UGA vs. CPER
UGA (United States Gasoline Fund LP) and CPER (United States Copper Index Fund) are both exchange-traded funds - UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline, while CPER is a Metals fund tracking the SummerHaven Copper Index Total Return. Both are passively managed. Over the past 10 years, UGA returned 14.27%/yr vs 10.97%/yr for CPER. At a 0.22 correlation, their price movements are largely independent. UGA charges 0.75%/yr vs 1.06%/yr for CPER.
Performance
UGA vs. CPER - Performance Comparison
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Returns By Period
In the year-to-date period, UGA achieves a 70.69% return, which is significantly higher than CPER's 13.64% return. Over the past 10 years, UGA has outperformed CPER with an annualized return of 14.27%, while CPER has yielded a comparatively lower 10.97% annualized return.
UGA
- 1D
- -2.73%
- 1M
- -12.25%
- YTD
- 70.69%
- 6M
- 59.72%
- 1Y
- 79.48%
- 3Y*
- 20.80%
- 5Y*
- 24.41%
- 10Y*
- 14.27%
CPER
- 1D
- 0.79%
- 1M
- 9.36%
- YTD
- 13.64%
- 6M
- 20.98%
- 1Y
- 30.22%
- 3Y*
- 19.73%
- 5Y*
- 7.38%
- 10Y*
- 10.97%
UGA vs. CPER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGA United States Gasoline Fund LP | 70.69% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
CPER United States Copper Index Fund | 13.64% | 38.95% | 4.23% | 4.55% | -15.14% | 25.21% | 23.90% | 6.66% | -21.91% | 28.80% |
Correlation
The correlation between UGA and CPER is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2011 | 0.22 |
The correlation between UGA and CPER shifts across timeframes, from -0.09 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UGA vs. CPER — Risk / Return Rank
UGA
CPER
UGA vs. CPER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund LP (UGA) and United States Copper Index Fund (CPER). 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.
| UGA | CPER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.39 | ||
| Sortino ratioReturn per unit of downside risk | +1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.21 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 5.37 | 1.23 | +4.14 |
| Martin ratioReturn relative to average drawdown | 12.86 | 2.54 | +10.32 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UGA | CPER | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.27 | 0.88 | +1.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.27 | +0.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | 0.46 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.14 | -0.02 |
Drawdowns
UGA vs. CPER - Drawdown Comparison
The maximum UGA drawdown since its inception was -86.59%, which is greater than CPER's maximum drawdown of -54.04%. Use the drawdown chart below to compare losses from any high point for UGA and CPER.
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Drawdown Indicators
| UGA | CPER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.59% | -54.04% | -32.55% |
Max Drawdown (1Y)Largest decline over 1 year | -14.88% | -24.77% | +9.89% |
Max Drawdown (3Y)Largest decline over 3 years | -26.68% | -24.77% | -1.91% |
Max Drawdown (5Y)Largest decline over 5 years | -38.11% | -34.75% | -3.36% |
Max Drawdown (10Y)Largest decline over 10 years | -75.89% | -38.42% | -37.47% |
Current DrawdownCurrent decline from peak | -14.75% | -2.14% | -12.61% |
Average DrawdownAverage peak-to-trough decline | -36.76% | -25.40% | -11.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.20% | 11.93% | -5.73% |
Volatility
UGA vs. CPER - Volatility Comparison
United States Gasoline Fund LP (UGA) has a higher volatility of 11.64% compared to United States Copper Index Fund (CPER) at 9.60%. This indicates that UGA's price experiences larger fluctuations and is considered to be riskier than CPER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGA | CPER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.64% | 9.60% | +2.04% |
Volatility (6M)Calculated over the trailing 6-month period | 30.48% | 22.85% | +7.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.27% | 34.49% | +0.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.40% | 26.97% | +7.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.27% | 24.04% | +13.23% |
UGA vs. CPER - Expense Ratio Comparison
UGA has a 0.75% expense ratio, which is lower than CPER's 1.06% expense ratio.
Dividends
UGA vs. CPER - Dividend Comparison
Neither UGA nor CPER has paid dividends to shareholders.
Frequently Asked Questions
UGA and CPER have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.64%) compared to CPER (9.60%). In terms of maximum drawdown, UGA dropped -86.59% vs CPER's -54.04%.
On 10-year performance, UGA leads with 14.27% vs 10.97% for CPER. On fees, UGA is cheaper at 0.75% per year. On volatility, CPER has been the lower-risk option at 9.60%. 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 14.27% return vs 10.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 1.06% for CPER.
UGA and CPER have nearly identical dividend yields, around 0.00%.
UGA is categorized as Oil & Gas, while CPER is Metals. UGA tracks Front Month Unleaded Gasoline, while CPER tracks SummerHaven Copper Index Total Return. They also come from different issuers: Concierge Technologies and USCF. Their fees differ too: 0.75% for UGA and 1.06% for CPER.
UGA currently has the higher Sharpe Ratio (2.27 vs 0.88), 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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