KSTR vs. UGA

Last updated Jun 24, 2026

KSTR (KraneShares SSE STAR Market 50 Index ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - KSTR is a China Equities fund tracking the SSE Science and Technology Innovation Board 50 Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, KSTR returned 1.10%/yr vs 22.69%/yr for UGA. At a 0.03 correlation, their price movements are largely independent. KSTR charges 0.89%/yr vs 0.75%/yr for UGA.

Performance

KSTR vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares SSE STAR Market 50 Index ETF (KSTR) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KSTR achieves a 47.82% return, which is significantly lower than UGA's 64.09% return.

KSTR

• 1D: -2.34%
• 1M: 7.54%
• YTD: 47.82%
• 6M: 47.90%
• 1Y: 108.41%
• 3Y*: 23.01%
• 5Y*: 1.10%
• 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%

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

KSTR vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
KSTR KraneShares SSE STAR Market 50 Index ETF	47.82%	42.82%	6.12%	-17.93%	-38.51%	-2.01%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.77%	1.27%	46.34%	51.37%

Correlation

The correlation between KSTR and UGA is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jan 27, 2021	0.03

The correlation between KSTR and UGA shifts across timeframes, from -0.12 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

KSTR vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KSTR

KSTR Risk / Return Rank: 86
KSTR Sharpe Ratio Rank: 91
KSTR Sortino Ratio Rank: 84
KSTR Omega Ratio Rank: 83
KSTR Calmar Ratio Rank: 93
KSTR Martin Ratio Rank: 81

UGA

UGA Risk / Return Rank: 55
UGA Sharpe Ratio Rank: 53
UGA Sortino Ratio Rank: 48
UGA Omega Ratio Rank: 49
UGA Calmar Ratio Rank: 67
UGA Martin Ratio Rank: 56

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.

KSTR vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares SSE STAR Market 50 Index ETF (KSTR) 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.

	KSTR	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.93	1.73	+1.20
Sortino ratio: Return per unit of downside risk	3.49	2.25	+1.25
Omega ratio: Gain probability vs. loss probability	1.46	1.30	+0.16
Calmar ratio: Return relative to maximum drawdown	6.16	3.17	+2.99
Martin ratio: Return relative to average drawdown	15.20	9.39	+5.81

KSTR vs. UGA - Sharpe Ratio Comparison

The current KSTR Sharpe Ratio is 2.93, which is higher than the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of KSTR 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.

Drawdowns

KSTR vs. UGA - Drawdown Comparison

The maximum KSTR drawdown since its inception was -66.46%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for KSTR and UGA.

Drawdown Indicators

	KSTR	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-66.46%	-86.59%	+20.13%
Max Drawdown (1Y) Largest decline over 1 year	-17.70%	-18.96%	+1.26%
Max Drawdown (3Y) Largest decline over 3 years	-41.55%	-26.68%	-14.87%
Max Drawdown (5Y) Largest decline over 5 years	-66.46%	-38.11%	-28.35%
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	-2.34%	-18.05%	+15.71%
Average Drawdown Average peak-to-trough decline	-38.47%	-36.69%	-1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.16%	6.43%	+0.73%

Volatility

KSTR vs. UGA - Volatility Comparison

KraneShares SSE STAR Market 50 Index ETF (KSTR) has a higher volatility of 16.10% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that KSTR's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSTR	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.10%	9.24%	+6.86%
Volatility (6M) Calculated over the trailing 6-month period	28.62%	30.57%	-1.95%
Volatility (1Y) Calculated over the trailing 1-year period	37.27%	35.22%	+2.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.60%	34.45%	+4.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.87%	37.22%	+0.65%

KSTR vs. UGA - Expense Ratio Comparison

KSTR has a 0.89% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

KSTR vs. UGA - Dividend Comparison

Neither KSTR nor UGA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KSTR and UGA in my portfolio?

KSTR and UGA have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KSTR or UGA?

KSTR has higher volatility (16.10%) compared to UGA (9.24%). In terms of maximum drawdown, KSTR dropped -66.46% vs UGA's -86.59%.

Which ETF is better, KSTR or UGA?

On 5-year performance, UGA leads with 22.69% vs 1.10% for KSTR. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 9.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KSTR or UGA?

Over the 5-year period, UGA has performed better with a 22.69% return vs 1.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KSTR or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 0.89% for KSTR.

Which ETF pays a higher dividend yield, KSTR or UGA?

KSTR and UGA have nearly identical dividend yields, around 0.00%.

What is the main difference between KSTR and UGA?

KSTR is categorized as China Equities, while UGA is Oil & Gas. KSTR tracks SSE Science and Technology Innovation Board 50 Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: KraneShares and Concierge Technologies. Their fees differ too: 0.89% for KSTR and 0.75% for UGA.

Which has better risk-adjusted returns?

KSTR currently has the higher Sharpe Ratio (2.93 vs 1.73), 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.