TUR vs. UGA
TUR (iShares MSCI Turkey ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - TUR is a Emerging Markets Equities fund tracking the MSCI Turkey Investable Market Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, TUR returned 3.43%/yr vs 14.31%/yr for UGA. At a 0.16 correlation, their price movements are largely independent. TUR charges 0.59%/yr vs 0.75%/yr for UGA.
Performance
TUR vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, TUR achieves a 17.67% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, TUR has underperformed UGA with an annualized return of 3.43%, while UGA has yielded a comparatively higher 14.31% annualized return.
TUR
- 1D
- -1.23%
- 1M
- 2.95%
- YTD
- 17.67%
- 6M
- 16.33%
- 1Y
- 36.03%
- 3Y*
- 14.79%
- 5Y*
- 15.96%
- 10Y*
- 3.43%
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%
TUR vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TUR iShares MSCI Turkey ETF | 17.67% | -1.54% | 12.91% | -8.83% | 105.75% | -27.41% | -1.19% | 14.49% | -41.46% | 37.58% |
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 TUR 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 | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2008 | 0.16 |
The correlation between TUR and UGA shifts across timeframes, from -0.15 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TUR vs. UGA — Risk / Return Rank
TUR
UGA
TUR vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Turkey ETF (TUR) 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.
| TUR | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.30 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | 3.17 | -0.91 |
| Martin ratioReturn relative to average drawdown | 6.32 | 9.39 | -3.07 |
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Drawdowns
TUR vs. UGA - Drawdown Comparison
The maximum TUR drawdown since its inception was -72.34%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for TUR and UGA.
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Drawdown Indicators
| TUR | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.34% | -86.59% | +14.25% |
Max Drawdown (1Y)Largest decline over 1 year | -16.07% | -18.96% | +2.89% |
Max Drawdown (3Y)Largest decline over 3 years | -31.63% | -26.68% | -4.95% |
Max Drawdown (5Y)Largest decline over 5 years | -31.63% | -38.11% | +6.48% |
Max Drawdown (10Y)Largest decline over 10 years | -59.25% | -75.89% | +16.64% |
Current DrawdownCurrent decline from peak | -25.94% | -18.05% | -7.89% |
Average DrawdownAverage peak-to-trough decline | -39.86% | -36.69% | -3.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.72% | 6.43% | -0.71% |
Volatility
TUR vs. UGA - Volatility Comparison
iShares MSCI Turkey ETF (TUR) has a higher volatility of 10.32% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that TUR'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.
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Volatility by Period
| TUR | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.32% | 9.24% | +1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 20.48% | 30.57% | -10.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.50% | 35.22% | -9.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.16% | 34.45% | -0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.30% | 37.22% | -2.92% |
TUR vs. UGA - Expense Ratio Comparison
TUR has a 0.59% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
TUR vs. UGA - Dividend Comparison
TUR's dividend yield for the trailing twelve months is around 2.10%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TUR iShares MSCI Turkey ETF | 2.10% | 2.40% | 1.79% | 4.43% | 1.97% | 4.22% | 0.87% | 3.29% | 4.05% | 2.64% | 2.89% | 3.04% |
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
TUR 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.
TUR has higher volatility (10.32%) compared to UGA (9.24%). In terms of maximum drawdown, TUR dropped -72.34% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 3.43% for TUR. On fees, TUR is cheaper at 0.59% 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.
Over the 10-year period, UGA has performed better with a 14.31% return vs 3.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TUR is cheaper with a 0.59% expense ratio, compared with 0.75% for UGA.
TUR has the higher dividend yield at 2.10%, compared with 0.00% for UGA.
TUR is categorized as Emerging Markets Equities, while UGA is Oil & Gas. TUR tracks MSCI Turkey Investable Market Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.59% for TUR and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 1.42), 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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