KCE vs. UGA
KCE (SPDR S&P Capital Markets ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - KCE is a Financials Equities fund tracking the S&P Capital Markets Select Industry Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, KCE returned 17.98%/yr vs 14.31%/yr for UGA. At a 0.23 correlation, their price movements are largely independent. KCE charges 0.35%/yr vs 0.75%/yr for UGA.
Performance
KCE vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, KCE achieves a 2.72% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, KCE has outperformed UGA with an annualized return of 17.98%, while UGA has yielded a comparatively lower 14.31% annualized return.
KCE
- 1D
- -0.99%
- 1M
- 0.68%
- YTD
- 2.72%
- 6M
- 0.82%
- 1Y
- 12.37%
- 3Y*
- 25.43%
- 5Y*
- 12.47%
- 10Y*
- 17.98%
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%
KCE vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KCE SPDR S&P Capital Markets ETF | 2.72% | 10.76% | 37.51% | 32.04% | -22.14% | 40.05% | 30.82% | 27.13% | -15.63% | 32.01% |
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 KCE and UGA is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.23 |
The correlation between KCE and UGA shifts across timeframes, from -0.18 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KCE vs. UGA — Risk / Return Rank
KCE
UGA
KCE vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Capital Markets ETF (KCE) 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.
| KCE | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -1.28 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.30 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | 3.17 | -2.45 |
| Martin ratioReturn relative to average drawdown | 1.85 | 9.39 | -7.55 |
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Drawdowns
KCE vs. UGA - Drawdown Comparison
The maximum KCE drawdown since its inception was -74.00%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for KCE and UGA.
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Drawdown Indicators
| KCE | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.00% | -86.59% | +12.59% |
Max Drawdown (1Y)Largest decline over 1 year | -17.44% | -18.96% | +1.52% |
Max Drawdown (3Y)Largest decline over 3 years | -26.31% | -26.68% | +0.37% |
Max Drawdown (5Y)Largest decline over 5 years | -34.45% | -38.11% | +3.66% |
Max Drawdown (10Y)Largest decline over 10 years | -40.78% | -75.89% | +35.11% |
Current DrawdownCurrent decline from peak | -4.62% | -18.05% | +13.43% |
Average DrawdownAverage peak-to-trough decline | -22.76% | -36.69% | +13.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.71% | 6.43% | +0.28% |
Volatility
KCE vs. UGA - Volatility Comparison
The current volatility for SPDR S&P Capital Markets ETF (KCE) is 5.66%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that KCE 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
| KCE | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.66% | 9.24% | -3.58% |
Volatility (6M)Calculated over the trailing 6-month period | 15.31% | 30.57% | -15.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.97% | 35.22% | -15.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.05% | 34.45% | -11.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.95% | 37.22% | -14.27% |
KCE vs. UGA - Expense Ratio Comparison
KCE has a 0.35% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
KCE vs. UGA - Dividend Comparison
KCE's dividend yield for the trailing twelve months is around 1.76%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KCE SPDR S&P Capital Markets ETF | 1.76% | 1.63% | 1.56% | 1.82% | 2.42% | 1.53% | 2.20% | 2.32% | 2.67% | 1.95% | 2.30% | 2.43% |
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
KCE and UGA have a correlation of -0.18, 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 KCE (5.66%). In terms of maximum drawdown, KCE dropped -74.00% vs UGA's -86.59%.
On 10-year performance, KCE leads with 17.98% vs 14.31% for UGA. On fees, KCE is cheaper at 0.35% per year. On volatility, KCE has been the lower-risk option at 5.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KCE has performed better with a 17.98% return vs 14.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KCE is cheaper with a 0.35% expense ratio, compared with 0.75% for UGA.
KCE has the higher dividend yield at 1.76%, compared with 0.00% for UGA.
KCE is categorized as Financials Equities, while UGA is Oil & Gas. KCE tracks S&P Capital Markets Select Industry Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: State Street and Concierge Technologies. Their fees differ too: 0.35% for KCE and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 0.62), 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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