SCHO vs. UGA

Last updated Jun 5, 2026

SCHO (Schwab Short-Term U.S. Treasury ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - SCHO is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, SCHO returned 1.72%/yr vs 14.27%/yr for UGA. At a correlation of -0.14, they often move in opposite directions. SCHO charges 0.03%/yr vs 0.75%/yr for UGA.

Performance

SCHO vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Short-Term U.S. Treasury ETF (SCHO) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCHO achieves a 0.50% return, which is significantly lower than UGA's 70.69% return. Over the past 10 years, SCHO has underperformed UGA with an annualized return of 1.72%, while UGA has yielded a comparatively higher 14.27% annualized return.

SCHO

• 1D: 0.08%
• 1M: 0.10%
• YTD: 0.50%
• 6M: 0.90%
• 1Y: 3.35%
• 3Y*: 4.16%
• 5Y*: 1.82%
• 10Y*: 1.72%

UGA

• 1D: -2.73%
• 1M: -12.25%
• YTD: 70.69%
• 6M: 59.72%
• 1Y: 79.48%
• 3Y*: 20.80%
• 5Y*: 24.41%
• 10Y*: 14.27%

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

SCHO vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCHO Schwab Short-Term U.S. Treasury ETF	0.50%	5.49%	3.65%	4.31%	-3.87%	-0.64%	3.11%	3.47%	1.37%	0.33%
UGA United States Gasoline Fund LP	70.69%	-2.00%	3.77%	1.27%	46.34%	68.49%	-24.88%	41.25%	-28.07%	1.69%

Correlation

The correlation between SCHO and UGA is -0.38, 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	-0.38
Correlation (3Y) Calculated over the trailing 3-year period	-0.24
Correlation (5Y) Calculated over the trailing 5-year period	-0.14
Correlation (10Y) Calculated over the trailing 10-year period	-0.15
Correlation (All Time) Calculated using the full available price history since Aug 6, 2010	-0.14

Over the past year, the inverse relationship between SCHO and UGA has strengthened: their correlation has moved from -0.14 to -0.38, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

SCHO vs. UGA — Risk / Return Rank

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

SCHO

SCHO Risk / Return Rank: 82
SCHO Sharpe Ratio Rank: 77
SCHO Sortino Ratio Rank: 89
SCHO Omega Ratio Rank: 83
SCHO Calmar Ratio Rank: 78
SCHO Martin Ratio Rank: 83

UGA

UGA Risk / Return Rank: 70
UGA Sharpe Ratio Rank: 71
UGA Sortino Ratio Rank: 58
UGA Omega Ratio Rank: 62
UGA Calmar Ratio Rank: 89
UGA Martin Ratio Rank: 70

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.

SCHO vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Short-Term U.S. Treasury ETF (SCHO) 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.

	SCHO	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.46	2.27	+0.19
Sortino ratio: Return per unit of downside risk	4.01	2.71	+1.30
Omega ratio: Gain probability vs. loss probability	1.49	1.37	+0.13
Calmar ratio: Return relative to maximum drawdown	3.91	5.37	-1.46
Martin ratio: Return relative to average drawdown	16.82	12.86	+3.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SCHO vs. UGA - Sharpe Ratio Comparison

The current SCHO Sharpe Ratio is 2.46, which is comparable to the UGA Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of SCHO 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

	SCHO	UGA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	2.27	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	0.71	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.11	0.38	+0.72
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	0.12	+0.88

Drawdowns

SCHO vs. UGA - Drawdown Comparison

The maximum SCHO drawdown since its inception was -5.69%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for SCHO and UGA.

Drawdown Indicators

	SCHO	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-5.69%	-86.59%	+80.90%
Max Drawdown (1Y) Largest decline over 1 year	-0.86%	-14.88%	+14.02%
Max Drawdown (3Y) Largest decline over 3 years	-0.98%	-26.68%	+25.70%
Max Drawdown (5Y) Largest decline over 5 years	-5.69%	-38.11%	+32.42%
Max Drawdown (10Y) Largest decline over 10 years	-5.69%	-75.89%	+70.20%
Current Drawdown Current decline from peak	-0.18%	-14.75%	+14.57%
Average Drawdown Average peak-to-trough decline	-0.61%	-36.76%	+36.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	6.20%	-6.00%

Volatility

SCHO vs. UGA - Volatility Comparison

The current volatility for Schwab Short-Term U.S. Treasury ETF (SCHO) is 0.42%, while United States Gasoline Fund LP (UGA) has a volatility of 11.64%. This indicates that SCHO 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.

Volatility by Period

	SCHO	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	11.64%	-11.22%
Volatility (6M) Calculated over the trailing 6-month period	0.91%	30.48%	-29.57%
Volatility (1Y) Calculated over the trailing 1-year period	1.37%	35.27%	-33.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.98%	34.40%	-32.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.56%	37.27%	-35.71%

SCHO vs. UGA - Expense Ratio Comparison

SCHO has a 0.03% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

SCHO vs. UGA - Dividend Comparison

SCHO's dividend yield for the trailing twelve months is around 3.90%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHO Schwab Short-Term U.S. Treasury ETF	3.90%	4.06%	4.29%	3.76%	1.34%	0.41%	1.27%	2.27%	1.60%	1.12%	0.82%	0.68%
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

Can I hold both SCHO and UGA in my portfolio?

SCHO and UGA have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCHO or UGA?

UGA has higher volatility (11.64%) compared to SCHO (0.42%). In terms of maximum drawdown, SCHO dropped -5.69% vs UGA's -86.59%.

Which ETF is better, SCHO or UGA?

On 10-year performance, UGA leads with 14.27% vs 1.72% for SCHO. On fees, SCHO is cheaper at 0.03% per year. On volatility, SCHO has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCHO or UGA?

Over the 10-year period, UGA has performed better with a 14.27% return vs 1.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCHO or UGA?

SCHO is cheaper with a 0.03% expense ratio, compared with 0.75% for UGA.

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

SCHO has the higher dividend yield at 3.90%, compared with 0.00% for UGA.

What is the main difference between SCHO and UGA?

SCHO is categorized as Government Bonds, while UGA is Oil & Gas. SCHO tracks Bloomberg U.S. Treasury 1-3 Year Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Charles Schwab and Concierge Technologies. Their fees differ too: 0.03% for SCHO and 0.75% for UGA.

Which has better risk-adjusted returns?

SCHO currently has the higher Sharpe Ratio (2.46 vs 2.27), 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.