PHO vs. UGA
PHO (Invesco Water Resources ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - PHO is a Water Equities fund tracking the NASDAQ OMX US Water Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, PHO returned 11.61%/yr vs 15.78%/yr for UGA. At a 0.23 correlation, their price movements are largely independent. PHO charges 0.59%/yr vs 0.75%/yr for UGA.
Performance
PHO vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, PHO achieves a -1.60% return, which is significantly lower than UGA's 71.80% return. Over the past 10 years, PHO has underperformed UGA with an annualized return of 11.61%, while UGA has yielded a comparatively higher 15.78% annualized return.
PHO
- 1D
- 0.75%
- 1M
- 3.54%
- 6M
- -5.03%
- YTD
- -1.60%
- 1Y
- -2.24%
- 3Y*
- 7.55%
- 5Y*
- 5.34%
- 10Y*
- 11.61%
UGA
- 1D
- -1.13%
- 1M
- 0.87%
- 6M
- 65.75%
- YTD
- 71.80%
- 1Y
- 66.14%
- 3Y*
- 17.96%
- 5Y*
- 23.72%
- 10Y*
- 15.78%
PHO vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHO Invesco Water Resources ETF | -1.60% | 7.62% | 8.59% | 18.85% | -14.86% | 31.28% | 20.83% | 37.57% | -6.40% | 23.55% |
UGA United States Gasoline Fund LP | 71.80% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between PHO and UGA is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.23 |
The correlation between PHO and UGA shifts across timeframes, from -0.30 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PHO vs. UGA — Risk / Return Rank
PHO
UGA
PHO vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Water Resources ETF (PHO) 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.
| PHO | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.15 | ||
| Sortino ratioReturn per unit of downside risk | -2.66 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.32 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 3.41 | -3.63 |
| Martin ratioReturn relative to average drawdown | -0.49 | 9.53 | -10.03 |
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Drawdowns
PHO vs. UGA - Drawdown Comparison
The maximum PHO drawdown since its inception was -55.62%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for PHO and UGA.
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Drawdown Indicators
| PHO | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.62% | -86.59% | +30.97% |
Max Drawdown (1Y)Largest decline over 1 year | -13.78% | -20.32% | +6.54% |
Max Drawdown (3Y)Largest decline over 3 years | -19.19% | -26.68% | +7.49% |
Max Drawdown (5Y)Largest decline over 5 years | -28.60% | -38.11% | +9.51% |
Max Drawdown (10Y)Largest decline over 10 years | -34.92% | -75.89% | +40.97% |
Current DrawdownCurrent decline from peak | -7.03% | -14.20% | +7.17% |
Average DrawdownAverage peak-to-trough decline | -10.17% | -36.64% | +26.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.00% | 7.26% | -1.26% |
Volatility
PHO vs. UGA - Volatility Comparison
The current volatility for Invesco Water Resources ETF (PHO) is 5.38%, while United States Gasoline Fund LP (UGA) has a volatility of 10.45%. This indicates that PHO 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.
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Volatility by Period
| PHO | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.38% | 10.45% | -5.07% |
Volatility (6M)Calculated over the trailing 6-month period | 11.68% | 31.50% | -19.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.42% | 35.39% | -19.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.43% | 34.57% | -16.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.44% | 37.20% | -17.76% |
PHO vs. UGA - Expense Ratio Comparison
PHO has a 0.59% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
PHO vs. UGA - Dividend Comparison
PHO's dividend yield for the trailing twelve months is around 0.58%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHO Invesco Water Resources ETF | 0.58% | 0.54% | 0.45% | 0.59% | 0.49% | 0.20% | 0.39% | 0.43% | 0.46% | 0.34% | 0.47% | 0.75% |
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
PHO and UGA have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (10.45%) compared to PHO (5.38%). In terms of maximum drawdown, PHO dropped -55.62% vs UGA's -86.59%.
On 10-year performance, UGA leads with 15.78% vs 11.61% for PHO. On fees, PHO is cheaper at 0.59% per year. On volatility, PHO has been the lower-risk option at 5.38%. 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 15.78% return vs 11.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PHO is cheaper with a 0.59% expense ratio, compared with 0.75% for UGA.
PHO has the higher dividend yield at 0.58%, compared with 0.00% for UGA.
PHO is categorized as Water Equities, while UGA is Oil & Gas. PHO tracks NASDAQ OMX US Water Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.59% for PHO and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.96 vs -0.19), 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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