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UGA vs. MGK
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UGA vs. MGK

Last updated Jun 5, 2026

UGA (United States Gasoline Fund LP) and MGK (Vanguard Mega Cap Growth ETF) are both exchange-traded funds - UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline, while MGK is a Large Cap Growth Equities fund tracking the CRSP US Mega Cap Growth Index. Both are passively managed. Over the past 10 years, UGA returned 14.27%/yr vs 19.22%/yr for MGK. At a 0.22 correlation, their price movements are largely independent. UGA charges 0.75%/yr vs 0.05%/yr for MGK.

Performance

UGA vs. MGK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Gasoline Fund LP (UGA) and Vanguard Mega Cap Growth ETF (MGK). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UGA achieves a 70.69% return, which is significantly higher than MGK's 10.16% return. Over the past 10 years, UGA has underperformed MGK with an annualized return of 14.27%, while MGK has yielded a comparatively higher 19.22% 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%

MGK

1D
0.13%
1M
6.68%
YTD
10.16%
6M
9.47%
1Y
29.81%
3Y*
26.86%
5Y*
16.28%
10Y*
19.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UGA vs. MGK - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
MGK
Vanguard Mega Cap Growth ETF		10.16%20.67%32.94%51.67%-33.59%28.58%41.01%37.38%-2.91%29.49%

Correlation

The correlation between UGA and MGK is -0.24, 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

-0.24

Correlation (3Y)
Calculated over the trailing 3-year period

-0.06

Correlation (5Y)
Calculated over the trailing 5-year period

0.03

Correlation (10Y)
Calculated over the trailing 10-year period

0.13

Correlation (All Time)
Calculated using the full available price history since Feb 29, 2008

0.22

The correlation between UGA and MGK shifts across timeframes, from -0.24 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

United States Gasoline Fund LP

Vanguard Mega Cap Growth ETF

Often compared with UGA:
UGA vs. URAUGA vs. FCGUGA vs. QQQUGA vs. VOOUGA vs. USOUGA vs. SPYUGA vs. FNGS
Often compared with MGK:
MGK vs. VGTMGK vs. VUGMGK vs. QQQMGK vs. SCHGMGK vs. MAGSMGK vs. MGCMGK vs. MGV

Return for Risk

UGA vs. MGK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UGA
UGA Risk / Return Rank: 7070
Overall Rank
UGA Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
UGA Sortino Ratio Rank: 5858
Sortino Ratio Rank
UGA Omega Ratio Rank: 6262
Omega Ratio Rank
UGA Calmar Ratio Rank: 8989
Calmar Ratio Rank
UGA Martin Ratio Rank: 7070
Martin Ratio Rank
MGK
MGK Risk / Return Rank: 4747
Overall Rank
MGK Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
MGK Sortino Ratio Rank: 5252
Sortino Ratio Rank
MGK Omega Ratio Rank: 5252
Omega Ratio Rank
MGK Calmar Ratio Rank: 3737
Calmar Ratio Rank
MGK Martin Ratio Rank: 4040
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UGA vs. MGK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund LP (UGA) and Vanguard Mega Cap Growth ETF (MGK). 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.

UGAMGKDifference
Sharpe ratioReturn per unit of total volatility
2.27
1.85

+0.42

Sortino ratioReturn per unit of downside risk
2.71
2.51

+0.20

Omega ratioGain probability vs. loss probability

1.37

1.32

+0.05

Calmar ratioReturn relative to maximum drawdown

5.37

1.78

+3.59

Martin ratioReturn relative to average drawdown

12.86

6.11

+6.75

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UGA vs. MGK - Sharpe Ratio Comparison

The current UGA Sharpe Ratio is 2.27, which is comparable to the MGK Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of UGA and MGK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UGAMGKDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.27

1.85

+0.42

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.71

0.72

-0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.38

0.88

-0.50

Sharpe Ratio (All Time)

Calculated using the full available price history

0.12

0.66

-0.54

Drawdowns

UGA vs. MGK - Drawdown Comparison

The maximum UGA drawdown since its inception was -86.59%, which is greater than MGK's maximum drawdown of -47.97%. Use the drawdown chart below to compare losses from any high point for UGA and MGK.

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Drawdown Indicators

UGAMGKDifference

Max Drawdown

Largest peak-to-trough decline

-86.59%

-47.97%

-38.62%

Max Drawdown (1Y)

Largest decline over 1 year

-14.88%

-16.85%

+1.97%

Max Drawdown (3Y)

Largest decline over 3 years

-26.68%

-23.36%

-3.32%

Max Drawdown (5Y)

Largest decline over 5 years

-38.11%

-36.01%

-2.10%

Max Drawdown (10Y)

Largest decline over 10 years

-75.89%

-36.01%

-39.88%

Current Drawdown

Current decline from peak

-14.75%

-1.30%

-13.45%

Average Drawdown

Average peak-to-trough decline

-36.76%

-7.47%

-29.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.20%

4.89%

+1.31%

Volatility

UGA vs. MGK - Volatility Comparison

United States Gasoline Fund LP (UGA) has a higher volatility of 11.64% compared to Vanguard Mega Cap Growth ETF (MGK) at 4.00%. This indicates that UGA's price experiences larger fluctuations and is considered to be riskier than MGK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UGAMGKDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.64%

4.00%

+7.64%

Volatility (6M)

Calculated over the trailing 6-month period

30.48%

12.36%

+18.12%

Volatility (1Y)

Calculated over the trailing 1-year period

35.27%

16.22%

+19.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

34.40%

22.62%

+11.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

37.27%

21.88%

+15.39%

UGA vs. MGK - Expense Ratio Comparison

UGA has a 0.75% expense ratio, which is higher than MGK's 0.05% expense ratio.

Dividends

UGA vs. MGK - Dividend Comparison

UGA has not paid dividends to shareholders, while MGK's dividend yield for the trailing twelve months is around 0.32%.

PositionTTM20252024202320222021202020192018201720162015
MGK
Vanguard Mega Cap Growth ETF		0.32%0.35%0.43%0.50%0.70%0.41%0.65%0.85%1.12%1.23%1.53%1.43%
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

UGA and MGK have a correlation of -0.24, 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 MGK (4.00%). In terms of maximum drawdown, UGA dropped -86.59% vs MGK's -47.97%.

On 10-year performance, MGK leads with 19.22% vs 14.27% for UGA. On fees, MGK is cheaper at 0.05% per year. On volatility, MGK has been the lower-risk option at 4.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, MGK has performed better with a 19.22% return vs 14.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MGK is cheaper with a 0.05% expense ratio, compared with 0.75% for UGA.

MGK has the higher dividend yield at 0.32%, compared with 0.00% for UGA.

UGA is categorized as Oil & Gas, while MGK is Large Cap Growth Equities. UGA tracks Front Month Unleaded Gasoline, while MGK tracks CRSP US Mega Cap Growth Index. They also come from different issuers: Concierge Technologies and Vanguard. Their fees differ too: 0.75% for UGA and 0.05% for MGK.

UGA currently has the higher Sharpe Ratio (2.27 vs 1.85), 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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