MVV vs. UGA
MVV (ProShares Ultra Midcap 400) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - MVV is a Leveraged Equities fund tracking the S&P MidCap 400 Index (200%), while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, MVV returned 14.42%/yr vs 14.31%/yr for UGA. At a 0.26 correlation, their price movements are largely independent. MVV charges 0.95%/yr vs 0.75%/yr for UGA.
Performance
MVV vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, MVV achieves a 26.73% return, which is significantly lower than UGA's 64.09% return. Both investments have delivered pretty close results over the past 10 years, with MVV having a 14.42% annualized return and UGA not far behind at 14.31%.
MVV
- 1D
- -1.88%
- 1M
- 5.08%
- YTD
- 26.73%
- 6M
- 22.00%
- 1Y
- 44.27%
- 3Y*
- 22.25%
- 5Y*
- 7.15%
- 10Y*
- 14.42%
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%
MVV vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MVV ProShares Ultra Midcap 400 | 26.73% | 3.48% | 17.75% | 22.51% | -31.96% | 48.57% | 6.20% | 49.50% | -25.44% | 30.81% |
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 MVV and UGA is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.26 |
The correlation between MVV and UGA shifts across timeframes, from -0.22 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MVV vs. UGA — Risk / Return Rank
MVV
UGA
MVV vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Midcap 400 (MVV) 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.
| MVV | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.30 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 3.17 | -0.65 |
| Martin ratioReturn relative to average drawdown | 8.62 | 9.39 | -0.77 |
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Drawdowns
MVV vs. UGA - Drawdown Comparison
The maximum MVV drawdown since its inception was -85.54%, roughly equal to the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for MVV and UGA.
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Drawdown Indicators
| MVV | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.54% | -86.59% | +1.05% |
Max Drawdown (1Y)Largest decline over 1 year | -17.68% | -18.96% | +1.28% |
Max Drawdown (3Y)Largest decline over 3 years | -44.80% | -26.68% | -18.12% |
Max Drawdown (5Y)Largest decline over 5 years | -45.53% | -38.11% | -7.42% |
Max Drawdown (10Y)Largest decline over 10 years | -69.19% | -75.89% | +6.70% |
Current DrawdownCurrent decline from peak | -2.08% | -18.05% | +15.97% |
Average DrawdownAverage peak-to-trough decline | -20.50% | -36.69% | +16.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.15% | 6.43% | -1.28% |
Volatility
MVV vs. UGA - Volatility Comparison
ProShares Ultra Midcap 400 (MVV) and United States Gasoline Fund LP (UGA) have volatilities of 9.48% and 9.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MVV | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.48% | 9.24% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 23.52% | 30.57% | -7.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.88% | 35.22% | -3.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.67% | 34.45% | +5.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.34% | 37.22% | +5.12% |
MVV vs. UGA - Expense Ratio Comparison
MVV has a 0.95% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
MVV vs. UGA - Dividend Comparison
MVV's dividend yield for the trailing twelve months is around 0.67%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MVV ProShares Ultra Midcap 400 | 0.67% | 0.77% | 0.39% | 0.77% | 0.93% | 0.16% | 0.29% | 0.62% | 0.62% | 0.21% | 0.43% | 0.17% |
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
MVV and UGA have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MVV has higher volatility (9.48%) compared to UGA (9.24%). In terms of maximum drawdown, MVV dropped -85.54% vs UGA's -86.59%.
On 10-year performance, MVV leads with 14.42% vs 14.31% for UGA. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 9.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MVV has performed better with a 14.42% return vs 14.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.95% for MVV.
MVV has the higher dividend yield at 0.67%, compared with 0.00% for UGA.
MVV is categorized as Leveraged Equities, while UGA is Oil & Gas. MVV tracks S&P MidCap 400 Index (200%), while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for MVV and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 1.40), 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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