PHO vs. UGA

Last updated Jun 5, 2026

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 11.46%/yr vs 14.27%/yr for UGA. At a 0.24 correlation, their price movements are largely independent. PHO charges 0.60%/yr vs 0.75%/yr for UGA.

Performance

PHO vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Water Resources ETF (PHO) 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, PHO achieves a -5.33% return, which is significantly lower than UGA's 70.69% return. Over the past 10 years, PHO has underperformed UGA with an annualized return of 11.46%, while UGA has yielded a comparatively higher 14.27% annualized return.

PHO

• 1D: 0.08%
• 1M: -2.73%
• YTD: -5.33%
• 6M: -7.58%
• 1Y: -3.52%
• 3Y*: 7.94%
• 5Y*: 5.23%
• 10Y*: 11.46%

UGA

• 1D: -2.73%
• 1M: -12.25%
• YTD: 70.69%
• 6M: 59.72%
• 1Y: 79.48%
• 3Y*: 20.80%
• 5Y*: 24.41%
• 10Y*: 14.27%

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

PHO vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHO Invesco Water Resources ETF	-5.33%	7.62%	8.59%	18.85%	-14.86%	31.28%	20.83%	37.57%	-6.40%	23.55%
UGA United States Gasoline Fund LP	70.69%	-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	-0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008	0.24

The correlation between PHO and UGA shifts across timeframes, from -0.30 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PHO vs. UGA — Risk / Return Rank

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

PHO

PHO Risk / Return Rank: 7
PHO Sharpe Ratio Rank: 7
PHO Sortino Ratio Rank: 6
PHO Omega Ratio Rank: 7
PHO Calmar Ratio Rank: 7
PHO Martin Ratio Rank: 6

UGA

UGA Risk / Return Rank: 70
UGA Sharpe Ratio Rank: 71
UGA Sortino Ratio Rank: 58
UGA Omega Ratio Rank: 62
UGA Calmar Ratio Rank: 89
UGA Martin Ratio Rank: 70

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.

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.

	PHO	UGA	Difference
Sharpe ratio: Return per unit of total volatility	-0.24	2.27	-2.51
Sortino ratio: Return per unit of downside risk	-0.24	2.71	-2.95
Omega ratio: Gain probability vs. loss probability	0.97	1.37	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.26	5.37	-5.63
Martin ratio: Return relative to average drawdown	-0.66	12.86	-13.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHO vs. UGA - Sharpe Ratio Comparison

The current PHO Sharpe Ratio is -0.24, which is lower than the UGA Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of PHO 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

	PHO	UGA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.24	2.27	-2.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.71	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.38	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.12	+0.23

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.

Drawdown Indicators

	PHO	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-55.62%	-86.59%	+30.97%
Max Drawdown (1Y) Largest decline over 1 year	-13.78%	-14.88%	+1.10%
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 Drawdown Current decline from peak	-10.56%	-14.75%	+4.19%
Average Drawdown Average peak-to-trough decline	-10.18%	-36.76%	+26.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.35%	6.20%	-0.85%

Volatility

PHO vs. UGA - Volatility Comparison

The current volatility for Invesco Water Resources ETF (PHO) is 3.70%, while United States Gasoline Fund LP (UGA) has a volatility of 11.64%. 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.

Volatility by Period

	PHO	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	11.64%	-7.94%
Volatility (6M) Calculated over the trailing 6-month period	10.92%	30.48%	-19.56%
Volatility (1Y) Calculated over the trailing 1-year period	14.76%	35.27%	-20.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.35%	34.40%	-16.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.45%	37.27%	-17.82%

PHO vs. UGA - Expense Ratio Comparison

PHO has a 0.60% 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

Can I hold both PHO and UGA in my portfolio?

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.

Which is riskier, PHO or UGA?

UGA has higher volatility (11.64%) compared to PHO (3.70%). In terms of maximum drawdown, PHO dropped -55.62% vs UGA's -86.59%.

Which ETF is better, PHO or UGA?

On 10-year performance, UGA leads with 14.27% vs 11.46% for PHO. On fees, PHO is cheaper at 0.60% per year. On volatility, PHO has been the lower-risk option at 3.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PHO or UGA?

Over the 10-year period, UGA has performed better with a 14.27% return vs 11.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PHO or UGA?

PHO is cheaper with a 0.60% expense ratio, compared with 0.75% for UGA.

Which ETF pays a higher dividend yield, PHO or UGA?

PHO has the higher dividend yield at 0.58%, compared with 0.00% for UGA.

What is the main difference between PHO and 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: 0.60% for PHO and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (2.27 vs -0.24), 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.