QMOM vs. UGA
QMOM (Alpha Architect U.S. Quantitative Momentum ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - QMOM is a Momentum fund actively managed by Alpha Architect, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. QMOM is actively managed, while UGA is passively managed. Over the past 10 years, QMOM returned 13.57%/yr vs 14.31%/yr for UGA. At a 0.19 correlation, their price movements are largely independent. QMOM charges 0.28%/yr vs 0.75%/yr for UGA.
Performance
QMOM vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, QMOM achieves a 19.77% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, QMOM has underperformed UGA with an annualized return of 13.57%, while UGA has yielded a comparatively higher 14.31% annualized return.
QMOM
- 1D
- -2.68%
- 1M
- 0.91%
- YTD
- 19.77%
- 6M
- 17.29%
- 1Y
- 23.83%
- 3Y*
- 21.42%
- 5Y*
- 10.17%
- 10Y*
- 13.57%
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%
QMOM vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QMOM Alpha Architect U.S. Quantitative Momentum ETF | 19.77% | 2.36% | 30.43% | 9.50% | -6.99% | -4.06% | 61.94% | 28.39% | -11.75% | 15.92% |
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 QMOM and UGA is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.19 |
The correlation between QMOM and UGA shifts across timeframes, from -0.17 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
QMOM vs. UGA — Risk / Return Rank
QMOM
UGA
QMOM vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alpha Architect U.S. Quantitative Momentum ETF (QMOM) 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.
| QMOM | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.30 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | 3.17 | -1.27 |
| Martin ratioReturn relative to average drawdown | 6.64 | 9.39 | -2.75 |
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Drawdowns
QMOM vs. UGA - Drawdown Comparison
The maximum QMOM drawdown since its inception was -39.13%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for QMOM and UGA.
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Drawdown Indicators
| QMOM | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.13% | -86.59% | +47.46% |
Max Drawdown (1Y)Largest decline over 1 year | -12.65% | -18.96% | +6.31% |
Max Drawdown (3Y)Largest decline over 3 years | -26.46% | -26.68% | +0.22% |
Max Drawdown (5Y)Largest decline over 5 years | -26.82% | -38.11% | +11.29% |
Max Drawdown (10Y)Largest decline over 10 years | -39.13% | -75.89% | +36.76% |
Current DrawdownCurrent decline from peak | -4.27% | -18.05% | +13.78% |
Average DrawdownAverage peak-to-trough decline | -12.89% | -36.69% | +23.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 6.43% | -2.83% |
Volatility
QMOM vs. UGA - Volatility Comparison
Alpha Architect U.S. Quantitative Momentum ETF (QMOM) and United States Gasoline Fund LP (UGA) have volatilities of 9.55% and 9.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QMOM | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.55% | 9.24% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 21.17% | 30.57% | -9.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.71% | 35.22% | -10.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.42% | 34.45% | -10.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.62% | 37.22% | -10.60% |
QMOM vs. UGA - Expense Ratio Comparison
QMOM has a 0.28% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
QMOM vs. UGA - Dividend Comparison
QMOM's dividend yield for the trailing twelve months is around 0.45%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
QMOM Alpha Architect U.S. Quantitative Momentum ETF | 0.45% | 0.54% | 1.40% | 0.87% | 1.59% | 0.12% | 0.08% | 0.01% | 0.05% | 0.13% | 0.34% |
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
QMOM and UGA have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QMOM has higher volatility (9.55%) compared to UGA (9.24%). In terms of maximum drawdown, QMOM dropped -39.13% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 13.57% for QMOM. On fees, QMOM is cheaper at 0.28% 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 13.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QMOM is cheaper with a 0.28% expense ratio, compared with 0.75% for UGA.
QMOM has the higher dividend yield at 0.45%, compared with 0.00% for UGA.
QMOM is categorized as Momentum, while UGA is Oil & Gas. They also come from different issuers: Alpha Architect and Concierge Technologies. Their fees differ too: 0.28% for QMOM and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 0.97), 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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