PIZ vs. UGA
PIZ (Invesco DWA Developed Markets Momentum ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - PIZ is a Momentum fund tracking the Dorsey Wright Developed Markets Technical Leaders Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, PIZ returned 11.51%/yr vs 14.31%/yr for UGA. At a 0.26 correlation, their price movements are largely independent. PIZ charges 0.80%/yr vs 0.75%/yr for UGA.
Performance
PIZ vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, PIZ achieves a 14.98% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, PIZ has underperformed UGA with an annualized return of 11.51%, while UGA has yielded a comparatively higher 14.31% annualized return.
PIZ
- 1D
- -4.77%
- 1M
- -0.77%
- YTD
- 14.98%
- 6M
- 14.14%
- 1Y
- 26.96%
- 3Y*
- 25.46%
- 5Y*
- 10.11%
- 10Y*
- 11.51%
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%
PIZ vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PIZ Invesco DWA Developed Markets Momentum ETF | 14.98% | 37.22% | 16.30% | 17.96% | -30.48% | 20.53% | 17.96% | 27.51% | -16.15% | 30.96% |
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 PIZ and UGA is -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.26 |
The correlation between PIZ and UGA shifts across timeframes, from -0.26 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PIZ vs. UGA — Risk / Return Rank
PIZ
UGA
PIZ vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Developed Markets Momentum ETF (PIZ) 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.
| PIZ | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.30 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | 3.17 | -1.28 |
| Martin ratioReturn relative to average drawdown | 6.92 | 9.39 | -2.47 |
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Drawdowns
PIZ vs. UGA - Drawdown Comparison
The maximum PIZ drawdown since its inception was -60.61%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for PIZ and UGA.
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Drawdown Indicators
| PIZ | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.61% | -86.59% | +25.98% |
Max Drawdown (1Y)Largest decline over 1 year | -14.35% | -18.96% | +4.61% |
Max Drawdown (3Y)Largest decline over 3 years | -14.67% | -26.68% | +12.01% |
Max Drawdown (5Y)Largest decline over 5 years | -40.93% | -38.11% | -2.82% |
Max Drawdown (10Y)Largest decline over 10 years | -40.93% | -75.89% | +34.96% |
Current DrawdownCurrent decline from peak | -5.31% | -18.05% | +12.74% |
Average DrawdownAverage peak-to-trough decline | -14.89% | -36.69% | +21.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.90% | 6.43% | -2.53% |
Volatility
PIZ vs. UGA - Volatility Comparison
Invesco DWA Developed Markets Momentum ETF (PIZ) has a higher volatility of 10.97% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that PIZ'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
| PIZ | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.97% | 9.24% | +1.73% |
Volatility (6M)Calculated over the trailing 6-month period | 20.32% | 30.57% | -10.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.48% | 35.22% | -12.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.37% | 34.45% | -14.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.63% | 37.22% | -17.59% |
PIZ vs. UGA - Expense Ratio Comparison
PIZ has a 0.80% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
PIZ vs. UGA - Dividend Comparison
PIZ's dividend yield for the trailing twelve months is around 1.49%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PIZ Invesco DWA Developed Markets Momentum ETF | 1.49% | 1.55% | 1.68% | 1.86% | 2.04% | 1.01% | 0.37% | 1.58% | 1.06% | 1.30% | 2.21% | 1.09% |
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
PIZ and UGA have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PIZ has higher volatility (10.97%) compared to UGA (9.24%). In terms of maximum drawdown, PIZ dropped -60.61% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 11.51% for PIZ. On fees, UGA is cheaper at 0.75% 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 11.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.80% for PIZ.
PIZ has the higher dividend yield at 1.49%, compared with 0.00% for UGA.
PIZ is categorized as Momentum, while UGA is Oil & Gas. PIZ tracks Dorsey Wright Developed Markets Technical Leaders Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.80% for PIZ and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 1.21), 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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