PKW vs. UGA
PKW (Invesco BuyBack Achievers™ ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - PKW is a Mid Cap Value Equities fund tracking the NASDAQ US BuyBack Achievers Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, PKW returned 13.54%/yr vs 14.31%/yr for UGA. At a 0.24 correlation, their price movements are largely independent. PKW charges 0.62%/yr vs 0.75%/yr for UGA.
Performance
PKW vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, PKW achieves a 3.81% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, PKW has underperformed UGA with an annualized return of 13.54%, while UGA has yielded a comparatively higher 14.31% annualized return.
PKW
- 1D
- 0.23%
- 1M
- 2.07%
- YTD
- 3.81%
- 6M
- 2.73%
- 1Y
- 16.22%
- 3Y*
- 18.43%
- 5Y*
- 10.28%
- 10Y*
- 13.54%
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%
PKW vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PKW Invesco BuyBack Achievers™ ETF | 3.81% | 17.92% | 17.33% | 17.24% | -10.21% | 32.62% | 8.41% | 34.09% | -10.53% | 17.75% |
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 PKW and UGA is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.24 |
The correlation between PKW and UGA shifts across timeframes, from -0.22 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PKW vs. UGA — Risk / Return Rank
PKW
UGA
PKW vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BuyBack Achievers™ ETF (PKW) 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.
| PKW | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.30 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 3.17 | -1.09 |
| Martin ratioReturn relative to average drawdown | 6.50 | 9.39 | -2.89 |
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Drawdowns
PKW vs. UGA - Drawdown Comparison
The maximum PKW drawdown since its inception was -54.59%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for PKW and UGA.
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Drawdown Indicators
| PKW | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.59% | -86.59% | +32.00% |
Max Drawdown (1Y)Largest decline over 1 year | -7.86% | -18.96% | +11.10% |
Max Drawdown (3Y)Largest decline over 3 years | -20.91% | -26.68% | +5.77% |
Max Drawdown (5Y)Largest decline over 5 years | -23.51% | -38.11% | +14.60% |
Max Drawdown (10Y)Largest decline over 10 years | -40.93% | -75.89% | +34.96% |
Current DrawdownCurrent decline from peak | -0.87% | -18.05% | +17.18% |
Average DrawdownAverage peak-to-trough decline | -7.94% | -36.69% | +28.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 6.43% | -3.93% |
Volatility
PKW vs. UGA - Volatility Comparison
The current volatility for Invesco BuyBack Achievers™ ETF (PKW) is 3.39%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that PKW 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
| PKW | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.39% | 9.24% | -5.85% |
Volatility (6M)Calculated over the trailing 6-month period | 9.69% | 30.57% | -20.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.29% | 35.22% | -21.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.43% | 34.45% | -17.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.75% | 37.22% | -17.47% |
PKW vs. UGA - Expense Ratio Comparison
PKW has a 0.62% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
PKW vs. UGA - Dividend Comparison
PKW's dividend yield for the trailing twelve months is around 0.81%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PKW Invesco BuyBack Achievers™ ETF | 0.81% | 0.99% | 0.86% | 1.17% | 1.22% | 0.72% | 1.48% | 1.30% | 1.30% | 0.65% | 1.59% | 1.14% |
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
PKW and UGA have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to PKW (3.39%). In terms of maximum drawdown, PKW dropped -54.59% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 13.54% for PKW. On fees, PKW is cheaper at 0.62% per year. On volatility, PKW has been the lower-risk option at 3.39%. 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 13.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PKW is cheaper with a 0.62% expense ratio, compared with 0.75% for UGA.
PKW has the higher dividend yield at 0.81%, compared with 0.00% for UGA.
PKW is categorized as Mid Cap Value Equities, while UGA is Oil & Gas. PKW tracks NASDAQ US BuyBack Achievers Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.62% for PKW and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 1.23), 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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