SMMD vs. UGA
SMMD (iShares Russell 2500 ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - SMMD is a Small Cap Growth Equities fund tracking the Russell 2500 Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, SMMD returned 7.89%/yr vs 25.18%/yr for UGA. At a 0.19 correlation, their price movements are largely independent. SMMD charges 0.15%/yr vs 0.75%/yr for UGA.
Performance
SMMD vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, SMMD achieves a 19.12% return, which is significantly lower than UGA's 75.83% return.
SMMD
- 1D
- 0.89%
- 1M
- 4.71%
- YTD
- 19.12%
- 6M
- 20.39%
- 1Y
- 38.73%
- 3Y*
- 18.77%
- 5Y*
- 7.89%
- 10Y*
- —
UGA
- 1D
- 1.74%
- 1M
- -8.95%
- YTD
- 75.83%
- 6M
- 64.53%
- 1Y
- 82.09%
- 3Y*
- 22.29%
- 5Y*
- 25.18%
- 10Y*
- 14.46%
SMMD vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMMD iShares Russell 2500 ETF | 19.12% | 11.72% | 11.87% | 17.71% | -18.53% | 18.30% | 19.98% | 28.01% | -10.58% | 10.82% |
UGA United States Gasoline Fund LP | 75.83% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 32.60% |
Correlation
The correlation between SMMD and UGA is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jul 10, 2017 | 0.19 |
The correlation between SMMD and UGA shifts across timeframes, from -0.23 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMMD vs. UGA — Risk / Return Rank
SMMD
UGA
SMMD vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2500 ETF (SMMD) 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.
| SMMD | UGA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.26 | 2.35 | -0.08 |
Sortino ratioReturn per unit of downside risk | 3.14 | 2.78 | +0.36 |
Omega ratioGain probability vs. loss probability | 1.38 | 1.38 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 4.02 | 5.82 | -1.80 |
Martin ratioReturn relative to average drawdown | 15.37 | 14.25 | +1.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMMD | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.26 | 2.35 | -0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.74 | -0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.39 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.12 | +0.38 |
Drawdowns
SMMD vs. UGA - Drawdown Comparison
The maximum SMMD drawdown since its inception was -41.06%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for SMMD and UGA.
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Drawdown Indicators
| SMMD | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.06% | -86.59% | +45.53% |
Max Drawdown (1Y)Largest decline over 1 year | -9.66% | -14.88% | +5.22% |
Max Drawdown (3Y)Largest decline over 3 years | -25.50% | -26.68% | +1.18% |
Max Drawdown (5Y)Largest decline over 5 years | -28.26% | -38.11% | +9.85% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | 0.00% | -12.18% | +12.18% |
Average DrawdownAverage peak-to-trough decline | -8.38% | -36.77% | +28.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.53% | 6.08% | -3.55% |
Volatility
SMMD vs. UGA - Volatility Comparison
The current volatility for iShares Russell 2500 ETF (SMMD) is 5.13%, while United States Gasoline Fund LP (UGA) has a volatility of 12.41%. This indicates that SMMD 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
| SMMD | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.13% | 12.41% | -7.28% |
Volatility (6M)Calculated over the trailing 6-month period | 12.60% | 30.41% | -17.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.18% | 35.21% | -18.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.82% | 34.38% | -13.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.37% | 37.27% | -14.90% |
SMMD vs. UGA - Expense Ratio Comparison
SMMD has a 0.15% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
SMMD vs. UGA - Dividend Comparison
SMMD'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 |
|---|---|---|---|---|---|---|---|---|---|---|
SMMD iShares Russell 2500 ETF | 1.05% | 1.28% | 1.27% | 1.44% | 1.79% | 1.12% | 1.31% | 1.50% | 2.45% | 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% |
Frequently Asked Questions
SMMD and UGA have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (12.41%) compared to SMMD (5.13%). In terms of maximum drawdown, SMMD dropped -41.06% vs UGA's -86.59%.
On 5-year performance, UGA leads with 25.18% vs 7.89% for SMMD. On fees, SMMD is cheaper at 0.15% per year. On volatility, SMMD has been the lower-risk option at 5.13%. 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 25.18% return vs 7.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMMD is cheaper with a 0.15% expense ratio, compared with 0.75% for UGA.
SMMD has the higher dividend yield at 1.05%, compared with 0.00% for UGA.
SMMD is categorized as Small Cap Growth Equities, while UGA is Oil & Gas. SMMD tracks Russell 2500 Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.15% for SMMD and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.35 vs 2.26), 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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