RWJ vs. UGA
RWJ (Invesco S&P SmallCap 600 Revenue ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - RWJ is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Revenue-Weighted Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, RWJ returned 13.63%/yr vs 14.31%/yr for UGA. At a 0.26 correlation, their price movements are largely independent. RWJ charges 0.39%/yr vs 0.75%/yr for UGA.
Performance
RWJ vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, RWJ achieves a 19.01% return, which is significantly lower than UGA's 64.09% return. Both investments have delivered pretty close results over the past 10 years, with RWJ having a 13.63% annualized return and UGA not far ahead at 14.31%.
RWJ
- 1D
- -0.17%
- 1M
- 4.67%
- YTD
- 19.01%
- 6M
- 17.54%
- 1Y
- 37.61%
- 3Y*
- 18.15%
- 5Y*
- 8.58%
- 10Y*
- 13.63%
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%
RWJ vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RWJ Invesco S&P SmallCap 600 Revenue ETF | 19.01% | 7.75% | 11.81% | 16.21% | -10.97% | 52.82% | 20.83% | 20.29% | -16.95% | 5.30% |
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 RWJ and UGA is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.26 |
The correlation between RWJ and UGA shifts across timeframes, from -0.18 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
RWJ vs. UGA — Risk / Return Rank
RWJ
UGA
RWJ vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap 600 Revenue ETF (RWJ) 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.
| RWJ | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.30 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.34 | 3.17 | +0.18 |
| Martin ratioReturn relative to average drawdown | 10.72 | 9.39 | +1.33 |
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Drawdowns
RWJ vs. UGA - Drawdown Comparison
The maximum RWJ drawdown since its inception was -55.97%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for RWJ and UGA.
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Drawdown Indicators
| RWJ | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.97% | -86.59% | +30.62% |
Max Drawdown (1Y)Largest decline over 1 year | -11.31% | -18.96% | +7.65% |
Max Drawdown (3Y)Largest decline over 3 years | -29.29% | -26.68% | -2.61% |
Max Drawdown (5Y)Largest decline over 5 years | -29.29% | -38.11% | +8.82% |
Max Drawdown (10Y)Largest decline over 10 years | -51.33% | -75.89% | +24.56% |
Current DrawdownCurrent decline from peak | -1.68% | -18.05% | +16.37% |
Average DrawdownAverage peak-to-trough decline | -9.21% | -36.69% | +27.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.52% | 6.43% | -2.91% |
Volatility
RWJ vs. UGA - Volatility Comparison
The current volatility for Invesco S&P SmallCap 600 Revenue ETF (RWJ) is 4.65%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that RWJ 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
| RWJ | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.65% | 9.24% | -4.59% |
Volatility (6M)Calculated over the trailing 6-month period | 12.61% | 30.57% | -17.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.39% | 35.22% | -15.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.66% | 34.45% | -10.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.12% | 37.22% | -11.10% |
RWJ vs. UGA - Expense Ratio Comparison
RWJ has a 0.39% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
RWJ vs. UGA - Dividend Comparison
RWJ's dividend yield for the trailing twelve months is around 1.05%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RWJ Invesco S&P SmallCap 600 Revenue ETF | 1.05% | 1.11% | 1.15% | 1.34% | 1.02% | 0.61% | 0.89% | 1.22% | 1.44% | 1.11% | 0.60% | 0.74% |
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
RWJ and UGA have a correlation of -0.18, 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 RWJ (4.65%). In terms of maximum drawdown, RWJ dropped -55.97% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 13.63% for RWJ. On fees, RWJ is cheaper at 0.39% per year. On volatility, RWJ has been the lower-risk option at 4.65%. 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 13.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RWJ is cheaper with a 0.39% expense ratio, compared with 0.75% for UGA.
RWJ has the higher dividend yield at 1.05%, compared with 0.00% for UGA.
RWJ is categorized as Small Cap Value Equities, while UGA is Oil & Gas. RWJ tracks S&P SmallCap 600 Revenue-Weighted Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.39% for RWJ and 0.75% for UGA.
RWJ currently has the higher Sharpe Ratio (1.95 vs 1.73), 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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