KWEB vs. UGA
KWEB (KraneShares CSI China Internet ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - KWEB is a China Equities fund tracking the CSI Overseas China Internet Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, KWEB returned -0.65%/yr vs 13.99%/yr for UGA. At a 0.13 correlation, their price movements are largely independent. KWEB charges 0.70%/yr vs 0.75%/yr for UGA.
Performance
KWEB vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, KWEB achieves a -28.63% return, which is significantly lower than UGA's 59.54% return. Over the past 10 years, KWEB has underperformed UGA with an annualized return of -0.65%, while UGA has yielded a comparatively higher 13.99% annualized return.
KWEB
- 1D
- -0.78%
- 1M
- -9.70%
- YTD
- -28.63%
- 6M
- -29.59%
- 1Y
- -25.64%
- 3Y*
- 0.45%
- 5Y*
- -16.26%
- 10Y*
- -0.65%
UGA
- 1D
- -2.77%
- 1M
- -14.54%
- YTD
- 59.54%
- 6M
- 55.91%
- 1Y
- 62.68%
- 3Y*
- 17.85%
- 5Y*
- 22.22%
- 10Y*
- 13.99%
KWEB vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KWEB KraneShares CSI China Internet ETF | -28.63% | 23.55% | 12.01% | -9.06% | -17.24% | -49.01% | 58.23% | 29.92% | -33.80% | 69.73% |
UGA United States Gasoline Fund LP | 59.54% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between KWEB and UGA is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2013 | 0.13 |
The correlation between KWEB and UGA shifts across timeframes, from -0.11 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KWEB vs. UGA — Risk / Return Rank
KWEB
UGA
KWEB vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares CSI China Internet ETF (KWEB) 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.
| KWEB | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.78 | ||
| Sortino ratioReturn per unit of downside risk | -3.69 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.31 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.64 | 3.10 | -3.74 |
| Martin ratioReturn relative to average drawdown | -1.36 | 9.66 | -11.02 |
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Drawdowns
KWEB vs. UGA - Drawdown Comparison
The maximum KWEB drawdown since its inception was -80.92%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for KWEB and UGA.
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Drawdown Indicators
| KWEB | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.92% | -86.59% | +5.67% |
Max Drawdown (1Y)Largest decline over 1 year | -39.96% | -20.32% | -19.64% |
Max Drawdown (3Y)Largest decline over 3 years | -39.96% | -26.68% | -13.28% |
Max Drawdown (5Y)Largest decline over 5 years | -72.17% | -38.11% | -34.06% |
Max Drawdown (10Y)Largest decline over 10 years | -80.92% | -75.89% | -5.03% |
Current DrawdownCurrent decline from peak | -71.89% | -20.32% | -51.57% |
Average DrawdownAverage peak-to-trough decline | -35.38% | -36.69% | +1.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.86% | 6.51% | +12.35% |
Volatility
KWEB vs. UGA - Volatility Comparison
The current volatility for KraneShares CSI China Internet ETF (KWEB) is 8.05%, while United States Gasoline Fund LP (UGA) has a volatility of 9.45%. This indicates that KWEB 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
| KWEB | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.05% | 9.45% | -1.40% |
Volatility (6M)Calculated over the trailing 6-month period | 20.44% | 30.74% | -10.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.15% | 34.84% | -7.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.69% | 34.47% | +13.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.00% | 37.22% | +2.78% |
KWEB vs. UGA - Expense Ratio Comparison
KWEB has a 0.70% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
KWEB vs. UGA - Dividend Comparison
KWEB's dividend yield for the trailing twelve months is around 8.63%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KWEB KraneShares CSI China Internet ETF | 8.63% | 6.16% | 3.51% | 1.71% | 0.00% | 7.07% | 0.29% | 0.08% | 3.40% | 0.58% | 1.19% | 0.46% |
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
KWEB and UGA have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.45%) compared to KWEB (8.05%). In terms of maximum drawdown, KWEB dropped -80.92% vs UGA's -86.59%.
On 10-year performance, UGA leads with 13.99% vs -0.65% for KWEB. On fees, KWEB is cheaper at 0.70% per year. On volatility, KWEB has been the lower-risk option at 8.05%. 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 13.99% return vs -0.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KWEB is cheaper with a 0.70% expense ratio, compared with 0.75% for UGA.
KWEB has the higher dividend yield at 8.63%, compared with 0.00% for UGA.
KWEB is categorized as China Equities, while UGA is Oil & Gas. KWEB tracks CSI Overseas China Internet Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: KraneShares and Concierge Technologies. Their fees differ too: 0.70% for KWEB and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.82 vs -0.95), 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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