PHDG vs. UGA
PHDG (Invesco S&P 500 Downside Hedged ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, PHDG returned 7.20%/yr vs 14.74%/yr for UGA. At a 0.12 correlation, their price movements are largely independent. PHDG charges 0.39%/yr vs 0.75%/yr for UGA.
Performance
PHDG vs. UGA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PHDG achieves a 8.98% return, which is significantly lower than UGA's 66.14% return. Over the past 10 years, PHDG has underperformed UGA with an annualized return of 7.20%, while UGA has yielded a comparatively higher 14.74% annualized return.
PHDG
- 1D
- -0.54%
- 1M
- -3.78%
- YTD
- 8.98%
- 6M
- 8.09%
- 1Y
- 18.45%
- 3Y*
- 9.38%
- 5Y*
- 4.49%
- 10Y*
- 7.20%
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%
PHDG vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHDG Invesco S&P 500 Downside Hedged ETF | 8.98% | 2.72% | 10.95% | 8.18% | -14.09% | 15.67% | 18.97% | 8.57% | -2.44% | 15.89% |
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 PHDG 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 | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2012 | 0.12 |
The correlation between PHDG and UGA shifts across timeframes, from -0.12 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PHDG vs. UGA — Risk / Return Rank
PHDG
UGA
PHDG vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) 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.
| PHDG | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.34 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 3.47 | -0.56 |
| Martin ratioReturn relative to average drawdown | 13.18 | 10.69 | +2.50 |
Loading charts...
Drawdowns
PHDG vs. UGA - Drawdown Comparison
The maximum PHDG drawdown since its inception was -17.70%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for PHDG and UGA.
Loading charts...
Drawdown Indicators
| PHDG | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.70% | -86.59% | +68.89% |
Max Drawdown (1Y)Largest decline over 1 year | -6.36% | -20.32% | +13.96% |
Max Drawdown (3Y)Largest decline over 3 years | -14.78% | -26.68% | +11.90% |
Max Drawdown (5Y)Largest decline over 5 years | -17.06% | -38.11% | +21.05% |
Max Drawdown (10Y)Largest decline over 10 years | -17.06% | -75.89% | +58.83% |
Current DrawdownCurrent decline from peak | -6.36% | -17.02% | +10.66% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -36.69% | +30.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.40% | 6.59% | -5.19% |
Volatility
PHDG vs. UGA - Volatility Comparison
The current volatility for Invesco S&P 500 Downside Hedged ETF (PHDG) is 7.72%, while United States Gasoline Fund LP (UGA) has a volatility of 8.84%. This indicates that PHDG 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.
Loading charts...
Volatility by Period
| PHDG | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.72% | 8.84% | -1.12% |
Volatility (6M)Calculated over the trailing 6-month period | 9.61% | 30.92% | -21.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.39% | 34.74% | -23.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.41% | 34.52% | -23.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.11% | 37.24% | -25.13% |
PHDG vs. UGA - Expense Ratio Comparison
PHDG has a 0.39% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
PHDG vs. UGA - Dividend Comparison
PHDG's dividend yield for the trailing twelve months is around 1.70%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHDG Invesco S&P 500 Downside Hedged ETF | 1.70% | 2.10% | 1.94% | 1.93% | 1.35% | 0.44% | 0.63% | 1.80% | 1.56% | 1.83% | 2.29% | 1.64% |
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
PHDG 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.
UGA has higher volatility (8.84%) compared to PHDG (7.72%). In terms of maximum drawdown, PHDG dropped -17.70% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.74% vs 7.20% for PHDG. On fees, PHDG is cheaper at 0.39% per year. On volatility, PHDG has been the lower-risk option at 7.72%. 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 14.74% return vs 7.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PHDG is cheaper with a 0.39% expense ratio, compared with 0.75% for UGA.
PHDG has the higher dividend yield at 1.70%, compared with 0.00% for UGA.
PHDG is categorized as Equity Hedged, while UGA is Oil & Gas. PHDG tracks S&P 500 Dynamic VEQTOR Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.39% for PHDG and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.03 vs 1.63), 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.
Find the right allocation for PHDG and UGA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer