MCHI vs. UGA
MCHI (iShares MSCI China ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - MCHI is a China Equities fund tracking the MSCI China Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, MCHI returned 4.30%/yr vs 14.31%/yr for UGA. At a 0.20 correlation, their price movements are largely independent. MCHI charges 0.59%/yr vs 0.75%/yr for UGA.
Performance
MCHI vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, MCHI achieves a -13.18% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, MCHI has underperformed UGA with an annualized return of 4.30%, while UGA has yielded a comparatively higher 14.31% annualized return.
MCHI
- 1D
- -1.99%
- 1M
- -6.10%
- YTD
- -13.18%
- 6M
- -14.04%
- 1Y
- -2.47%
- 3Y*
- 8.17%
- 5Y*
- -6.80%
- 10Y*
- 4.30%
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%
MCHI vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MCHI iShares MSCI China ETF | -13.18% | 31.04% | 17.73% | -11.94% | -23.01% | -21.74% | 27.78% | 23.72% | -19.79% | 54.67% |
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 MCHI and UGA is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011 | 0.20 |
The correlation between MCHI and UGA shifts across timeframes, from -0.10 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MCHI vs. UGA — Risk / Return Rank
MCHI
UGA
MCHI vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China ETF (MCHI) 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.
| MCHI | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.85 | ||
| Sortino ratioReturn per unit of downside risk | -2.28 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.30 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.12 | 3.17 | -3.28 |
| Martin ratioReturn relative to average drawdown | -0.27 | 9.39 | -9.66 |
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Drawdowns
MCHI vs. UGA - Drawdown Comparison
The maximum MCHI drawdown since its inception was -62.95%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for MCHI and UGA.
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Drawdown Indicators
| MCHI | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.95% | -86.59% | +23.64% |
Max Drawdown (1Y)Largest decline over 1 year | -21.20% | -18.96% | -2.24% |
Max Drawdown (3Y)Largest decline over 3 years | -25.85% | -26.68% | +0.83% |
Max Drawdown (5Y)Largest decline over 5 years | -56.98% | -38.11% | -18.87% |
Max Drawdown (10Y)Largest decline over 10 years | -62.95% | -75.89% | +12.94% |
Current DrawdownCurrent decline from peak | -40.80% | -18.05% | -22.75% |
Average DrawdownAverage peak-to-trough decline | -24.56% | -36.69% | +12.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.28% | 6.43% | +2.85% |
Volatility
MCHI vs. UGA - Volatility Comparison
The current volatility for iShares MSCI China ETF (MCHI) is 6.15%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that MCHI 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
| MCHI | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.15% | 9.24% | -3.09% |
Volatility (6M)Calculated over the trailing 6-month period | 14.90% | 30.57% | -15.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.31% | 35.22% | -14.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.75% | 34.45% | -3.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.35% | 37.22% | -9.87% |
MCHI vs. UGA - Expense Ratio Comparison
MCHI has a 0.59% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
MCHI vs. UGA - Dividend Comparison
MCHI's dividend yield for the trailing twelve months is around 2.12%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MCHI iShares MSCI China ETF | 2.12% | 2.12% | 2.31% | 2.66% | 1.78% | 1.04% | 1.04% | 1.45% | 1.60% | 1.56% | 1.66% | 2.76% |
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
MCHI and UGA have a correlation of -0.10, 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 MCHI (6.15%). In terms of maximum drawdown, MCHI dropped -62.95% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 4.30% for MCHI. On fees, MCHI is cheaper at 0.59% per year. On volatility, MCHI has been the lower-risk option at 6.15%. 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 4.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MCHI is cheaper with a 0.59% expense ratio, compared with 0.75% for UGA.
MCHI has the higher dividend yield at 2.12%, compared with 0.00% for UGA.
MCHI is categorized as China Equities, while UGA is Oil & Gas. MCHI tracks MSCI China Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.59% for MCHI and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs -0.12), 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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