TSPA vs. UGA
TSPA (T. Rowe Price US Equity Research ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - TSPA is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. TSPA is actively managed, while UGA is passively managed. Over the past 5 years, TSPA returned 13.72%/yr vs 22.69%/yr for UGA. At a 0.07 correlation, their price movements are largely independent. TSPA charges 0.34%/yr vs 0.75%/yr for UGA.
Performance
TSPA vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, TSPA achieves a 8.79% return, which is significantly lower than UGA's 64.09% return.
TSPA
- 1D
- -1.61%
- 1M
- -1.21%
- YTD
- 8.79%
- 6M
- 7.81%
- 1Y
- 23.69%
- 3Y*
- 21.45%
- 5Y*
- 13.72%
- 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%
TSPA vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TSPA T. Rowe Price US Equity Research ETF | 8.79% | 16.44% | 26.37% | 29.95% | -18.70% | 13.26% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 14.83% |
Correlation
The correlation between TSPA and UGA is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jun 9, 2021 | 0.07 |
The correlation between TSPA and UGA shifts across timeframes, from -0.23 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TSPA vs. UGA — Risk / Return Rank
TSPA
UGA
TSPA vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price US Equity Research ETF (TSPA) 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.
| TSPA | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.30 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 3.17 | -0.59 |
| Martin ratioReturn relative to average drawdown | 11.59 | 9.39 | +2.20 |
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Drawdowns
TSPA vs. UGA - Drawdown Comparison
The maximum TSPA drawdown since its inception was -24.72%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for TSPA and UGA.
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Drawdown Indicators
| TSPA | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.72% | -86.59% | +61.87% |
Max Drawdown (1Y)Largest decline over 1 year | -9.24% | -18.96% | +9.72% |
Max Drawdown (3Y)Largest decline over 3 years | -19.04% | -26.68% | +7.64% |
Max Drawdown (5Y)Largest decline over 5 years | -24.72% | -38.11% | +13.39% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -2.92% | -18.05% | +15.13% |
Average DrawdownAverage peak-to-trough decline | -5.45% | -36.69% | +31.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | 6.43% | -4.38% |
Volatility
TSPA vs. UGA - Volatility Comparison
The current volatility for T. Rowe Price US Equity Research ETF (TSPA) is 5.08%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that TSPA 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
| TSPA | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.08% | 9.24% | -4.16% |
Volatility (6M)Calculated over the trailing 6-month period | 10.38% | 30.57% | -20.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.00% | 35.22% | -22.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.09% | 34.45% | -17.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.04% | 37.22% | -20.18% |
TSPA vs. UGA - Expense Ratio Comparison
TSPA has a 0.34% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
TSPA vs. UGA - Dividend Comparison
TSPA's dividend yield for the trailing twelve months is around 0.57%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
TSPA T. Rowe Price US Equity Research ETF | 0.57% | 0.62% | 0.50% | 0.41% | 1.16% | 0.43% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TSPA and UGA have a correlation of -0.23, 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 TSPA (5.08%). In terms of maximum drawdown, TSPA dropped -24.72% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.69% vs 13.72% for TSPA. On fees, TSPA is cheaper at 0.34% per year. On volatility, TSPA has been the lower-risk option at 5.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 22.69% return vs 13.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TSPA is cheaper with a 0.34% expense ratio, compared with 0.75% for UGA.
TSPA has the higher dividend yield at 0.57%, compared with 0.00% for UGA.
TSPA is categorized as Large Cap Blend Equities, while UGA is Oil & Gas. They also come from different issuers: T. Rowe Price and Concierge Technologies. Their fees differ too: 0.34% for TSPA and 0.75% for UGA.
TSPA currently has the higher Sharpe Ratio (1.84 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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