SPIP vs. UGA
SPIP (SPDR Portfolio TIPS ETF) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - SPIP is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays US Government Inflation-linked Bond Index, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past 10 years, SPIP returned 2.40%/yr vs 18.03%/yr for UGA. Their 0.01 correlation means their historical movements had little consistent relationship. SPIP charges 0.12%/yr vs 1.02%/yr for UGA.
Performance
SPIP vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, SPIP achieves a 0.37% return, which is significantly lower than UGA's 91.06% return. Over the past 10 years, SPIP has underperformed UGA with an annualized return of 2.40%, while UGA has yielded a comparatively higher 18.03% annualized return.
SPIP
- 1D
- -0.12%
- 1M
- -0.83%
- 6M
- -0.09%
- YTD
- 0.37%
- 1Y
- 1.69%
- 3Y*
- 3.64%
- 5Y*
- 0.00%
- 10Y*
- 2.40%
- ALL TIME*
- 3.46%
UGA
- 1D
- -0.01%
- 1M
- 14.56%
- 6M
- 70.02%
- YTD
- 91.06%
- 1Y
- 88.12%
- 3Y*
- 17.55%
- 5Y*
- 25.78%
- 10Y*
- 18.03%
- ALL TIME*
- 4.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.63M | $7.75M | $10.32M | |
| $6.47M | $5.01M | $4.85M |
SPIP vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 0.37% | 6.78% | 2.35% | 2.98% | -12.84% | 5.80% | 11.41% | 9.14% | -1.53% | 3.16% |
UGA United States Gasoline Fund, LP | 91.06% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between SPIP and UGA is -0.24, 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. | -0.24 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.01 |
The correlation between SPIP and UGA shifts across timeframes, from -0.24 (1 year) to 0.03 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPIP vs. UGA — Risk / Return Rank
SPIP
UGA
SPIP vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) 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.
| SPIP | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.66 | ||
| Sortino ratioReturn per unit of downside risk | -1.86 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.37 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 4.12 | -2.97 |
| Martin ratioReturn relative to average drawdown | 3.02 | 11.57 | -8.55 |
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Drawdowns
SPIP vs. UGA - Drawdown Comparison
The maximum SPIP drawdown since its inception was -15.39%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for SPIP and UGA.
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Drawdown Indicators
| SPIP | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.39% | -86.59% | +71.20% |
Max Drawdown (1Y)Largest decline over 1 year | -2.04% | -20.32% | +18.28% |
Max Drawdown (3Y)Largest decline over 3 years | -3.88% | -26.68% | +22.80% |
Max Drawdown (5Y)Largest decline over 5 years | -15.39% | -38.11% | +22.72% |
Max Drawdown (10Y)Largest decline over 10 years | -15.39% | -75.89% | +60.50% |
Current DrawdownCurrent decline from peak | -2.11% | -5.63% | +3.52% |
Average DrawdownAverage peak-to-trough decline | -4.08% | -36.53% | +32.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 7.26% | -6.49% |
Volatility
SPIP vs. UGA - Volatility Comparison
The current volatility for SPDR Portfolio TIPS ETF (SPIP) is 0.72%, while United States Gasoline Fund, LP (UGA) has a volatility of 11.28%. This indicates that SPIP 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
| SPIP | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.72% | 11.28% | -10.56% |
Volatility (6M)Calculated over the trailing 6-month period | 2.74% | 31.98% | -29.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.53% | 36.11% | -32.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.55% | 34.60% | -28.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.00% | 37.26% | -31.26% |
SPIP vs. UGA - Expense Ratio Comparison
SPIP has a 0.12% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
SPIP vs. UGA - Dividend Comparison
SPIP's dividend yield for the trailing twelve months is around 5.47%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 5.17% | 4.09% | 3.36% | 3.70% | 7.05% | 4.53% | 1.97% | 2.91% | 2.80% | 3.02% | 1.88% | 0.14% |
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
SPIP and UGA have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.28%) compared to SPIP (0.72%). In terms of maximum drawdown, SPIP dropped -15.39% vs UGA's -86.59%.
On 10-year performance, UGA leads with 18.03% vs 2.40% for SPIP. On fees, SPIP is cheaper at 0.12% per year. On volatility, SPIP has been the lower-risk option at 0.72%. 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 18.03% return vs 2.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPIP is cheaper with a 0.12% expense ratio, compared with 1.02% for UGA.
SPIP has the higher dividend yield at 5.17%, compared with 0.00% for UGA.
SPIP is categorized as Inflation-Protected Bonds, while UGA is Oil & Gas. SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index, while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. They also come from different issuers: State Street and USCF. Their fees differ too: 0.12% for SPIP and 1.02% for UGA.
UGA currently has the higher Sharpe Ratio (2.32 vs 0.66), 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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