UGA vs. SPIB
UGA (United States Gasoline Fund LP) and SPIB (SPDR Portfolio Intermediate Term Corporate Bond ETF) are both exchange-traded funds - UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline, while SPIB is a Corporate Bonds fund tracking the Bloomberg US Aggregate Credit - Corporate - Investment Grade - Intermediate. Both are passively managed. Over the past 10 years, UGA returned 14.43%/yr vs 2.86%/yr for SPIB. At a correlation of -0.08, they often move in opposite directions. UGA charges 0.75%/yr vs 0.07%/yr for SPIB.
Performance
UGA vs. SPIB - 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 SPIB's 0.46% return. Over the past 10 years, UGA has outperformed SPIB with an annualized return of 14.43%, while SPIB has yielded a comparatively lower 2.86% 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%
SPIB
- 1D
- -0.09%
- 1M
- 0.25%
- YTD
- 0.46%
- 6M
- 0.59%
- 1Y
- 5.27%
- 3Y*
- 5.79%
- 5Y*
- 1.79%
- 10Y*
- 2.86%
UGA vs. SPIB - 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% |
SPIB SPDR Portfolio Intermediate Term Corporate Bond ETF | 0.46% | 7.91% | 4.28% | 7.27% | -9.65% | -1.24% | 7.69% | 10.23% | -0.49% | 3.76% |
Correlation
The correlation between UGA and SPIB is -0.42, 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 | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2009 | -0.08 |
Over the past year, the inverse relationship between UGA and SPIB has strengthened: their correlation has moved from -0.08 to -0.42, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
UGA vs. SPIB — Risk / Return Rank
UGA
SPIB
UGA vs. SPIB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund LP (UGA) and SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB). 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 | SPIB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.34 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 5.47 | 2.62 | +2.85 |
| Martin ratioReturn relative to average drawdown | 13.25 | 9.13 | +4.12 |
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 | SPIB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.32 | 1.87 | +0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 0.40 | +0.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | 0.62 | -0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.88 | -0.76 |
Drawdowns
UGA vs. SPIB - Drawdown Comparison
The maximum UGA drawdown since its inception was -86.59%, which is greater than SPIB's maximum drawdown of -14.94%. Use the drawdown chart below to compare losses from any high point for UGA and SPIB.
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Drawdown Indicators
| UGA | SPIB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.59% | -14.94% | -71.65% |
Max Drawdown (1Y)Largest decline over 1 year | -14.88% | -2.02% | -12.86% |
Max Drawdown (3Y)Largest decline over 3 years | -26.68% | -3.18% | -23.50% |
Max Drawdown (5Y)Largest decline over 5 years | -38.11% | -14.80% | -23.31% |
Max Drawdown (10Y)Largest decline over 10 years | -75.89% | -14.94% | -60.95% |
Current DrawdownCurrent decline from peak | -12.35% | -0.78% | -11.57% |
Average DrawdownAverage peak-to-trough decline | -36.76% | -1.89% | -34.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.13% | 0.58% | +5.55% |
Volatility
UGA vs. SPIB - Volatility Comparison
United States Gasoline Fund LP (UGA) has a higher volatility of 11.66% compared to SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB) at 0.93%. This indicates that UGA's price experiences larger fluctuations and is considered to be riskier than SPIB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGA | SPIB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.66% | 0.93% | +10.73% |
Volatility (6M)Calculated over the trailing 6-month period | 30.41% | 2.09% | +28.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.14% | 2.83% | +32.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.38% | 4.47% | +29.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.27% | 4.60% | +32.67% |
UGA vs. SPIB - Expense Ratio Comparison
UGA has a 0.75% expense ratio, which is higher than SPIB's 0.07% expense ratio.
Dividends
UGA vs. SPIB - Dividend Comparison
UGA has not paid dividends to shareholders, while SPIB's dividend yield for the trailing twelve months is around 4.46%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPIB SPDR Portfolio Intermediate Term Corporate Bond ETF | 4.46% | 4.42% | 4.41% | 3.84% | 2.65% | 1.58% | 2.18% | 3.03% | 3.04% | 2.79% | 2.68% | 2.69% |
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 SPIB have a correlation of -0.42, 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 SPIB (0.93%). In terms of maximum drawdown, UGA dropped -86.59% vs SPIB's -14.94%.
On 10-year performance, UGA leads with 14.43% vs 2.86% for SPIB. On fees, SPIB is cheaper at 0.07% per year. On volatility, SPIB has been the lower-risk option at 0.93%. 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 2.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPIB is cheaper with a 0.07% expense ratio, compared with 0.75% for UGA.
SPIB has the higher dividend yield at 4.46%, compared with 0.00% for UGA.
UGA is categorized as Oil & Gas, while SPIB is Corporate Bonds. UGA tracks Front Month Unleaded Gasoline, while SPIB tracks Bloomberg US Aggregate Credit - Corporate - Investment Grade - Intermediate. They also come from different issuers: Concierge Technologies and State Street. Their fees differ too: 0.75% for UGA and 0.07% for SPIB.
UGA currently has the higher Sharpe Ratio (2.32 vs 1.87), 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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