SPXN vs. UGA
SPXN (ProShares S&P 500 Ex-Financials ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - SPXN is a S&P 500 fund tracking the S&P 500 Ex-Financials and Real Estate Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, SPXN returned 15.79%/yr vs 13.99%/yr for UGA. At a 0.13 correlation, their price movements are largely independent. SPXN charges 0.09%/yr vs 0.75%/yr for UGA.
Performance
SPXN vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, SPXN achieves a 8.93% return, which is significantly lower than UGA's 59.54% return. Over the past 10 years, SPXN has outperformed UGA with an annualized return of 15.79%, while UGA has yielded a comparatively lower 13.99% annualized return.
SPXN
- 1D
- -0.53%
- 1M
- -2.48%
- YTD
- 8.93%
- 6M
- 7.76%
- 1Y
- 24.75%
- 3Y*
- 20.84%
- 5Y*
- 13.53%
- 10Y*
- 15.79%
UGA
- 1D
- -2.77%
- 1M
- -14.54%
- YTD
- 59.54%
- 6M
- 55.91%
- 1Y
- 62.68%
- 3Y*
- 17.85%
- 5Y*
- 22.22%
- 10Y*
- 13.99%
SPXN vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXN ProShares S&P 500 Ex-Financials ETF | 8.93% | 18.74% | 24.35% | 28.57% | -18.87% | 27.04% | 22.15% | 31.50% | -3.85% | 20.84% |
UGA United States Gasoline Fund LP | 59.54% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between SPXN and UGA is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015 | 0.13 |
The correlation between SPXN and UGA shifts across timeframes, from -0.19 (1 year) to 0.14 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPXN vs. UGA — Risk / Return Rank
SPXN
UGA
SPXN vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Financials ETF (SPXN) 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.
| SPXN | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.31 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | 3.10 | -0.42 |
| Martin ratioReturn relative to average drawdown | 11.51 | 9.66 | +1.84 |
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Drawdowns
SPXN vs. UGA - Drawdown Comparison
The maximum SPXN drawdown since its inception was -32.10%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for SPXN and UGA.
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Drawdown Indicators
| SPXN | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.10% | -86.59% | +54.49% |
Max Drawdown (1Y)Largest decline over 1 year | -9.26% | -20.32% | +11.06% |
Max Drawdown (3Y)Largest decline over 3 years | -19.56% | -26.68% | +7.12% |
Max Drawdown (5Y)Largest decline over 5 years | -24.47% | -38.11% | +13.64% |
Max Drawdown (10Y)Largest decline over 10 years | -32.10% | -75.89% | +43.79% |
Current DrawdownCurrent decline from peak | -4.65% | -20.32% | +15.67% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -36.69% | +32.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 6.51% | -4.35% |
Volatility
SPXN vs. UGA - Volatility Comparison
The current volatility for ProShares S&P 500 Ex-Financials ETF (SPXN) is 5.37%, while United States Gasoline Fund LP (UGA) has a volatility of 9.45%. This indicates that SPXN 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
| SPXN | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.37% | 9.45% | -4.08% |
Volatility (6M)Calculated over the trailing 6-month period | 10.72% | 30.74% | -20.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.50% | 34.84% | -21.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.30% | 34.47% | -17.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.72% | 37.22% | -19.50% |
SPXN vs. UGA - Expense Ratio Comparison
SPXN has a 0.09% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
SPXN vs. UGA - Dividend Comparison
SPXN's dividend yield for the trailing twelve months is around 0.91%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXN ProShares S&P 500 Ex-Financials ETF | 0.91% | 0.98% | 1.12% | 1.19% | 1.35% | 0.94% | 1.09% | 1.41% | 1.76% | 1.54% | 2.60% | 0.52% |
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
SPXN and UGA have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.45%) compared to SPXN (5.37%). In terms of maximum drawdown, SPXN dropped -32.10% vs UGA's -86.59%.
On 10-year performance, SPXN leads with 15.79% vs 13.99% for UGA. On fees, SPXN is cheaper at 0.09% per year. On volatility, SPXN has been the lower-risk option at 5.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXN has performed better with a 15.79% return vs 13.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXN is cheaper with a 0.09% expense ratio, compared with 0.75% for UGA.
SPXN has the higher dividend yield at 0.91%, compared with 0.00% for UGA.
SPXN is categorized as S&P 500, while UGA is Oil & Gas. SPXN tracks S&P 500 Ex-Financials and Real Estate Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.09% for SPXN and 0.75% for UGA.
SPXN currently has the higher Sharpe Ratio (1.85 vs 1.82), 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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