LQDH vs. UGA
LQDH (iShares Interest Rate Hedged Corporate Bond ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - LQDH is a Corporate Bonds fund actively managed by iShares, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. LQDH is actively managed, while UGA is passively managed. Over the past 10 years, LQDH returned 4.67%/yr vs 14.31%/yr for UGA. At a 0.10 correlation, their price movements are largely independent. LQDH charges 0.25%/yr vs 0.75%/yr for UGA.
Performance
LQDH vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, LQDH achieves a 2.45% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, LQDH has underperformed UGA with an annualized return of 4.67%, while UGA has yielded a comparatively higher 14.31% annualized return.
LQDH
- 1D
- 0.04%
- 1M
- 0.34%
- YTD
- 2.45%
- 6M
- 2.61%
- 1Y
- 7.53%
- 3Y*
- 7.85%
- 5Y*
- 5.22%
- 10Y*
- 4.67%
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%
LQDH vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LQDH iShares Interest Rate Hedged Corporate Bond ETF | 2.45% | 7.00% | 7.43% | 11.14% | -1.88% | 1.84% | 1.68% | 9.50% | -2.20% | 6.00% |
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 LQDH and UGA is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 2014 | 0.10 |
The correlation between LQDH and UGA shifts across timeframes, from -0.17 (1 year) to 0.12 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
LQDH vs. UGA — Risk / Return Rank
LQDH
UGA
LQDH vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Interest Rate Hedged Corporate Bond ETF (LQDH) 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.
| LQDH | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.10 | ||
| Sortino ratioReturn per unit of downside risk | +2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.30 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 3.23 | 3.17 | +0.06 |
| Martin ratioReturn relative to average drawdown | 13.73 | 9.39 | +4.34 |
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Drawdowns
LQDH vs. UGA - Drawdown Comparison
The maximum LQDH drawdown since its inception was -24.63%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for LQDH and UGA.
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Drawdown Indicators
| LQDH | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.63% | -86.59% | +61.96% |
Max Drawdown (1Y)Largest decline over 1 year | -2.34% | -18.96% | +16.62% |
Max Drawdown (3Y)Largest decline over 3 years | -4.86% | -26.68% | +21.82% |
Max Drawdown (5Y)Largest decline over 5 years | -7.08% | -38.11% | +31.03% |
Max Drawdown (10Y)Largest decline over 10 years | -24.63% | -75.89% | +51.26% |
Current DrawdownCurrent decline from peak | -0.11% | -18.05% | +17.94% |
Average DrawdownAverage peak-to-trough decline | -1.67% | -36.69% | +35.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 6.43% | -5.88% |
Volatility
LQDH vs. UGA - Volatility Comparison
The current volatility for iShares Interest Rate Hedged Corporate Bond ETF (LQDH) is 0.43%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that LQDH 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
| LQDH | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.43% | 9.24% | -8.81% |
Volatility (6M)Calculated over the trailing 6-month period | 2.02% | 30.57% | -28.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.68% | 35.22% | -32.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.41% | 34.45% | -30.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.43% | 37.22% | -30.79% |
LQDH vs. UGA - Expense Ratio Comparison
LQDH has a 0.25% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
LQDH vs. UGA - Dividend Comparison
LQDH's dividend yield for the trailing twelve months is around 5.94%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LQDH iShares Interest Rate Hedged Corporate Bond ETF | 5.94% | 6.06% | 7.57% | 7.69% | 3.73% | 1.65% | 2.22% | 3.09% | 5.08% | 2.37% | 2.33% | 2.98% |
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
LQDH and UGA have a correlation of -0.17, 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 LQDH (0.43%). In terms of maximum drawdown, LQDH dropped -24.63% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 4.67% for LQDH. On fees, LQDH is cheaper at 0.25% per year. On volatility, LQDH has been the lower-risk option at 0.43%. 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 14.31% return vs 4.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LQDH is cheaper with a 0.25% expense ratio, compared with 0.75% for UGA.
LQDH has the higher dividend yield at 5.94%, compared with 0.00% for UGA.
LQDH is categorized as Corporate Bonds, while UGA is Oil & Gas. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.25% for LQDH and 0.75% for UGA.
LQDH currently has the higher Sharpe Ratio (2.83 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.
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