SLV vs. UGA
SLV (iShares Silver Trust) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, SLV returned 12.68%/yr vs 14.31%/yr for UGA. At a 0.20 correlation, their price movements are largely independent. SLV charges 0.50%/yr vs 0.75%/yr for UGA.
Performance
SLV vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, SLV achieves a -13.49% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, SLV has underperformed UGA with an annualized return of 12.68%, while UGA has yielded a comparatively higher 14.31% annualized return.
SLV
- 1D
- -5.40%
- 1M
- -18.48%
- YTD
- -13.49%
- 6M
- -14.05%
- 1Y
- 69.08%
- 3Y*
- 39.38%
- 5Y*
- 18.31%
- 10Y*
- 12.68%
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%
SLV vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLV iShares Silver Trust | -13.49% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
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 SLV and UGA is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.20 |
The correlation between SLV and UGA shifts across timeframes, from -0.10 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SLV vs. UGA — Risk / Return Rank
SLV
UGA
SLV vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) 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.
| SLV | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.30 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.47 | 3.17 | -1.70 |
| Martin ratioReturn relative to average drawdown | 3.16 | 9.39 | -6.23 |
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Drawdowns
SLV vs. UGA - Drawdown Comparison
The maximum SLV drawdown since its inception was -76.28%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for SLV and UGA.
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Drawdown Indicators
| SLV | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.28% | -86.59% | +10.31% |
Max Drawdown (1Y)Largest decline over 1 year | -47.23% | -18.96% | -28.27% |
Max Drawdown (3Y)Largest decline over 3 years | -47.23% | -26.68% | -20.55% |
Max Drawdown (5Y)Largest decline over 5 years | -47.23% | -38.11% | -9.12% |
Max Drawdown (10Y)Largest decline over 10 years | -47.23% | -75.89% | +28.66% |
Current DrawdownCurrent decline from peak | -47.23% | -18.05% | -29.18% |
Average DrawdownAverage peak-to-trough decline | -44.65% | -36.69% | -7.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.91% | 6.43% | +15.48% |
Volatility
SLV vs. UGA - Volatility Comparison
iShares Silver Trust (SLV) has a higher volatility of 14.34% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that SLV'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.
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Volatility by Period
| SLV | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.34% | 9.24% | +5.10% |
Volatility (6M)Calculated over the trailing 6-month period | 59.27% | 30.57% | +28.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.33% | 35.22% | +25.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.59% | 34.45% | +2.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.09% | 37.22% | -5.13% |
SLV vs. UGA - Expense Ratio Comparison
SLV has a 0.50% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
SLV vs. UGA - Dividend Comparison
Neither SLV nor UGA has paid dividends to shareholders.
Frequently Asked Questions
SLV and UGA have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (14.34%) compared to UGA (9.24%). In terms of maximum drawdown, SLV dropped -76.28% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 12.68% for SLV. On fees, SLV is cheaper at 0.50% 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 12.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLV is cheaper with a 0.50% expense ratio, compared with 0.75% for UGA.
SLV and UGA have nearly identical dividend yields, around 0.00%.
SLV is categorized as Silver, while UGA is Oil & Gas. SLV tracks LBMA Silver Price, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.50% for SLV and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 1.15), 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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