SPMV vs. UGA

Last updated Jun 24, 2026

SPMV (Invesco S&P 500 Minimum Variance ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - SPMV is a S&P 500 fund tracking the S&P 500 Minimum Volatility Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. At a 0.13 correlation, their price movements are largely independent. SPMV charges 0.10%/yr vs 0.75%/yr for UGA.

Performance

SPMV vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Minimum Variance ETF (SPMV) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPMV

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPMV vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPMV Invesco S&P 500 Minimum Variance ETF	0.87%	11.69%	18.78%	10.28%	-10.84%	24.35%	8.57%	32.13%	-6.28%	7.84%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.77%	1.27%	46.34%	68.49%	-24.88%	41.25%	-28.07%	20.05%

Correlation

The correlation between SPMV and UGA is -0.05, 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	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (All Time) Calculated using the full available price history since Aug 24, 2017	0.13

The correlation between SPMV and UGA shifts across timeframes, from -0.05 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPMV vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPMV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

UGA

UGA Risk / Return Rank: 55
UGA Sharpe Ratio Rank: 53
UGA Sortino Ratio Rank: 48
UGA Omega Ratio Rank: 49
UGA Calmar Ratio Rank: 67
UGA Martin Ratio Rank: 56

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPMV vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Minimum Variance ETF (SPMV) 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.

	SPMV	UGA	Difference
Sharpe ratio: Return per unit of total volatility	—	1.73	—
Sortino ratio: Return per unit of downside risk	—	2.25	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	3.17	—
Martin ratio: Return relative to average drawdown	—	9.39	—

Drawdowns

Drawdown Indicators

	SPMV	UGA	Difference
Max Drawdown Largest peak-to-trough decline	—	-86.59%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-18.96%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-26.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	—	-18.05%	—
Average Drawdown Average peak-to-trough decline	—	-36.69%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.43%	—

Volatility

Volatility by Period

	SPMV	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.24%	—
Volatility (6M) Calculated over the trailing 6-month period	—	30.57%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	35.22%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	34.45%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	37.22%	—

SPMV vs. UGA - Expense Ratio Comparison

SPMV has a 0.10% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

SPMV vs. UGA - Dividend Comparison

Neither SPMV nor UGA has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPMV Invesco S&P 500 Minimum Variance ETF	1.05%	1.53%	1.53%	2.28%	1.79%	1.28%	1.71%	3.13%	2.11%	1.72%
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

Can I hold both SPMV and UGA in my portfolio?

SPMV and UGA have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPMV or UGA?

On fees, SPMV is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPMV or UGA?

SPMV is cheaper with a 0.10% expense ratio, compared with 0.75% for UGA.

Which ETF pays a higher dividend yield, SPMV or UGA?

SPMV has the higher dividend yield at 1.05%, compared with 0.00% for UGA.

What is the main difference between SPMV and UGA?

SPMV is categorized as S&P 500, while UGA is Oil & Gas. SPMV tracks S&P 500 Minimum Volatility Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.10% for SPMV and 0.75% for UGA.