PSP vs. UGA
PSP (Invesco Global Listed Private Equity ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - PSP is a Global Equities fund tracking the Red Rocks Global Listed Private Equity Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, PSP returned 7.81%/yr vs 14.31%/yr for UGA. At a 0.25 correlation, their price movements are largely independent. PSP charges 1.44%/yr vs 0.75%/yr for UGA.
Performance
PSP vs. UGA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PSP achieves a -16.28% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, PSP has underperformed UGA with an annualized return of 7.81%, while UGA has yielded a comparatively higher 14.31% annualized return.
PSP
- 1D
- -2.66%
- 1M
- -7.59%
- YTD
- -16.28%
- 6M
- -16.44%
- 1Y
- -10.82%
- 3Y*
- 9.26%
- 5Y*
- -0.69%
- 10Y*
- 7.81%
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%
PSP vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSP Invesco Global Listed Private Equity ETF | -16.28% | 6.49% | 17.42% | 37.72% | -37.37% | 27.30% | 12.47% | 35.73% | -15.12% | 24.13% |
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 PSP and UGA is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.25 |
The correlation between PSP and UGA shifts across timeframes, from -0.27 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PSP vs. UGA — Risk / Return Rank
PSP
UGA
PSP vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Global Listed Private Equity ETF (PSP) 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.
| PSP | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.26 | ||
| Sortino ratioReturn per unit of downside risk | -2.87 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.30 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.49 | 3.17 | -3.65 |
| Martin ratioReturn relative to average drawdown | -1.04 | 9.39 | -10.43 |
Loading charts...
Drawdowns
PSP vs. UGA - Drawdown Comparison
The maximum PSP drawdown since its inception was -85.40%, roughly equal to the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for PSP and UGA.
Loading charts...
Drawdown Indicators
| PSP | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.40% | -86.59% | +1.19% |
Max Drawdown (1Y)Largest decline over 1 year | -22.37% | -18.96% | -3.41% |
Max Drawdown (3Y)Largest decline over 3 years | -22.94% | -26.68% | +3.74% |
Max Drawdown (5Y)Largest decline over 5 years | -47.16% | -38.11% | -9.05% |
Max Drawdown (10Y)Largest decline over 10 years | -47.16% | -75.89% | +28.73% |
Current DrawdownCurrent decline from peak | -20.37% | -18.05% | -2.32% |
Average DrawdownAverage peak-to-trough decline | -30.65% | -36.69% | +6.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.42% | 6.43% | +3.99% |
Volatility
PSP vs. UGA - Volatility Comparison
The current volatility for Invesco Global Listed Private Equity ETF (PSP) is 7.37%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that PSP 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.
Loading charts...
Volatility by Period
| PSP | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.37% | 9.24% | -1.87% |
Volatility (6M)Calculated over the trailing 6-month period | 16.77% | 30.57% | -13.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.30% | 35.22% | -14.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.88% | 34.45% | -10.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.36% | 37.22% | -14.86% |
PSP vs. UGA - Expense Ratio Comparison
PSP has a 1.44% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
PSP vs. UGA - Dividend Comparison
PSP's dividend yield for the trailing twelve months is around 6.50%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PSP Invesco Global Listed Private Equity ETF | 6.50% | 5.87% | 8.62% | 3.96% | 2.88% | 10.34% | 4.66% | 5.87% | 6.81% | 10.18% | 4.12% | 6.23% |
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
PSP and UGA have a correlation of -0.27, 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 PSP (7.37%). In terms of maximum drawdown, PSP dropped -85.40% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 7.81% for PSP. On fees, UGA is cheaper at 0.75% per year. On volatility, PSP has been the lower-risk option at 7.37%. 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 7.81%. 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 1.44% for PSP.
PSP has the higher dividend yield at 6.50%, compared with 0.00% for UGA.
PSP is categorized as Global Equities, while UGA is Oil & Gas. PSP tracks Red Rocks Global Listed Private Equity Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 1.44% for PSP and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs -0.54), 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.
Find the right allocation for PSP and UGA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer