SMMV vs. UGA
SMMV (iShares MSCI USA Small-Cap Min Vol Factor ETF) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - SMMV is a Small Cap Blend Equities fund tracking the MSCI USA Small Cap Minimum Volatility (USD) 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, SMMV returned 6.54%/yr vs 25.31%/yr for UGA. Their 0.12 correlation means their historical movements had little consistent relationship. SMMV charges 0.20%/yr vs 1.02%/yr for UGA.
Performance
SMMV vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, SMMV achieves a 9.82% return, which is significantly lower than UGA's 80.98% return.
SMMV
- 1D
- 0.45%
- 1M
- 1.01%
- 6M
- 7.53%
- YTD
- 9.82%
- 1Y
- 16.62%
- 3Y*
- 12.54%
- 5Y*
- 6.54%
- 10Y*
- —
- ALL TIME*
- 8.75%
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) |
|---|---|---|---|
| $351.26K | $334.06K | $426.33K | |
| $8.16M | $5.91M | $4.98M |
SMMV vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF | 9.82% | 6.42% | 18.29% | 5.63% | -10.00% | 16.64% | -2.88% | 24.21% | 1.15% | 14.31% |
UGA United States Gasoline Fund, LP | 80.98% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between SMMV and UGA is -0.23, 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. | -0.23 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2016 | 0.12 |
The correlation between SMMV and UGA shifts across timeframes, from -0.23 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMMV vs. UGA — Risk / Return Rank
SMMV
UGA
SMMV vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) 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.
| SMMV | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.35 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 3.87 | -1.49 |
| Martin ratioReturn relative to average drawdown | 7.32 | 10.83 | -3.51 |
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Drawdowns
SMMV vs. UGA - Drawdown Comparison
The maximum SMMV drawdown since its inception was -38.77%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for SMMV and UGA.
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Drawdown Indicators
| SMMV | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.77% | -86.59% | +47.82% |
Max Drawdown (1Y)Largest decline over 1 year | -7.02% | -20.32% | +13.30% |
Max Drawdown (3Y)Largest decline over 3 years | -13.68% | -26.68% | +13.00% |
Max Drawdown (5Y)Largest decline over 5 years | -18.00% | -38.11% | +20.11% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -0.63% | -10.61% | +9.98% |
Average DrawdownAverage peak-to-trough decline | -5.03% | -36.53% | +31.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 7.25% | -4.97% |
Volatility
SMMV vs. UGA - Volatility Comparison
The current volatility for iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) is 2.67%, while United States Gasoline Fund, LP (UGA) has a volatility of 12.68%. This indicates that SMMV 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
| SMMV | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.67% | 12.68% | -10.01% |
Volatility (6M)Calculated over the trailing 6-month period | 6.99% | 32.51% | -25.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.73% | 36.42% | -26.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.45% | 34.68% | -21.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.61% | 37.30% | -21.69% |
SMMV vs. UGA - Expense Ratio Comparison
SMMV has a 0.20% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
SMMV vs. UGA - Dividend Comparison
SMMV's dividend yield for the trailing twelve months is around 1.65%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF | 1.65% | 1.77% | 1.76% | 2.30% | 1.67% | 1.08% | 1.39% | 1.64% | 1.72% | 1.63% | 0.79% |
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% |
Frequently Asked Questions
SMMV 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 (12.68%) compared to SMMV (2.67%). In terms of maximum drawdown, SMMV dropped -38.77% vs UGA's -86.59%.
On 5-year performance, UGA leads with 25.31% vs 6.54% for SMMV. On fees, SMMV is cheaper at 0.20% per year. On volatility, SMMV has been the lower-risk option at 2.67%. 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 6.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMMV is cheaper with a 0.20% expense ratio, compared with 1.02% for UGA.
SMMV has the higher dividend yield at 1.65%, compared with 0.00% for UGA.
SMMV is categorized as Small Cap Blend Equities, while UGA is Oil & Gas. SMMV tracks MSCI USA Small Cap Minimum Volatility (USD) Index, while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. They also come from different issuers: iShares and USCF. Their fees differ too: 0.20% for SMMV and 1.02% for UGA.
UGA currently has the higher Sharpe Ratio (2.16 vs 1.72), 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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