SPWO vs. UGA

Last updated Jun 24, 2026

SPWO (SP Funds S&P World (ex-US) ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - SPWO is a Foreign Large Cap Equities fund tracking the S&P DM Ex-U.S. & EM 50/50 Shariah Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past year, SPWO returned 43.56% vs 59.74% for UGA. At a correlation of -0.04, they often move in opposite directions. SPWO charges 0.55%/yr vs 0.75%/yr for UGA.

Performance

SPWO vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SP Funds S&P World (ex-US) ETF (SPWO) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPWO achieves a 22.93% return, which is significantly lower than UGA's 64.09% return.

SPWO

• 1D: -4.73%
• 1M: 2.00%
• YTD: 22.93%
• 6M: 23.17%
• 1Y: 43.56%
• 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)

SPWO vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPWO SP Funds S&P World (ex-US) ETF	22.93%	26.32%	9.25%	1.36%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.77%	-4.48%

Correlation

The correlation between SPWO and UGA is -0.25, 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	-0.25
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	-0.04

Over the past year, the inverse relationship between SPWO and UGA has strengthened: their correlation has moved from -0.04 to -0.25, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

SPWO vs. UGA — Risk / Return Rank

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

SPWO

SPWO Risk / Return Rank: 63
SPWO Sharpe Ratio Rank: 63
SPWO Sortino Ratio Rank: 57
SPWO Omega Ratio Rank: 62
SPWO Calmar Ratio Rank: 66
SPWO Martin Ratio Rank: 67

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.

SPWO vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SP Funds S&P World (ex-US) ETF (SPWO) 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.

	SPWO	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.73	+0.27
Sortino ratio: Return per unit of downside risk	2.60	2.25	+0.35
Omega ratio: Gain probability vs. loss probability	1.36	1.30	+0.06
Calmar ratio: Return relative to maximum drawdown	3.18	3.17	+0.02
Martin ratio: Return relative to average drawdown	11.81	9.39	+2.42

SPWO vs. UGA - Sharpe Ratio Comparison

The current SPWO Sharpe Ratio is 2.00, which is comparable to the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of SPWO and UGA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPWO vs. UGA - Drawdown Comparison

The maximum SPWO drawdown since its inception was -18.03%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for SPWO and UGA.

Drawdown Indicators

	SPWO	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-18.03%	-86.59%	+68.56%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-18.96%	+5.21%
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	-4.73%	-18.05%	+13.32%
Average Drawdown Average peak-to-trough decline	-2.81%	-36.69%	+33.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.70%	6.43%	-2.73%

Volatility

SPWO vs. UGA - Volatility Comparison

SP Funds S&P World (ex-US) ETF (SPWO) has a higher volatility of 11.02% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that SPWO'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.

Volatility by Period

	SPWO	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.02%	9.24%	+1.78%
Volatility (6M) Calculated over the trailing 6-month period	19.16%	30.57%	-11.41%
Volatility (1Y) Calculated over the trailing 1-year period	21.87%	35.22%	-13.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.90%	34.45%	-14.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.90%	37.22%	-17.32%

SPWO vs. UGA - Expense Ratio Comparison

SPWO has a 0.55% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

SPWO vs. UGA - Dividend Comparison

SPWO's dividend yield for the trailing twelve months is around 1.06%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024
SPWO SP Funds S&P World (ex-US) ETF	1.06%	1.29%	1.24%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPWO and UGA in my portfolio?

SPWO and UGA have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPWO or UGA?

SPWO has higher volatility (11.02%) compared to UGA (9.24%). In terms of maximum drawdown, SPWO dropped -18.03% vs UGA's -86.59%.

Which ETF is better, SPWO or UGA?

On 1-year performance, UGA leads with 59.74% vs 43.56% for SPWO. On fees, SPWO is cheaper at 0.55% 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.

Which ETF has performed better, SPWO or UGA?

Over the 1-year period, UGA has performed better with a 59.74% return vs 43.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPWO or UGA?

SPWO is cheaper with a 0.55% expense ratio, compared with 0.75% for UGA.

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

SPWO has the higher dividend yield at 1.06%, compared with 0.00% for UGA.

What is the main difference between SPWO and UGA?

SPWO is categorized as Foreign Large Cap Equities, while UGA is Oil & Gas. SPWO tracks S&P DM Ex-U.S. & EM 50/50 Shariah Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: SP Funds and Concierge Technologies. Their fees differ too: 0.55% for SPWO and 0.75% for UGA.

Which has better risk-adjusted returns?

SPWO currently has the higher Sharpe Ratio (2.00 vs 1.73), 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.