IWM vs. UGA
IWM (iShares Russell 2000 ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, IWM returned 11.58%/yr vs 14.31%/yr for UGA. At a 0.25 correlation, their price movements are largely independent. IWM charges 0.19%/yr vs 0.75%/yr for UGA.
Performance
IWM vs. UGA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IWM achieves a 20.47% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, IWM has underperformed UGA with an annualized return of 11.58%, while UGA has yielded a comparatively higher 14.31% annualized return.
IWM
- 1D
- -0.96%
- 1M
- 3.82%
- YTD
- 20.47%
- 6M
- 17.64%
- 1Y
- 40.90%
- 3Y*
- 19.22%
- 5Y*
- 6.27%
- 10Y*
- 11.58%
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%
IWM vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWM iShares Russell 2000 ETF | 20.47% | 12.66% | 11.38% | 16.83% | -20.48% | 14.54% | 20.03% | 25.39% | -11.12% | 14.58% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between IWM 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 | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.25 |
The correlation between IWM and UGA shifts across timeframes, from -0.20 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IWM vs. UGA — Risk / Return Rank
IWM
UGA
IWM vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 ETF (IWM) 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.
| IWM | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.30 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.73 | 3.17 | +0.56 |
| Martin ratioReturn relative to average drawdown | 13.18 | 9.39 | +3.79 |
Loading charts...
Drawdowns
IWM vs. UGA - Drawdown Comparison
The maximum IWM drawdown since its inception was -59.05%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for IWM and UGA.
Loading charts...
Drawdown Indicators
| IWM | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.05% | -86.59% | +27.54% |
Max Drawdown (1Y)Largest decline over 1 year | -11.03% | -18.96% | +7.93% |
Max Drawdown (3Y)Largest decline over 3 years | -27.50% | -26.68% | -0.82% |
Max Drawdown (5Y)Largest decline over 5 years | -31.91% | -38.11% | +6.20% |
Max Drawdown (10Y)Largest decline over 10 years | -41.13% | -75.89% | +34.76% |
Current DrawdownCurrent decline from peak | -0.96% | -18.05% | +17.09% |
Average DrawdownAverage peak-to-trough decline | -10.75% | -36.69% | +25.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.11% | 6.43% | -3.32% |
Volatility
IWM vs. UGA - Volatility Comparison
The current volatility for iShares Russell 2000 ETF (IWM) is 6.56%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that IWM 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.
Loading charts...
Volatility by Period
| IWM | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.56% | 9.24% | -2.68% |
Volatility (6M)Calculated over the trailing 6-month period | 14.31% | 30.57% | -16.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.74% | 35.22% | -15.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.61% | 34.45% | -11.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.06% | 37.22% | -14.16% |
IWM vs. UGA - Expense Ratio Comparison
IWM has a 0.19% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
IWM vs. UGA - Dividend Comparison
IWM's dividend yield for the trailing twelve months is around 0.90%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWM iShares Russell 2000 ETF | 0.90% | 1.04% | 1.15% | 1.35% | 1.48% | 0.94% | 1.04% | 1.26% | 1.40% | 1.26% | 1.38% | 1.54% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IWM 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 (9.24%) compared to IWM (6.56%). In terms of maximum drawdown, IWM dropped -59.05% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 11.58% for IWM. On fees, IWM is cheaper at 0.19% per year. On volatility, IWM has been the lower-risk option at 6.56%. 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 14.31% return vs 11.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWM is cheaper with a 0.19% expense ratio, compared with 0.75% for UGA.
IWM has the higher dividend yield at 0.90%, compared with 0.00% for UGA.
IWM is categorized as Small Cap Blend Equities, while UGA is Oil & Gas. IWM tracks Russell 2000 Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.19% for IWM and 0.75% for UGA.
IWM currently has the higher Sharpe Ratio (2.08 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.
Find the right allocation for IWM and UGA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer