NGL vs. UGA
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 5.38%/yr vs 14.74%/yr for UGA. At a 0.25 correlation, their price movements are largely independent.
Performance
NGL vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, NGL achieves a 60.10% return, which is significantly lower than UGA's 66.14% return. Over the past 10 years, NGL has underperformed UGA with an annualized return of 5.38%, while UGA has yielded a comparatively higher 14.74% annualized return.
NGL
- 1D
- 2.04%
- 1M
- -9.96%
- YTD
- 60.10%
- 6M
- 62.37%
- 1Y
- 277.59%
- 3Y*
- 59.17%
- 5Y*
- 46.90%
- 10Y*
- 5.38%
UGA
- 1D
- 4.14%
- 1M
- -5.40%
- YTD
- 66.14%
- 6M
- 62.36%
- 1Y
- 70.24%
- 3Y*
- 19.22%
- 5Y*
- 23.21%
- 10Y*
- 14.74%
NGL vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NGL NGL Energy Partners LP | 60.10% | 100.40% | -10.41% | 360.33% | -33.52% | -24.17% | -75.27% | 34.05% | -22.35% | -20.22% |
UGA United States Gasoline Fund LP | 66.14% | -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 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since May 16, 2011 | 0.25 |
The correlation between NGL and UGA shifts across timeframes, from 0.15 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NGL vs. UGA — Risk / Return Rank
NGL
UGA
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.
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.
| NGL | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.25 | ||
| Sortino ratioReturn per unit of downside risk | +3.09 | ||
| Omega ratioGain probability vs. loss probability | 1.72 | 1.34 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 17.52 | 3.47 | +14.05 |
| Martin ratioReturn relative to average drawdown | 45.68 | 10.69 | +34.99 |
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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.
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Drawdown Indicators
| NGL | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.71% | -86.59% | -8.12% |
Max Drawdown (1Y)Largest decline over 1 year | -15.96% | -20.32% | +4.36% |
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 DrawdownCurrent decline from peak | -18.49% | -17.02% | -1.47% |
Average DrawdownAverage peak-to-trough decline | -51.69% | -36.69% | -15.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.11% | 6.59% | -0.48% |
Volatility
NGL vs. UGA - Volatility Comparison
NGL Energy Partners LP (NGL) has a higher volatility of 14.62% compared to United States Gasoline Fund LP (UGA) at 8.84%. 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.
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Volatility by Period
| NGL | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.62% | 8.84% | +5.78% |
Volatility (6M)Calculated over the trailing 6-month period | 34.20% | 30.92% | +3.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.13% | 34.74% | +18.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.29% | 34.52% | +23.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.57% | 37.24% | +32.33% |
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
NGL and UGA have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NGL has higher volatility (14.62%) compared to UGA (8.84%). In terms of maximum drawdown, NGL dropped -94.71% vs UGA's -86.59%.
NGL currently has the higher Sharpe Ratio (5.29 vs 2.03), 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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