KHYB vs. UGA
KHYB (KraneShares Asia Pacific High Income Bond ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - KHYB is a Emerging Markets Bonds fund tracking the JP Morgan Asia Credit Index Non-Investment Grade Corporate Index., while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, KHYB returned 0.18%/yr vs 24.41%/yr for UGA. At a correlation of -0.00, they often move in opposite directions. KHYB charges 0.69%/yr vs 0.75%/yr for UGA.
Performance
KHYB vs. UGA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, KHYB achieves a 2.52% return, which is significantly lower than UGA's 70.69% return.
KHYB
- 1D
- 0.02%
- 1M
- 1.16%
- YTD
- 2.52%
- 6M
- 3.51%
- 1Y
- 10.48%
- 3Y*
- 8.74%
- 5Y*
- 0.18%
- 10Y*
- —
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%
KHYB vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
KHYB KraneShares Asia Pacific High Income Bond ETF | 2.52% | 9.59% | 10.79% | 3.50% | -10.15% | -12.32% | 2.00% | 8.87% | 0.45% |
UGA United States Gasoline Fund LP | 70.69% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -32.42% |
Correlation
The correlation between KHYB and UGA is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018 | -0.00 |
Over the past year, the inverse relationship between KHYB and UGA has strengthened: their correlation has moved from -0.00 to -0.29, meaning they now move in opposite directions more often than their long-term average.
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
KHYB vs. UGA — Risk / Return Rank
KHYB
UGA
KHYB vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares Asia Pacific High Income Bond ETF (KHYB) 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.
| KHYB | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +2.07 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.37 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 5.37 | -2.72 |
| Martin ratioReturn relative to average drawdown | 11.91 | 12.86 | -0.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| KHYB | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.09 | 2.27 | +0.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | 0.71 | -0.68 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.12 | +0.16 |
Drawdowns
KHYB vs. UGA - Drawdown Comparison
The maximum KHYB drawdown since its inception was -33.63%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for KHYB and UGA.
Loading charts...
Drawdown Indicators
| KHYB | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.63% | -86.59% | +52.96% |
Max Drawdown (1Y)Largest decline over 1 year | -3.97% | -14.88% | +10.91% |
Max Drawdown (3Y)Largest decline over 3 years | -5.94% | -26.68% | +20.74% |
Max Drawdown (5Y)Largest decline over 5 years | -32.86% | -38.11% | +5.25% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -0.60% | -14.75% | +14.15% |
Average DrawdownAverage peak-to-trough decline | -9.71% | -36.76% | +27.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 6.20% | -5.32% |
Volatility
KHYB vs. UGA - Volatility Comparison
The current volatility for KraneShares Asia Pacific High Income Bond ETF (KHYB) is 0.87%, while United States Gasoline Fund LP (UGA) has a volatility of 11.64%. This indicates that KHYB 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
| KHYB | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 11.64% | -10.77% |
Volatility (6M)Calculated over the trailing 6-month period | 3.02% | 30.48% | -27.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.40% | 35.27% | -31.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.32% | 34.40% | -28.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.71% | 37.27% | -31.56% |
KHYB vs. UGA - Expense Ratio Comparison
KHYB has a 0.69% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
KHYB vs. UGA - Dividend Comparison
KHYB's dividend yield for the trailing twelve months is around 8.13%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
KHYB KraneShares Asia Pacific High Income Bond ETF | 8.13% | 7.59% | 10.11% | 15.55% | 9.67% | 6.22% | 4.76% | 4.86% | 2.56% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KHYB and UGA have a correlation of -0.29, 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 KHYB (0.87%). In terms of maximum drawdown, KHYB dropped -33.63% vs UGA's -86.59%.
On 5-year performance, UGA leads with 24.41% vs 0.18% for KHYB. On fees, KHYB is cheaper at 0.69% per year. On volatility, KHYB has been the lower-risk option at 0.87%. 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 24.41% return vs 0.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KHYB is cheaper with a 0.69% expense ratio, compared with 0.75% for UGA.
KHYB has the higher dividend yield at 8.13%, compared with 0.00% for UGA.
KHYB is categorized as Emerging Markets Bonds, while UGA is Oil & Gas. KHYB tracks JP Morgan Asia Credit Index Non-Investment Grade Corporate Index., while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: KraneShares and Concierge Technologies. Their fees differ too: 0.69% for KHYB and 0.75% for UGA.
KHYB currently has the higher Sharpe Ratio (3.09 vs 2.27), 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 KHYB 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