UGA vs. GTO
UGA (United States Gasoline Fund LP) and GTO (Invesco Total Return Bond ETF) are both exchange-traded funds - UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline, while GTO is a Intermediate Core-Plus Bond fund actively managed by Invesco. UGA is passively managed, while GTO is actively managed. Over the past 10 years, UGA returned 14.43%/yr vs 2.93%/yr for GTO. At a correlation of -0.10, they often move in opposite directions. UGA charges 0.75%/yr vs 0.35%/yr for GTO.
Performance
UGA vs. GTO - Performance Comparison
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Returns By Period
In the year-to-date period, UGA achieves a 75.49% return, which is significantly higher than GTO's 0.68% return. Over the past 10 years, UGA has outperformed GTO with an annualized return of 14.43%, while GTO has yielded a comparatively lower 2.93% annualized return.
UGA
- 1D
- -0.19%
- 1M
- -12.35%
- YTD
- 75.49%
- 6M
- 64.35%
- 1Y
- 80.94%
- 3Y*
- 22.21%
- 5Y*
- 25.10%
- 10Y*
- 14.43%
GTO
- 1D
- -0.15%
- 1M
- 0.49%
- YTD
- 0.68%
- 6M
- 0.69%
- 1Y
- 6.41%
- 3Y*
- 4.86%
- 5Y*
- 0.07%
- 10Y*
- 2.93%
UGA vs. GTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGA United States Gasoline Fund LP | 75.49% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
GTO Invesco Total Return Bond ETF | 0.68% | 7.17% | 2.63% | 5.95% | -14.77% | -0.38% | 10.86% | 11.65% | -0.26% | 7.41% |
Correlation
The correlation between UGA and GTO is -0.41, 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 | -0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2016 | -0.10 |
Over the past year, the inverse relationship between UGA and GTO has strengthened: their correlation has moved from -0.10 to -0.41, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
UGA vs. GTO — Risk / Return Rank
UGA
GTO
UGA vs. GTO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund LP (UGA) and Invesco Total Return Bond ETF (GTO). 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 | GTO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.35 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 5.47 | 2.36 | +3.11 |
| Martin ratioReturn relative to average drawdown | 13.25 | 7.50 | +5.75 |
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 | GTO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.32 | 1.88 | +0.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 0.01 | +0.72 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | 0.53 | -0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.52 | -0.40 |
Drawdowns
UGA vs. GTO - Drawdown Comparison
The maximum UGA drawdown since its inception was -86.59%, which is greater than GTO's maximum drawdown of -20.61%. Use the drawdown chart below to compare losses from any high point for UGA and GTO.
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Drawdown Indicators
| UGA | GTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.59% | -20.61% | -65.98% |
Max Drawdown (1Y)Largest decline over 1 year | -14.88% | -2.73% | -12.15% |
Max Drawdown (3Y)Largest decline over 3 years | -26.68% | -5.98% | -20.70% |
Max Drawdown (5Y)Largest decline over 5 years | -38.11% | -20.61% | -17.50% |
Max Drawdown (10Y)Largest decline over 10 years | -75.89% | -20.61% | -55.28% |
Current DrawdownCurrent decline from peak | -12.35% | -1.62% | -10.73% |
Average DrawdownAverage peak-to-trough decline | -36.76% | -4.80% | -31.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.13% | 0.86% | +5.27% |
Volatility
UGA vs. GTO - Volatility Comparison
United States Gasoline Fund LP (UGA) has a higher volatility of 11.66% compared to Invesco Total Return Bond ETF (GTO) at 1.19%. This indicates that UGA's price experiences larger fluctuations and is considered to be riskier than GTO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGA | GTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.66% | 1.19% | +10.47% |
Volatility (6M)Calculated over the trailing 6-month period | 30.41% | 2.50% | +27.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.14% | 3.43% | +31.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.38% | 5.68% | +28.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.27% | 5.58% | +31.69% |
UGA vs. GTO - Expense Ratio Comparison
UGA has a 0.75% expense ratio, which is higher than GTO's 0.35% expense ratio.
Dividends
UGA vs. GTO - Dividend Comparison
UGA has not paid dividends to shareholders, while GTO's dividend yield for the trailing twelve months is around 4.76%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GTO Invesco Total Return Bond ETF | 4.76% | 4.70% | 4.42% | 4.05% | 3.47% | 1.93% | 4.04% | 2.97% | 5.25% | 2.81% | 2.57% |
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% |
Frequently Asked Questions
UGA and GTO have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.66%) compared to GTO (1.19%). In terms of maximum drawdown, UGA dropped -86.59% vs GTO's -20.61%.
On 10-year performance, UGA leads with 14.43% vs 2.93% for GTO. On fees, GTO is cheaper at 0.35% per year. On volatility, GTO has been the lower-risk option at 1.19%. 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 14.43% return vs 2.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GTO is cheaper with a 0.35% expense ratio, compared with 0.75% for UGA.
GTO has the higher dividend yield at 4.76%, compared with 0.00% for UGA.
UGA is categorized as Oil & Gas, while GTO is Intermediate Core-Plus Bond. They also come from different issuers: Concierge Technologies and Invesco. Their fees differ too: 0.75% for UGA and 0.35% for GTO.
UGA currently has the higher Sharpe Ratio (2.32 vs 1.88), 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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