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IWP vs. UGA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWP vs. UGA

Last updated Jun 5, 2026

IWP (iShares Russell Mid-Cap Growth ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - IWP is a Mid Cap Growth Equities fund tracking the Russell Midcap Growth Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, IWP returned 12.43%/yr vs 14.27%/yr for UGA. At a 0.23 correlation, their price movements are largely independent. IWP charges 0.23%/yr vs 0.75%/yr for UGA.

Performance

IWP vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Mid-Cap Growth ETF (IWP) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IWP achieves a 4.59% return, which is significantly lower than UGA's 70.69% return. Over the past 10 years, IWP has underperformed UGA with an annualized return of 12.43%, while UGA has yielded a comparatively higher 14.27% annualized return.

IWP

1D
0.80%
1M
4.11%
YTD
4.59%
6M
3.03%
1Y
6.41%
3Y*
16.22%
5Y*
6.76%
10Y*
12.43%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWP vs. UGA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWP
iShares Russell Mid-Cap Growth ETF		4.59%8.45%21.86%25.70%-26.90%12.60%35.25%35.04%-4.89%24.93%
UGA
United States Gasoline Fund LP		70.69%-2.00%3.77%1.27%46.34%68.49%-24.88%41.25%-28.07%1.69%

Correlation

The correlation between IWP 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

-0.04

Correlation (5Y)
Calculated over the trailing 5-year period

0.07

Correlation (10Y)
Calculated over the trailing 10-year period

0.14

Correlation (All Time)
Calculated using the full available price history since Feb 29, 2008

0.23

The correlation between IWP and UGA shifts across timeframes, from -0.26 (1 year) to 0.23 (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.

iShares Russell Mid-Cap Growth ETF

United States Gasoline Fund LP

Often compared with IWP:
IWP vs. VOTIWP vs. IWSIWP vs. VOIWP vs. IMCGIWP vs. IJKIWP vs. SCHGIWP vs. VOO
Often compared with UGA:
UGA vs. URAUGA vs. FCGUGA vs. QQQUGA vs. VOOUGA vs. USOUGA vs. SPYUGA vs. FNGS

Return for Risk

IWP vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWP
IWP Risk / Return Rank: 1515
Overall Rank
IWP Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
IWP Sortino Ratio Rank: 1515
Sortino Ratio Rank
IWP Omega Ratio Rank: 1414
Omega Ratio Rank
IWP Calmar Ratio Rank: 1414
Calmar Ratio Rank
IWP Martin Ratio Rank: 1515
Martin Ratio Rank
UGA
UGA Risk / Return Rank: 7070
Overall Rank
UGA Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
UGA Sortino Ratio Rank: 5858
Sortino Ratio Rank
UGA Omega Ratio Rank: 6262
Omega Ratio Rank
UGA Calmar Ratio Rank: 8989
Calmar Ratio Rank
UGA Martin Ratio Rank: 7070
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IWP vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Mid-Cap Growth ETF (IWP) 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.

IWPUGADifference
Sharpe ratioReturn per unit of total volatility
0.39
2.27

-1.88

Sortino ratioReturn per unit of downside risk
0.67
2.71

-2.04

Omega ratioGain probability vs. loss probability

1.08

1.37

-0.29

Calmar ratioReturn relative to maximum drawdown

0.44

5.37

-4.93

Martin ratioReturn relative to average drawdown

1.27

12.86

-11.59

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWP vs. UGA - Sharpe Ratio Comparison

The current IWP Sharpe Ratio is 0.39, which is lower than the UGA Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of IWP and UGA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IWPUGADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.39

2.27

-1.88

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.30

0.71

-0.41

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.58

0.38

+0.19

Sharpe Ratio (All Time)

Calculated using the full available price history

0.43

0.12

+0.31

Drawdowns

IWP vs. UGA - Drawdown Comparison

The maximum IWP drawdown since its inception was -56.92%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for IWP and UGA.

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Drawdown Indicators

IWPUGADifference

Max Drawdown

Largest peak-to-trough decline

-56.92%

-86.59%

+29.67%

Max Drawdown (1Y)

Largest decline over 1 year

-14.79%

-14.88%

+0.09%

Max Drawdown (3Y)

Largest decline over 3 years

-25.20%

-26.68%

+1.48%

Max Drawdown (5Y)

Largest decline over 5 years

-38.62%

-38.11%

-0.51%

Max Drawdown (10Y)

Largest decline over 10 years

-38.62%

-75.89%

+37.27%

Current Drawdown

Current decline from peak

-1.32%

-14.75%

+13.43%

Average Drawdown

Average peak-to-trough decline

-9.68%

-36.76%

+27.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.06%

6.20%

-1.14%

Volatility

IWP vs. UGA - Volatility Comparison

The current volatility for iShares Russell Mid-Cap Growth ETF (IWP) is 3.73%, while United States Gasoline Fund LP (UGA) has a volatility of 11.64%. This indicates that IWP 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

IWPUGADifference

Volatility (1M)

Calculated over the trailing 1-month period

3.73%

11.64%

-7.91%

Volatility (6M)

Calculated over the trailing 6-month period

12.64%

30.48%

-17.84%

Volatility (1Y)

Calculated over the trailing 1-year period

16.48%

35.27%

-18.79%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.30%

34.40%

-12.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.67%

37.27%

-15.60%

IWP vs. UGA - Expense Ratio Comparison

IWP has a 0.23% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

IWP vs. UGA - Dividend Comparison

IWP's dividend yield for the trailing twelve months is around 0.32%, while UGA has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
IWP
iShares Russell Mid-Cap Growth ETF		0.32%0.37%0.40%0.54%0.77%0.30%0.38%0.59%1.02%0.78%1.16%0.98%
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

IWP 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 (11.64%) compared to IWP (3.73%). In terms of maximum drawdown, IWP dropped -56.92% vs UGA's -86.59%.

On 10-year performance, UGA leads with 14.27% vs 12.43% for IWP. On fees, IWP is cheaper at 0.23% per year. On volatility, IWP has been the lower-risk option at 3.73%. 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 14.27% return vs 12.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWP is cheaper with a 0.23% expense ratio, compared with 0.75% for UGA.

IWP has the higher dividend yield at 0.32%, compared with 0.00% for UGA.

IWP is categorized as Mid Cap Growth Equities, while UGA is Oil & Gas. IWP tracks Russell Midcap Growth Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.23% for IWP and 0.75% for UGA.

UGA currently has the higher Sharpe Ratio (2.27 vs 0.39), 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.

Portfolio Optimizer

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