PALL vs. UGA
PALL (Aberdeen Standard Physical Palladium Shares ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - PALL is a Precious Metals fund tracking the Palladium London PM Fix ($/ozt), while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, PALL returned 7.79%/yr vs 14.31%/yr for UGA. At a 0.22 correlation, their price movements are largely independent. PALL charges 0.60%/yr vs 0.75%/yr for UGA.
Performance
PALL vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, PALL achieves a -23.17% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, PALL has underperformed UGA with an annualized return of 7.79%, while UGA has yielded a comparatively higher 14.31% annualized return.
PALL
- 1D
- -2.40%
- 1M
- -8.89%
- YTD
- -23.17%
- 6M
- -33.98%
- 1Y
- 13.76%
- 3Y*
- -1.99%
- 5Y*
- -14.70%
- 10Y*
- 7.79%
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%
PALL vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PALL Aberdeen Standard Physical Palladium Shares ETF | -23.17% | 74.07% | -17.38% | -38.77% | -6.28% | -23.26% | 25.27% | 53.94% | 17.23% | 55.73% |
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 PALL and UGA is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jan 14, 2010 | 0.22 |
The correlation between PALL and UGA shifts across timeframes, from -0.12 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PALL vs. UGA — Risk / Return Rank
PALL
UGA
PALL vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Aberdeen Standard Physical Palladium Shares ETF (PALL) 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.
| PALL | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.46 | ||
| Sortino ratioReturn per unit of downside risk | -1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.30 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.34 | 3.17 | -2.83 |
| Martin ratioReturn relative to average drawdown | 0.75 | 9.39 | -8.64 |
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Drawdowns
PALL vs. UGA - Drawdown Comparison
The maximum PALL drawdown since its inception was -73.63%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for PALL and UGA.
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Drawdown Indicators
| PALL | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.63% | -86.59% | +12.96% |
Max Drawdown (1Y)Largest decline over 1 year | -40.70% | -18.96% | -21.74% |
Max Drawdown (3Y)Largest decline over 3 years | -40.70% | -26.68% | -14.02% |
Max Drawdown (5Y)Largest decline over 5 years | -73.63% | -38.11% | -35.52% |
Max Drawdown (10Y)Largest decline over 10 years | -73.63% | -75.89% | +2.26% |
Current DrawdownCurrent decline from peak | -62.14% | -18.05% | -44.09% |
Average DrawdownAverage peak-to-trough decline | -26.91% | -36.69% | +9.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.39% | 6.43% | +11.96% |
Volatility
PALL vs. UGA - Volatility Comparison
Aberdeen Standard Physical Palladium Shares ETF (PALL) has a higher volatility of 12.76% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that PALL'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
| PALL | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.76% | 9.24% | +3.52% |
Volatility (6M)Calculated over the trailing 6-month period | 42.39% | 30.57% | +11.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.04% | 35.22% | +15.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.41% | 34.45% | +7.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.03% | 37.22% | +0.81% |
PALL vs. UGA - Expense Ratio Comparison
PALL has a 0.60% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
PALL vs. UGA - Dividend Comparison
Neither PALL nor UGA has paid dividends to shareholders.
Frequently Asked Questions
PALL and UGA have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PALL has higher volatility (12.76%) compared to UGA (9.24%). In terms of maximum drawdown, PALL dropped -73.63% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 7.79% for PALL. On fees, PALL is cheaper at 0.60% 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, UGA has performed better with a 14.31% return vs 7.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PALL is cheaper with a 0.60% expense ratio, compared with 0.75% for UGA.
PALL and UGA have nearly identical dividend yields, around 0.00%.
PALL is categorized as Precious Metals, while UGA is Oil & Gas. PALL tracks Palladium London PM Fix ($/ozt), while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Aberdeen and Concierge Technologies. Their fees differ too: 0.60% for PALL and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 0.27), 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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