PTF vs. UGA

Last updated Jun 4, 2026

PTF (Invesco DWA Technology Momentum ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - PTF is a Momentum fund tracking the DWA Technology 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, PTF returned 26.93%/yr vs 14.43%/yr for UGA. At a 0.19 correlation, their price movements are largely independent. PTF charges 0.60%/yr vs 0.75%/yr for UGA.

Performance

PTF vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Technology Momentum ETF (PTF) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PTF having a 77.58% return and UGA slightly lower at 75.49%. Over the past 10 years, PTF has outperformed UGA with an annualized return of 26.93%, while UGA has yielded a comparatively lower 14.43% annualized return.

PTF

• 1D: 0.27%
• 1M: 19.05%
• YTD: 77.58%
• 6M: 74.93%
• 1Y: 109.08%
• 3Y*: 43.28%
• 5Y*: 23.79%
• 10Y*: 26.93%

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%

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

PTF vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PTF Invesco DWA Technology Momentum ETF	77.58%	5.68%	43.65%	33.73%	-31.75%	18.10%	82.06%	46.71%	0.01%	32.07%
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 PTF and UGA is -0.13, 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	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008	0.19

The correlation between PTF and UGA shifts across timeframes, from -0.13 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PTF vs. UGA — Risk / Return Rank

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

PTF

PTF Risk / Return Rank: 82
PTF Sharpe Ratio Rank: 85
PTF Sortino Ratio Rank: 67
PTF Omega Ratio Rank: 71
PTF Calmar Ratio Rank: 91
PTF Martin Ratio Rank: 93

UGA

UGA Risk / Return Rank: 69
UGA Sharpe Ratio Rank: 69
UGA Sortino Ratio Rank: 57
UGA Omega Ratio Rank: 60
UGA Calmar Ratio Rank: 89
UGA Martin Ratio Rank: 71

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.

PTF vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Technology Momentum ETF (PTF) 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.

	PTF	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.86	2.32	+0.54
Sortino ratio: Return per unit of downside risk	3.15	2.75	+0.40
Omega ratio: Gain probability vs. loss probability	1.44	1.37	+0.06
Calmar ratio: Return relative to maximum drawdown	6.10	5.47	+0.63
Martin ratio: Return relative to average drawdown	24.27	13.25	+11.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PTF vs. UGA - Sharpe Ratio Comparison

The current PTF Sharpe Ratio is 2.86, which is comparable to the UGA Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of PTF 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

	PTF	UGA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	2.32	+0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.73	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	0.39	+0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.12	+0.41

Drawdowns

PTF vs. UGA - Drawdown Comparison

The maximum PTF drawdown since its inception was -55.38%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for PTF and UGA.

Drawdown Indicators

	PTF	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-55.38%	-86.59%	+31.21%
Max Drawdown (1Y) Largest decline over 1 year	-17.99%	-14.88%	-3.11%
Max Drawdown (3Y) Largest decline over 3 years	-36.11%	-26.68%	-9.43%
Max Drawdown (5Y) Largest decline over 5 years	-44.88%	-38.11%	-6.77%
Max Drawdown (10Y) Largest decline over 10 years	-44.88%	-75.89%	+31.01%
Current Drawdown Current decline from peak	0.00%	-12.35%	+12.35%
Average Drawdown Average peak-to-trough decline	-13.27%	-36.76%	+23.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	6.13%	-1.62%

Volatility

PTF vs. UGA - Volatility Comparison

Invesco DWA Technology Momentum ETF (PTF) has a higher volatility of 13.27% compared to United States Gasoline Fund LP (UGA) at 11.66%. This indicates that PTF'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.

Volatility by Period

	PTF	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.27%	11.66%	+1.61%
Volatility (6M) Calculated over the trailing 6-month period	29.47%	30.41%	-0.94%
Volatility (1Y) Calculated over the trailing 1-year period	38.39%	35.14%	+3.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.95%	34.38%	+0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.94%	37.27%	-4.33%

PTF vs. UGA - Expense Ratio Comparison

PTF has a 0.60% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

PTF vs. UGA - Dividend Comparison

PTF's dividend yield for the trailing twelve months is around 0.01%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PTF Invesco DWA Technology Momentum ETF	0.01%	0.21%	0.00%	0.07%	0.00%	0.00%	0.00%	0.00%	0.08%	0.04%	0.26%
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%

Frequently Asked Questions

Can I hold both PTF and UGA in my portfolio?

PTF and UGA have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PTF or UGA?

PTF has higher volatility (13.27%) compared to UGA (11.66%). In terms of maximum drawdown, PTF dropped -55.38% vs UGA's -86.59%.

Which ETF is better, PTF or UGA?

On 10-year performance, PTF leads with 26.93% vs 14.43% for UGA. On fees, PTF is cheaper at 0.60% 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.

Which ETF has performed better, PTF or UGA?

Over the 10-year period, PTF has performed better with a 26.93% return vs 14.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PTF or UGA?

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

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

PTF has the higher dividend yield at 0.01%, compared with 0.00% for UGA.

What is the main difference between PTF and UGA?

PTF is categorized as Momentum, while UGA is Oil & Gas. PTF tracks DWA Technology Technical Leaders Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.60% for PTF and 0.75% for UGA.

Which has better risk-adjusted returns?

PTF currently has the higher Sharpe Ratio (2.86 vs 2.32), 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.