IVVW vs. UGA
IVVW (iShares S&P 500 BuyWrite ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - IVVW is a Derivative Income fund tracking the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past year, IVVW returned 20.07% vs 80.94% for UGA. At a correlation of -0.05, they often move in opposite directions. IVVW charges 0.25%/yr vs 0.75%/yr for UGA.
Performance
IVVW vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, IVVW achieves a 4.84% return, which is significantly lower than UGA's 75.49% return.
IVVW
- 1D
- -0.02%
- 1M
- 1.90%
- YTD
- 4.84%
- 6M
- 6.58%
- 1Y
- 20.07%
- 3Y*
- —
- 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%
IVVW vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IVVW iShares S&P 500 BuyWrite ETF | 4.84% | 11.71% | 12.90% |
UGA United States Gasoline Fund LP | 75.49% | -2.00% | -10.55% |
Correlation
The correlation between IVVW and UGA is -0.24, 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 | -0.24 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2024 | -0.05 |
The correlation between IVVW and UGA shifts across timeframes, from -0.24 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IVVW vs. UGA — Risk / Return Rank
IVVW
UGA
IVVW vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 BuyWrite ETF (IVVW) 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.
| IVVW | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.37 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 3.47 | 5.47 | -2.00 |
| Martin ratioReturn relative to average drawdown | 19.13 | 13.25 | +5.88 |
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
| IVVW | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.73 | 2.32 | +0.41 |
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 | 1.07 | 0.12 | +0.95 |
Drawdowns
IVVW vs. UGA - Drawdown Comparison
The maximum IVVW drawdown since its inception was -16.79%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for IVVW and UGA.
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Drawdown Indicators
| IVVW | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.79% | -86.59% | +69.80% |
Max Drawdown (1Y)Largest decline over 1 year | -5.81% | -14.88% | +9.07% |
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 | -0.09% | -12.35% | +12.26% |
Average DrawdownAverage peak-to-trough decline | -1.75% | -36.76% | +35.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 6.13% | -5.08% |
Volatility
IVVW vs. UGA - Volatility Comparison
The current volatility for iShares S&P 500 BuyWrite ETF (IVVW) is 1.13%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that IVVW 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
| IVVW | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 11.66% | -10.53% |
Volatility (6M)Calculated over the trailing 6-month period | 6.07% | 30.41% | -24.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.40% | 35.14% | -27.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.66% | 34.38% | -21.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.66% | 37.27% | -24.61% |
IVVW vs. UGA - Expense Ratio Comparison
IVVW has a 0.25% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
IVVW vs. UGA - Dividend Comparison
IVVW's dividend yield for the trailing twelve months is around 19.70%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IVVW iShares S&P 500 BuyWrite ETF | 19.70% | 18.55% | 13.72% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IVVW and UGA have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.66%) compared to IVVW (1.13%). In terms of maximum drawdown, IVVW dropped -16.79% vs UGA's -86.59%.
On 1-year performance, UGA leads with 80.94% vs 20.07% for IVVW. On fees, IVVW is cheaper at 0.25% per year. On volatility, IVVW has been the lower-risk option at 1.13%. 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 80.94% return vs 20.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVVW is cheaper with a 0.25% expense ratio, compared with 0.75% for UGA.
IVVW has the higher dividend yield at 19.70%, compared with 0.00% for UGA.
IVVW is categorized as Derivative Income, while UGA is Oil & Gas. IVVW tracks Cboe S&P 500 Enhanced 1% OTM BuyWrite Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.25% for IVVW and 0.75% for UGA.
IVVW currently has the higher Sharpe Ratio (2.73 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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