UGA vs. OXY

Last updated Jun 5, 2026

UGA (United States Gasoline Fund LP) is Oil & Gas fund tracking the Front Month Unleaded Gasoline, while OXY (Occidental Petroleum Corporation) is a stock. Over the past 10 years, UGA returned 14.27%/yr vs 0.32%/yr for OXY. A 0.51 correlation means they provide meaningful diversification when combined.

Performance

UGA vs. OXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Gasoline Fund LP (UGA) and Occidental Petroleum Corporation (OXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UGA achieves a 70.69% return, which is significantly higher than OXY's 43.36% return. Over the past 10 years, UGA has outperformed OXY with an annualized return of 14.27%, while OXY has yielded a comparatively lower 0.32% 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%

OXY

• 1D: -1.63%
• 1M: -1.13%
• YTD: 43.36%
• 6M: 38.95%
• 1Y: 43.02%
• 3Y*: 1.31%
• 5Y*: 16.50%
• 10Y*: 0.32%

*Multi-year figures are annualized to reflect compound growth (CAGR)

UGA vs. OXY - 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%
OXY Occidental Petroleum Corporation	43.36%	-14.95%	-15.91%	-4.08%	119.10%	67.71%	-56.63%	-28.28%	-13.05%	8.49%

Correlation

The correlation between UGA and OXY is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008	0.51

The correlation between UGA and OXY has been stable across timeframes, ranging from 0.51 to 0.59 - a consistent structural relationship.

Return for Risk

UGA vs. OXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UGA

UGA Risk / Return Rank: 70
UGA Sharpe Ratio Rank: 71
UGA Sortino Ratio Rank: 58
UGA Omega Ratio Rank: 62
UGA Calmar Ratio Rank: 89
UGA Martin Ratio Rank: 70

OXY

OXY Risk / Return Rank: 74
OXY Sharpe Ratio Rank: 77
OXY Sortino Ratio Rank: 72
OXY Omega Ratio Rank: 70
OXY Calmar Ratio Rank: 76
OXY Martin Ratio Rank: 74

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. OXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund LP (UGA) and Occidental Petroleum Corporation (OXY). 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	OXY	Difference
Sharpe ratio: Return per unit of total volatility	2.27	1.26	+1.01
Sortino ratio: Return per unit of downside risk	2.71	1.80	+0.91
Omega ratio: Gain probability vs. loss probability	1.37	1.23	+0.14
Calmar ratio: Return relative to maximum drawdown	5.37	2.17	+3.20
Martin ratio: Return relative to average drawdown	12.86	4.52	+8.34
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. OXY - Sharpe Ratio Comparison

The current UGA Sharpe Ratio is 2.27, which is higher than the OXY Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of UGA and OXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UGA	OXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	1.26	+1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.42	+0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.01	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.20	-0.08

Drawdowns

UGA vs. OXY - Drawdown Comparison

The maximum UGA drawdown since its inception was -86.59%, roughly equal to the maximum OXY drawdown of -88.45%. Use the drawdown chart below to compare losses from any high point for UGA and OXY.

Drawdown Indicators

	UGA	OXY	Difference
Max Drawdown Largest peak-to-trough decline	-86.59%	-88.45%	+1.86%
Max Drawdown (1Y) Largest decline over 1 year	-14.88%	-19.94%	+5.06%
Max Drawdown (3Y) Largest decline over 3 years	-26.68%	-46.94%	+20.26%
Max Drawdown (5Y) Largest decline over 5 years	-38.11%	-50.77%	+12.66%
Max Drawdown (10Y) Largest decline over 10 years	-75.89%	-88.39%	+12.50%
Current Drawdown Current decline from peak	-14.75%	-18.56%	+3.81%
Average Drawdown Average peak-to-trough decline	-36.76%	-20.15%	-16.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.20%	9.55%	-3.35%

Volatility

UGA vs. OXY - Volatility Comparison

The current volatility for United States Gasoline Fund LP (UGA) is 11.64%, while Occidental Petroleum Corporation (OXY) has a volatility of 12.36%. This indicates that UGA experiences smaller price fluctuations and is considered to be less risky than OXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGA	OXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.64%	12.36%	-0.72%
Volatility (6M) Calculated over the trailing 6-month period	30.48%	27.16%	+3.32%
Volatility (1Y) Calculated over the trailing 1-year period	35.27%	34.50%	+0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.40%	39.55%	-5.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.27%	48.74%	-11.47%

Dividends

UGA vs. OXY - Dividend Comparison

UGA has not paid dividends to shareholders, while OXY's dividend yield for the trailing twelve months is around 1.67%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OXY Occidental Petroleum Corporation	1.67%	2.33%	1.78%	1.21%	0.83%	0.14%	4.74%	7.62%	5.05%	4.15%	4.24%	4.39%
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

Can I hold both UGA and OXY in my portfolio?

UGA and OXY have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UGA or OXY?

OXY has higher volatility (12.36%) compared to UGA (11.64%). In terms of maximum drawdown, UGA dropped -86.59% vs OXY's -88.45%.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (2.27 vs 1.26), 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.