NGL vs. UGA

Last updated Jun 4, 2026

NGL (NGL Energy Partners LP) 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, NGL returned 5.97%/yr vs 14.43%/yr for UGA. At a 0.25 correlation, their price movements are largely independent.

Performance

NGL vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NGL Energy Partners LP (NGL) 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, NGL achieves a 62.80% return, which is significantly lower than UGA's 75.49% return. Over the past 10 years, NGL has underperformed UGA with an annualized return of 5.97%, while UGA has yielded a comparatively higher 14.43% annualized return.

NGL

• 1D: -1.51%
• 1M: 2.71%
• YTD: 62.80%
• 6M: 71.91%
• 1Y: 378.82%
• 3Y*: 66.61%
• 5Y*: 45.34%
• 10Y*: 5.97%

UGA

• 1D: -0.19%
• 1M: -12.35%
• YTD: 75.49%
• 6M: 64.35%
• 1Y: 80.94%
• 3Y*: 22.21%
• 5Y*: 25.10%
• 10Y*: 14.43%

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

NGL vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NGL NGL Energy Partners LP	62.80%	100.40%	-10.41%	360.33%	-33.52%	-24.17%	-75.27%	34.05%	-22.35%	-20.22%
UGA United States Gasoline Fund LP	75.49%	-2.00%	3.77%	1.27%	46.34%	68.49%	-24.88%	41.25%	-28.07%	1.69%

Correlation

The correlation between NGL and UGA is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since May 17, 2011	0.25

The correlation between NGL and UGA shifts across timeframes, from 0.14 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NGL vs. UGA — Risk / Return Rank

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

NGL

NGL Risk / Return Rank: 99
NGL Sharpe Ratio Rank: 99
NGL Sortino Ratio Rank: 99
NGL Omega Ratio Rank: 98
NGL Calmar Ratio Rank: 99
NGL Martin Ratio Rank: 99

UGA

UGA Risk / Return Rank: 69
UGA Sharpe Ratio Rank: 69
UGA Sortino Ratio Rank: 57
UGA Omega Ratio Rank: 60
UGA Calmar Ratio Rank: 89
UGA Martin Ratio Rank: 71

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.

NGL vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NGL Energy Partners LP (NGL) 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.

	NGL	UGA	Difference
Sharpe ratio: Return per unit of total volatility	7.10	2.32	+4.78
Sortino ratio: Return per unit of downside risk	6.66	2.75	+3.90
Omega ratio: Gain probability vs. loss probability	1.85	1.37	+0.48
Calmar ratio: Return relative to maximum drawdown	24.16	5.47	+18.69
Martin ratio: Return relative to average drawdown	60.85	13.25	+47.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NGL vs. UGA - Sharpe Ratio Comparison

The current NGL Sharpe Ratio is 7.10, which is higher than the UGA Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of NGL 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

	NGL	UGA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.10	2.32	+4.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.73	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.09	0.39	-0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.12	-0.04

Drawdowns

NGL vs. UGA - Drawdown Comparison

The maximum NGL drawdown since its inception was -94.71%, which is greater than UGA's maximum drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for NGL and UGA.

Drawdown Indicators

	NGL	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-94.71%	-86.59%	-8.12%
Max Drawdown (1Y) Largest decline over 1 year	-15.80%	-14.88%	-0.92%
Max Drawdown (3Y) Largest decline over 3 years	-53.72%	-26.68%	-27.04%
Max Drawdown (5Y) Largest decline over 5 years	-63.12%	-38.11%	-25.01%
Max Drawdown (10Y) Largest decline over 10 years	-92.74%	-75.89%	-16.85%
Current Drawdown Current decline from peak	-17.12%	-12.35%	-4.77%
Average Drawdown Average peak-to-trough decline	-51.84%	-36.76%	-15.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.26%	6.13%	+0.13%

Volatility

NGL vs. UGA - Volatility Comparison

NGL Energy Partners LP (NGL) has a higher volatility of 12.69% compared to United States Gasoline Fund LP (UGA) at 11.66%. This indicates that NGL'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

	NGL	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.69%	11.66%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	33.42%	30.41%	+3.01%
Volatility (1Y) Calculated over the trailing 1-year period	53.78%	35.14%	+18.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.99%	34.38%	+24.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.53%	37.27%	+32.26%

Dividends

NGL vs. UGA - Dividend Comparison

Neither NGL nor UGA has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NGL NGL Energy Partners LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	37.08%	13.76%	16.27%	16.23%	8.62%	22.78%
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

Can I hold both NGL and UGA in my portfolio?

NGL and UGA have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NGL or UGA?

NGL has higher volatility (12.69%) compared to UGA (11.66%). In terms of maximum drawdown, NGL dropped -94.71% vs UGA's -86.59%.

Which has better risk-adjusted returns?

NGL currently has the higher Sharpe Ratio (7.10 vs 2.32), 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.