34.47% | -8.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.40% | 37.22% | -11.82% |
IPAY vs. UGA - Expense Ratio Comparison
Both IPAY and UGA have an expense ratio of 0.75%.
Dividends
IPAY vs. UGA - Dividend Comparison
IPAY's dividend yield for the trailing twelve months is around 0.92%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IPAY ETFMG Prime Mobile Payments ETF | 0.92% | 0.79% | 0.77% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IPAY and UGA have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.45%) compared to IPAY (8.33%). In terms of maximum drawdown, IPAY dropped -51.75% vs UGA's -86.59%.
On 10-year performance, UGA leads with 13.99% vs 7.04% for IPAY. Both ETFs have the same 0.75% expense ratio. On volatility, IPAY has been the lower-risk option at 8.33%. 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 13.99% return vs 7.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IPAY and UGA have the same expense ratio: 0.75% per year.
IPAY has the higher dividend yield at 0.92%, compared with 0.00% for UGA.
IPAY is categorized as Technology Equities, while UGA is Oil & Gas. IPAY tracks Prime Mobile Payments Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: ETFMG and Concierge Technologies.
UGA currently has the higher Sharpe Ratio (1.82 vs -1.02), 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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