IWML vs. UGA
IWML (ETRACS 2x Leveraged US Size Factor TR ETN) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - IWML is a Leveraged 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 5 years, IWML returned 2.91%/yr vs 25.10%/yr for UGA. At a 0.11 correlation, their price movements are largely independent. IWML charges 0.95%/yr vs 0.75%/yr for UGA.
Performance
IWML vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, IWML achieves a 32.65% return, which is significantly lower than UGA's 75.49% return.
IWML
- 1D
- -2.04%
- 1M
- 6.57%
- YTD
- 32.65%
- 6M
- 29.46%
- 1Y
- 78.21%
- 3Y*
- 25.01%
- 5Y*
- 2.91%
- 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%
IWML vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IWML ETRACS 2x Leveraged US Size Factor TR ETN | 32.65% | 9.64% | 15.70% | 22.31% | -41.80% | 2.08% |
UGA United States Gasoline Fund LP | 75.49% | -2.00% | 3.77% | 1.27% | 46.34% | 44.02% |
Correlation
The correlation between IWML and UGA is -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.11 |
The correlation between IWML and UGA shifts across timeframes, from -0.26 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IWML vs. UGA — Risk / Return Rank
IWML
UGA
IWML vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged US Size Factor TR ETN (IWML) 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.
| IWML | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.37 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.46 | 5.47 | -2.01 |
| Martin ratioReturn relative to average drawdown | 12.11 | 13.25 | -1.14 |
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
| IWML | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.05 | 2.32 | -0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.06 | 0.73 | -0.67 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.39 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.12 | -0.04 |
Drawdowns
IWML vs. UGA - Drawdown Comparison
The maximum IWML drawdown since its inception was -60.06%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for IWML and UGA.
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Drawdown Indicators
| IWML | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.06% | -86.59% | +26.53% |
Max Drawdown (1Y)Largest decline over 1 year | -22.75% | -14.88% | -7.87% |
Max Drawdown (3Y)Largest decline over 3 years | -51.82% | -26.68% | -25.14% |
Max Drawdown (5Y)Largest decline over 5 years | -60.06% | -38.11% | -21.95% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -2.67% | -12.35% | +9.68% |
Average DrawdownAverage peak-to-trough decline | -31.91% | -36.76% | +4.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.48% | 6.13% | +0.35% |
Volatility
IWML vs. UGA - Volatility Comparison
The current volatility for ETRACS 2x Leveraged US Size Factor TR ETN (IWML) is 9.79%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that IWML 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
| IWML | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.79% | 11.66% | -1.87% |
Volatility (6M)Calculated over the trailing 6-month period | 27.49% | 30.41% | -2.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.36% | 35.14% | +3.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.08% | 34.38% | +11.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.17% | 37.27% | +8.90% |
IWML vs. UGA - Expense Ratio Comparison
IWML has a 0.95% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
IWML vs. UGA - Dividend Comparison
Neither IWML nor UGA has paid dividends to shareholders.
Frequently Asked Questions
IWML and UGA have a correlation of -0.26, 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 IWML (9.79%). In terms of maximum drawdown, IWML dropped -60.06% vs UGA's -86.59%.
On 5-year performance, UGA leads with 25.10% vs 2.91% for IWML. On fees, UGA is cheaper at 0.75% per year. On volatility, IWML has been the lower-risk option at 9.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 25.10% return vs 2.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.95% for IWML.
IWML and UGA have nearly identical dividend yields, around 0.00%.
IWML is categorized as Leveraged Equities, while UGA is Oil & Gas. IWML tracks Russell 2000 Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: UBS and Concierge Technologies. Their fees differ too: 0.95% for IWML and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.32 vs 2.05), 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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