MMTM vs. UGA
MMTM (SPDR S&P 1500 Momentum Tilt ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - MMTM is a Momentum fund tracking the S&P 1500 Positive Momentum Tilt Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, MMTM returned 14.83%/yr vs 14.31%/yr for UGA. At a 0.15 correlation, their price movements are largely independent. MMTM charges 0.12%/yr vs 0.75%/yr for UGA.
Performance
MMTM vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, MMTM achieves a 5.27% return, which is significantly lower than UGA's 64.09% return. Both investments have delivered pretty close results over the past 10 years, with MMTM having a 14.83% annualized return and UGA not far behind at 14.31%.
MMTM
- 1D
- -2.31%
- 1M
- -3.83%
- YTD
- 5.27%
- 6M
- 3.94%
- 1Y
- 18.98%
- 3Y*
- 20.33%
- 5Y*
- 12.49%
- 10Y*
- 14.83%
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%
MMTM vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MMTM SPDR S&P 1500 Momentum Tilt ETF | 5.27% | 13.26% | 29.94% | 22.49% | -16.12% | 26.33% | 19.27% | 29.98% | -4.62% | 24.41% |
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 MMTM and UGA is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2012 | 0.15 |
The correlation between MMTM and UGA shifts across timeframes, from -0.20 (1 year) to 0.17 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
MMTM vs. UGA — Risk / Return Rank
MMTM
UGA
MMTM vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 1500 Momentum Tilt ETF (MMTM) 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.
| MMTM | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.30 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 3.17 | -1.24 |
| Martin ratioReturn relative to average drawdown | 8.42 | 9.39 | -0.98 |
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Drawdowns
MMTM vs. UGA - Drawdown Comparison
The maximum MMTM drawdown since its inception was -33.85%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for MMTM and UGA.
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Drawdown Indicators
| MMTM | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.85% | -86.59% | +52.74% |
Max Drawdown (1Y)Largest decline over 1 year | -9.89% | -18.96% | +9.07% |
Max Drawdown (3Y)Largest decline over 3 years | -22.08% | -26.68% | +4.60% |
Max Drawdown (5Y)Largest decline over 5 years | -23.72% | -38.11% | +14.39% |
Max Drawdown (10Y)Largest decline over 10 years | -33.85% | -75.89% | +42.04% |
Current DrawdownCurrent decline from peak | -4.99% | -18.05% | +13.06% |
Average DrawdownAverage peak-to-trough decline | -4.19% | -36.69% | +32.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.26% | 6.43% | -4.17% |
Volatility
MMTM vs. UGA - Volatility Comparison
The current volatility for SPDR S&P 1500 Momentum Tilt ETF (MMTM) is 4.15%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that MMTM 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
| MMTM | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.15% | 9.24% | -5.09% |
Volatility (6M)Calculated over the trailing 6-month period | 10.97% | 30.57% | -19.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.57% | 35.22% | -20.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.26% | 34.45% | -16.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.66% | 37.22% | -18.56% |
MMTM vs. UGA - Expense Ratio Comparison
MMTM has a 0.12% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
MMTM vs. UGA - Dividend Comparison
MMTM's dividend yield for the trailing twelve months is around 0.88%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMTM SPDR S&P 1500 Momentum Tilt ETF | 0.88% | 0.86% | 0.83% | 1.16% | 1.67% | 0.95% | 1.14% | 1.55% | 1.64% | 1.52% | 1.98% | 1.68% |
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
MMTM and UGA have a correlation of -0.20, 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 MMTM (4.15%). In terms of maximum drawdown, MMTM dropped -33.85% vs UGA's -86.59%.
On 10-year performance, MMTM leads with 14.83% vs 14.31% for UGA. On fees, MMTM is cheaper at 0.12% per year. On volatility, MMTM has been the lower-risk option at 4.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MMTM has performed better with a 14.83% return vs 14.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MMTM is cheaper with a 0.12% expense ratio, compared with 0.75% for UGA.
MMTM has the higher dividend yield at 0.88%, compared with 0.00% for UGA.
MMTM is categorized as Momentum, while UGA is Oil & Gas. MMTM tracks S&P 1500 Positive Momentum Tilt Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: State Street and Concierge Technologies. Their fees differ too: 0.12% for MMTM and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 1.31), 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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