SCHQ vs. UGA
SCHQ (Schwab Long-Term U.S. Treasury ETF) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - SCHQ is a Government Bonds fund tracking the Bloomberg U.S. Long Treasury Index, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past 5 years, SCHQ returned -7.19%/yr vs 25.31%/yr for UGA. Their -0.18 correlation means they have often moved in opposite directions in the past. SCHQ charges 0.03%/yr vs 1.02%/yr for UGA.
Performance
SCHQ vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, SCHQ achieves a -2.90% return, which is significantly lower than UGA's 80.98% return.
SCHQ
- 1D
- 0.36%
- 1M
- -3.17%
- 6M
- -2.56%
- YTD
- -2.90%
- 1Y
- -1.33%
- 3Y*
- -0.04%
- 5Y*
- -7.19%
- 10Y*
- —
- ALL TIME*
- -4.12%
UGA
- 1D
- -5.27%
- 1M
- 8.52%
- 6M
- 69.92%
- YTD
- 80.98%
- 1Y
- 78.20%
- 3Y*
- 16.66%
- 5Y*
- 25.31%
- 10Y*
- 16.82%
- ALL TIME*
- 4.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.53M | $14.79M | $18.63M | |
| $8.16M | $5.91M | $4.98M |
SCHQ vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SCHQ Schwab Long-Term U.S. Treasury ETF | -2.90% | 5.50% | -6.44% | 3.43% | -29.44% | -4.86% | 17.73% | -4.20% |
UGA United States Gasoline Fund, LP | 80.98% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 10.04% |
Correlation
The correlation between SCHQ and UGA is -0.40, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.40 |
Correlation (3Y) Balances recent behavior with more history. | -0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.16 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2019 | -0.18 |
Over the past year, the inverse relationship between SCHQ and UGA has strengthened: their correlation has moved from -0.18 to -0.40, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
SCHQ vs. UGA — Risk / Return Rank
SCHQ
UGA
SCHQ vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab Long-Term U.S. Treasury ETF (SCHQ) 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.
| SCHQ | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.32 | ||
| Sortino ratioReturn per unit of downside risk | -2.82 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.35 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.19 | 3.87 | -4.06 |
| Martin ratioReturn relative to average drawdown | -0.41 | 10.83 | -11.24 |
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Drawdowns
SCHQ vs. UGA - Drawdown Comparison
The maximum SCHQ drawdown since its inception was -46.13%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for SCHQ and UGA.
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Drawdown Indicators
| SCHQ | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.13% | -86.59% | +40.46% |
Max Drawdown (1Y)Largest decline over 1 year | -7.05% | -20.32% | +13.27% |
Max Drawdown (3Y)Largest decline over 3 years | -13.38% | -26.68% | +13.30% |
Max Drawdown (5Y)Largest decline over 5 years | -40.93% | -38.11% | -2.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -38.39% | -10.61% | -27.78% |
Average DrawdownAverage peak-to-trough decline | -26.61% | -36.53% | +9.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.23% | 7.25% | -4.02% |
Volatility
SCHQ vs. UGA - Volatility Comparison
The current volatility for Schwab Long-Term U.S. Treasury ETF (SCHQ) is 2.30%, while United States Gasoline Fund, LP (UGA) has a volatility of 12.68%. This indicates that SCHQ 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
| SCHQ | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.30% | 12.68% | -10.38% |
Volatility (6M)Calculated over the trailing 6-month period | 6.30% | 32.51% | -26.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.41% | 36.42% | -28.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.41% | 34.68% | -20.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.20% | 37.30% | -22.10% |
SCHQ vs. UGA - Expense Ratio Comparison
SCHQ has a 0.03% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
SCHQ vs. UGA - Dividend Comparison
SCHQ's dividend yield for the trailing twelve months is around 4.92%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
SCHQ Schwab Long-Term U.S. Treasury ETF | 4.92% | 4.54% | 4.58% | 3.79% | 2.88% | 1.69% | 1.51% | 0.44% |
UGA United States Gasoline Fund, LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SCHQ and UGA have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (12.68%) compared to SCHQ (2.30%). In terms of maximum drawdown, SCHQ dropped -46.13% vs UGA's -86.59%.
On 5-year performance, UGA leads with 25.31% vs -7.19% for SCHQ. On fees, SCHQ is cheaper at 0.03% per year. On volatility, SCHQ has been the lower-risk option at 2.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 25.31% return vs -7.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHQ is cheaper with a 0.03% expense ratio, compared with 1.02% for UGA.
SCHQ has the higher dividend yield at 4.92%, compared with 0.00% for UGA.
SCHQ is categorized as Government Bonds, while UGA is Oil & Gas. SCHQ tracks Bloomberg U.S. Long Treasury Index, while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. They also come from different issuers: Charles Schwab and USCF. Their fees differ too: 0.03% for SCHQ and 1.02% for UGA.
UGA currently has the higher Sharpe Ratio (2.16 vs -0.16), 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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