PSLV vs. UGA
PSLV (Sprott Physical Silver Trust) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - PSLV is a Silver fund tracking the No Index (Physical Silver), while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, PSLV returned 13.97%/yr vs 14.43%/yr for UGA. At a 0.16 correlation, their price movements are largely independent. PSLV charges 0.51%/yr vs 0.75%/yr for UGA.
Performance
PSLV vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, PSLV achieves a -1.78% return, which is significantly lower than UGA's 75.49% return. Both investments have delivered pretty close results over the past 10 years, with PSLV having a 13.97% annualized return and UGA not far ahead at 14.43%.
PSLV
- 1D
- -2.76%
- 1M
- -1.61%
- YTD
- -1.78%
- 6M
- 18.46%
- 1Y
- 100.09%
- 3Y*
- 41.73%
- 5Y*
- 18.43%
- 10Y*
- 13.97%
UGA
- 1D
- -0.19%
- 1M
- -12.35%
- YTD
- 75.49%
- 6M
- 64.35%
- 1Y
- 80.94%
- 3Y*
- 22.21%
- 5Y*
- 25.10%
- 10Y*
- 14.43%
PSLV vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSLV Sprott Physical Silver Trust | -1.78% | 145.08% | 19.43% | -1.94% | 2.74% | -14.13% | 42.81% | 16.99% | -11.83% | 4.28% |
UGA United States Gasoline Fund LP | 75.49% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between PSLV and UGA is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2010 | 0.16 |
The correlation between PSLV and UGA shifts across timeframes, from -0.10 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PSLV vs. UGA — Risk / Return Rank
PSLV
UGA
PSLV vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Silver Trust (PSLV) 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.
| PSLV | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.37 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 5.47 | -2.99 |
| Martin ratioReturn relative to average drawdown | 5.50 | 13.25 | -7.74 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PSLV | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.72 | 2.32 | -0.59 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.52 | 0.73 | -0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | 0.39 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | 0.12 | +0.05 |
Drawdowns
PSLV vs. UGA - Drawdown Comparison
The maximum PSLV drawdown since its inception was -79.38%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for PSLV and UGA.
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Drawdown Indicators
| PSLV | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.38% | -86.59% | +7.21% |
Max Drawdown (1Y)Largest decline over 1 year | -40.65% | -14.88% | -25.77% |
Max Drawdown (3Y)Largest decline over 3 years | -40.65% | -26.68% | -13.97% |
Max Drawdown (5Y)Largest decline over 5 years | -40.65% | -38.11% | -2.54% |
Max Drawdown (10Y)Largest decline over 10 years | -42.79% | -75.89% | +33.10% |
Current DrawdownCurrent decline from peak | -36.11% | -12.35% | -23.76% |
Average DrawdownAverage peak-to-trough decline | -58.15% | -36.76% | -21.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.25% | 6.13% | +12.12% |
Volatility
PSLV vs. UGA - Volatility Comparison
Sprott Physical Silver Trust (PSLV) has a higher volatility of 16.57% compared to United States Gasoline Fund LP (UGA) at 11.66%. This indicates that PSLV'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
| PSLV | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.57% | 11.66% | +4.91% |
Volatility (6M)Calculated over the trailing 6-month period | 57.35% | 30.41% | +26.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.49% | 35.14% | +23.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.64% | 34.38% | +1.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.14% | 37.27% | -6.13% |
PSLV vs. UGA - Expense Ratio Comparison
PSLV has a 0.51% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
PSLV vs. UGA - Dividend Comparison
Neither PSLV nor UGA has paid dividends to shareholders.
Frequently Asked Questions
PSLV and UGA have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSLV has higher volatility (16.57%) compared to UGA (11.66%). In terms of maximum drawdown, PSLV dropped -79.38% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.43% vs 13.97% for PSLV. On fees, PSLV is cheaper at 0.51% per year. On volatility, UGA has been the lower-risk option at 11.66%. 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 14.43% return vs 13.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSLV is cheaper with a 0.51% expense ratio, compared with 0.75% for UGA.
PSLV and UGA have nearly identical dividend yields, around 0.00%.
PSLV is categorized as Silver, while UGA is Oil & Gas. PSLV tracks No Index (Physical Silver), while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Sprott and Concierge Technologies. Their fees differ too: 0.51% for PSLV and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.32 vs 1.72), 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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