SPYX vs. UGA
SPYX (State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - SPYX is a S&P 500 fund tracking the S&P 500 Fossil Fuel Reserves Free Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, SPYX returned 15.61%/yr vs 14.31%/yr for UGA. At a 0.16 correlation, their price movements are largely independent. SPYX charges 0.20%/yr vs 0.75%/yr for UGA.
Performance
SPYX vs. UGA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPYX achieves a 7.48% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, SPYX has outperformed UGA with an annualized return of 15.61%, while UGA has yielded a comparatively lower 14.31% annualized return.
SPYX
- 1D
- -1.36%
- 1M
- -1.24%
- YTD
- 7.48%
- 6M
- 6.47%
- 1Y
- 23.08%
- 3Y*
- 20.64%
- 5Y*
- 12.68%
- 10Y*
- 15.61%
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%
SPYX vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF | 7.48% | 17.87% | 25.46% | 26.38% | -19.59% | 28.06% | 19.87% | 31.62% | -4.26% | 23.25% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between SPYX and UGA is -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2015 | 0.16 |
The correlation between SPYX and UGA shifts across timeframes, from -0.26 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPYX vs. UGA — Risk / Return Rank
SPYX
UGA
SPYX vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) 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.
| SPYX | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.30 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.36 | 3.17 | -0.81 |
| Martin ratioReturn relative to average drawdown | 10.49 | 9.39 | +1.10 |
Loading charts...
Drawdowns
SPYX vs. UGA - Drawdown Comparison
The maximum SPYX drawdown since its inception was -32.84%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for SPYX and UGA.
Loading charts...
Drawdown Indicators
| SPYX | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.84% | -86.59% | +53.75% |
Max Drawdown (1Y)Largest decline over 1 year | -9.84% | -18.96% | +9.12% |
Max Drawdown (3Y)Largest decline over 3 years | -18.74% | -26.68% | +7.94% |
Max Drawdown (5Y)Largest decline over 5 years | -26.14% | -38.11% | +11.97% |
Max Drawdown (10Y)Largest decline over 10 years | -32.84% | -75.89% | +43.05% |
Current DrawdownCurrent decline from peak | -3.08% | -18.05% | +14.97% |
Average DrawdownAverage peak-to-trough decline | -4.52% | -36.69% | +32.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.20% | 6.43% | -4.23% |
Volatility
SPYX vs. UGA - Volatility Comparison
The current volatility for State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) is 4.98%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that SPYX 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.
Loading charts...
Volatility by Period
| SPYX | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.98% | 9.24% | -4.26% |
Volatility (6M)Calculated over the trailing 6-month period | 10.15% | 30.57% | -20.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.82% | 35.22% | -22.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.15% | 34.45% | -17.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 37.22% | -19.19% |
SPYX vs. UGA - Expense Ratio Comparison
SPYX has a 0.20% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
SPYX vs. UGA - Dividend Comparison
SPYX's dividend yield for the trailing twelve months is around 0.88%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF | 0.88% | 0.91% | 1.05% | 1.21% | 1.41% | 1.04% | 1.33% | 1.56% | 1.92% | 1.68% | 1.91% | 0.16% |
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
SPYX and UGA have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to SPYX (4.98%). In terms of maximum drawdown, SPYX dropped -32.84% vs UGA's -86.59%.
On 10-year performance, SPYX leads with 15.61% vs 14.31% for UGA. On fees, SPYX is cheaper at 0.20% per year. On volatility, SPYX has been the lower-risk option at 4.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPYX has performed better with a 15.61% return vs 14.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPYX is cheaper with a 0.20% expense ratio, compared with 0.75% for UGA.
SPYX has the higher dividend yield at 0.88%, compared with 0.00% for UGA.
SPYX is categorized as S&P 500, while UGA is Oil & Gas. SPYX tracks S&P 500 Fossil Fuel Reserves Free Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: State Street and Concierge Technologies. Their fees differ too: 0.20% for SPYX and 0.75% for UGA.
SPYX currently has the higher Sharpe Ratio (1.81 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.
Find the right allocation for SPYX and UGA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer