JPIB vs. UGA
JPIB (JPMorgan International Bond Opportunities ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - JPIB is a Global Bonds fund actively managed by JPMorgan, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. JPIB is actively managed, while UGA is passively managed. Over the past 5 years, JPIB returned 2.81%/yr vs 22.69%/yr for UGA. At a correlation of -0.03, they often move in opposite directions. JPIB charges 0.50%/yr vs 0.75%/yr for UGA.
Performance
JPIB vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, JPIB achieves a 1.10% return, which is significantly lower than UGA's 64.09% return.
JPIB
- 1D
- -0.04%
- 1M
- 0.94%
- YTD
- 1.10%
- 6M
- 1.25%
- 1Y
- 4.85%
- 3Y*
- 5.96%
- 5Y*
- 2.81%
- 10Y*
- —
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%
JPIB vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPIB JPMorgan International Bond Opportunities ETF | 1.10% | 8.19% | 3.48% | 8.68% | -6.38% | 0.14% | 7.14% | 10.76% | -2.17% | 2.61% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 30.21% |
Correlation
The correlation between JPIB and UGA is -0.42, 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 | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Jul 5, 2017 | -0.03 |
Over the past year, the inverse relationship between JPIB and UGA has strengthened: their correlation has moved from -0.03 to -0.42, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
JPIB vs. UGA — Risk / Return Rank
JPIB
UGA
JPIB vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan International Bond Opportunities ETF (JPIB) 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.
| JPIB | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.30 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.30 | 3.17 | -1.87 |
| Martin ratioReturn relative to average drawdown | 4.42 | 9.39 | -4.97 |
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Drawdowns
JPIB vs. UGA - Drawdown Comparison
The maximum JPIB drawdown since its inception was -13.13%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for JPIB and UGA.
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Drawdown Indicators
| JPIB | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.13% | -86.59% | +73.46% |
Max Drawdown (1Y)Largest decline over 1 year | -3.75% | -18.96% | +15.21% |
Max Drawdown (3Y)Largest decline over 3 years | -3.75% | -26.68% | +22.93% |
Max Drawdown (5Y)Largest decline over 5 years | -11.83% | -38.11% | +26.28% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -0.77% | -18.05% | +17.28% |
Average DrawdownAverage peak-to-trough decline | -1.93% | -36.69% | +34.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 6.43% | -5.33% |
Volatility
JPIB vs. UGA - Volatility Comparison
The current volatility for JPMorgan International Bond Opportunities ETF (JPIB) is 1.06%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that JPIB 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
| JPIB | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 9.24% | -8.18% |
Volatility (6M)Calculated over the trailing 6-month period | 3.09% | 30.57% | -27.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.57% | 35.22% | -31.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.12% | 34.45% | -30.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.44% | 37.22% | -32.78% |
JPIB vs. UGA - Expense Ratio Comparison
JPIB has a 0.50% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
JPIB vs. UGA - Dividend Comparison
JPIB's dividend yield for the trailing twelve months is around 5.00%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
JPIB JPMorgan International Bond Opportunities ETF | 5.00% | 4.85% | 4.57% | 4.35% | 3.10% | 2.59% | 3.14% | 4.66% | 5.83% | 1.81% |
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% |
Frequently Asked Questions
JPIB and UGA have a correlation of -0.42, 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 JPIB (1.06%). In terms of maximum drawdown, JPIB dropped -13.13% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.69% vs 2.81% for JPIB. On fees, JPIB is cheaper at 0.50% per year. On volatility, JPIB has been the lower-risk option at 1.06%. 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 22.69% return vs 2.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPIB is cheaper with a 0.50% expense ratio, compared with 0.75% for UGA.
JPIB has the higher dividend yield at 5.00%, compared with 0.00% for UGA.
JPIB is categorized as Global Bonds, while UGA is Oil & Gas. They also come from different issuers: JPMorgan and Concierge Technologies. Their fees differ too: 0.50% for JPIB and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 1.36), 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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