LPG vs. UGA

Last updated Jun 5, 2026

LPG (Dorian LPG Ltd.) is a stock, while UGA (United States Gasoline Fund LP) is Oil & Gas fund tracking the Front Month Unleaded Gasoline. Over the past 10 years, LPG returned 26.32%/yr vs 14.27%/yr for UGA. At a 0.25 correlation, their price movements are largely independent.

Performance

LPG vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dorian LPG Ltd. (LPG) 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, LPG achieves a 74.42% return, which is significantly higher than UGA's 70.69% return. Over the past 10 years, LPG has outperformed UGA with an annualized return of 26.32%, while UGA has yielded a comparatively lower 14.27% annualized return.

LPG

• 1D: -0.61%
• 1M: 3.74%
• YTD: 74.42%
• 6M: 69.68%
• 1Y: 103.62%
• 3Y*: 33.73%
• 5Y*: 45.69%
• 10Y*: 26.32%

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%

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

LPG vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LPG Dorian LPG Ltd.	74.42%	9.75%	-37.80%	171.42%	109.62%	12.71%	-21.25%	165.52%	-29.08%	0.12%
UGA United States Gasoline Fund LP	70.69%	-2.00%	3.77%	1.27%	46.34%	68.49%	-24.88%	41.25%	-28.07%	1.69%

Correlation

The correlation between LPG and UGA is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since May 9, 2014	0.25

The correlation between LPG and UGA shifts across timeframes, from 0.13 (1 year) to 0.25 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

LPG vs. UGA — Risk / Return Rank

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

LPG

LPG Risk / Return Rank: 89
LPG Sharpe Ratio Rank: 93
LPG Sortino Ratio Rank: 90
LPG Omega Ratio Rank: 88
LPG Calmar Ratio Rank: 89
LPG Martin Ratio Rank: 86

UGA

UGA Risk / Return Rank: 70
UGA Sharpe Ratio Rank: 71
UGA Sortino Ratio Rank: 58
UGA Omega Ratio Rank: 62
UGA Calmar Ratio Rank: 89
UGA Martin Ratio Rank: 70

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.

LPG vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dorian LPG Ltd. (LPG) 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.

	LPG	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.63	2.27	+0.36
Sortino ratio: Return per unit of downside risk	3.24	2.71	+0.53
Omega ratio: Gain probability vs. loss probability	1.40	1.37	+0.04
Calmar ratio: Return relative to maximum drawdown	4.17	5.37	-1.20
Martin ratio: Return relative to average drawdown	9.00	12.86	-3.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LPG vs. UGA - Sharpe Ratio Comparison

The current LPG Sharpe Ratio is 2.63, which is comparable to the UGA Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of LPG 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.

Sharpe Ratios by Period

	LPG	UGA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	2.27	+0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	0.71	+0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.38	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.12	+0.18

Drawdowns

LPG vs. UGA - Drawdown Comparison

The maximum LPG drawdown since its inception was -78.31%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for LPG and UGA.

Drawdown Indicators

	LPG	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-78.31%	-86.59%	+8.28%
Max Drawdown (1Y) Largest decline over 1 year	-24.99%	-14.88%	-10.11%
Max Drawdown (3Y) Largest decline over 3 years	-62.89%	-26.68%	-36.21%
Max Drawdown (5Y) Largest decline over 5 years	-62.89%	-38.11%	-24.78%
Max Drawdown (10Y) Largest decline over 10 years	-62.89%	-75.89%	+13.00%
Current Drawdown Current decline from peak	-15.09%	-14.75%	-0.34%
Average Drawdown Average peak-to-trough decline	-42.76%	-36.76%	-6.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.55%	6.20%	+5.35%

Volatility

LPG vs. UGA - Volatility Comparison

Dorian LPG Ltd. (LPG) has a higher volatility of 16.57% compared to United States Gasoline Fund LP (UGA) at 11.64%. This indicates that LPG'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

	LPG	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.57%	11.64%	+4.93%
Volatility (6M) Calculated over the trailing 6-month period	30.16%	30.48%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	39.56%	35.27%	+4.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.40%	34.40%	+9.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.32%	37.27%	+11.05%

Dividends

LPG vs. UGA - Dividend Comparison

LPG's dividend yield for the trailing twelve months is around 7.28%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
LPG Dorian LPG Ltd.	7.28%	10.07%	16.41%	9.12%	29.02%	7.88%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LPG and UGA in my portfolio?

LPG and UGA have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LPG or UGA?

LPG has higher volatility (16.57%) compared to UGA (11.64%). In terms of maximum drawdown, LPG dropped -78.31% vs UGA's -86.59%.

Which has better risk-adjusted returns?

LPG currently has the higher Sharpe Ratio (2.63 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.