SRLN vs. UGA
SRLN (State Street Blackstone Senior Loan ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - SRLN is a Bank Loan fund actively managed by State Street, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. SRLN is actively managed, while UGA is passively managed. Over the past 10 years, SRLN returned 4.54%/yr vs 14.31%/yr for UGA. At a 0.14 correlation, their price movements are largely independent. SRLN charges 0.70%/yr vs 0.75%/yr for UGA.
Performance
SRLN vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, SRLN achieves a 0.48% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, SRLN has underperformed UGA with an annualized return of 4.54%, while UGA has yielded a comparatively higher 14.31% annualized return.
SRLN
- 1D
- -0.15%
- 1M
- 0.11%
- YTD
- 0.48%
- 6M
- 0.74%
- 1Y
- 5.02%
- 3Y*
- 7.38%
- 5Y*
- 4.48%
- 10Y*
- 4.54%
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%
SRLN vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SRLN State Street Blackstone Senior Loan ETF | 0.48% | 6.77% | 8.43% | 11.62% | -5.30% | 4.49% | 3.13% | 10.03% | -0.66% | 3.39% |
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 SRLN and UGA is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2013 | 0.14 |
The correlation between SRLN and UGA shifts across timeframes, from -0.15 (1 year) to 0.16 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
SRLN vs. UGA — Risk / Return Rank
SRLN
UGA
SRLN vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Blackstone Senior Loan ETF (SRLN) 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.
| SRLN | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.30 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 3.17 | -1.62 |
| Martin ratioReturn relative to average drawdown | 5.72 | 9.39 | -3.67 |
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Drawdowns
SRLN vs. UGA - Drawdown Comparison
The maximum SRLN drawdown since its inception was -22.29%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for SRLN and UGA.
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Drawdown Indicators
| SRLN | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.29% | -86.59% | +64.30% |
Max Drawdown (1Y)Largest decline over 1 year | -3.26% | -18.96% | +15.70% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -26.68% | +22.42% |
Max Drawdown (5Y)Largest decline over 5 years | -7.93% | -38.11% | +30.18% |
Max Drawdown (10Y)Largest decline over 10 years | -22.29% | -75.89% | +53.60% |
Current DrawdownCurrent decline from peak | -0.32% | -18.05% | +17.73% |
Average DrawdownAverage peak-to-trough decline | -1.10% | -36.69% | +35.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 6.43% | -5.55% |
Volatility
SRLN vs. UGA - Volatility Comparison
The current volatility for State Street Blackstone Senior Loan ETF (SRLN) is 0.62%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that SRLN 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
| SRLN | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 9.24% | -8.62% |
Volatility (6M)Calculated over the trailing 6-month period | 2.67% | 30.57% | -27.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.91% | 35.22% | -32.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.92% | 34.45% | -30.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.06% | 37.22% | -31.16% |
SRLN vs. UGA - Expense Ratio Comparison
SRLN has a 0.70% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
SRLN vs. UGA - Dividend Comparison
SRLN's dividend yield for the trailing twelve months is around 7.51%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SRLN State Street Blackstone Senior Loan ETF | 7.51% | 7.67% | 8.58% | 8.44% | 5.72% | 4.45% | 4.91% | 5.39% | 4.98% | 4.01% | 3.94% | 4.43% |
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
SRLN and UGA have a correlation of -0.15, 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 SRLN (0.62%). In terms of maximum drawdown, SRLN dropped -22.29% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 4.54% for SRLN. On fees, SRLN is cheaper at 0.70% per year. On volatility, SRLN has been the lower-risk option at 0.62%. 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 14.31% return vs 4.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SRLN is cheaper with a 0.70% expense ratio, compared with 0.75% for UGA.
SRLN has the higher dividend yield at 7.51%, compared with 0.00% for UGA.
SRLN is categorized as Bank Loan, while UGA is Oil & Gas. They also come from different issuers: State Street and Concierge Technologies. Their fees differ too: 0.70% for SRLN and 0.75% for UGA.
SRLN currently has the higher Sharpe Ratio (1.73 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.
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