UGA vs. UCO
UGA (United States Gasoline Fund LP) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline, while UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%). Both are passively managed. Over the past 10 years, UGA returned 14.27%/yr vs -11.98%/yr for UCO. Their correlation of 0.81 suggests significant overlap in exposure. UGA charges 0.75%/yr vs 0.95%/yr for UCO.
Performance
UGA vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, UGA achieves a 70.69% return, which is significantly lower than UCO's 139.34% return. Over the past 10 years, UGA has outperformed UCO with an annualized return of 14.27%, while UCO has yielded a comparatively lower -11.98% 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%
UCO
- 1D
- -3.93%
- 1M
- -5.57%
- YTD
- 139.34%
- 6M
- 124.58%
- 1Y
- 115.57%
- 3Y*
- 24.38%
- 5Y*
- 21.18%
- 10Y*
- -11.98%
UGA vs. UCO - 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% |
UCO ProShares Ultra Bloomberg Crude Oil | 139.34% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | -92.91% | 53.83% | -43.26% | 0.34% |
Correlation
The correlation between UGA and UCO is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | 0.81 |
The correlation between UGA and UCO has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.
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Return for Risk
UGA vs. UCO — Risk / Return Rank
UGA
UCO
UGA vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund LP (UGA) and ProShares Ultra Bloomberg Crude Oil (UCO). 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 | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.31 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 5.37 | 3.34 | +2.03 |
| Martin ratioReturn relative to average drawdown | 12.86 | 6.32 | +6.54 |
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 | UCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.27 | 2.03 | +0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.36 | +0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | -0.17 | +0.55 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | -0.34 | +0.46 |
Drawdowns
UGA vs. UCO - Drawdown Comparison
The maximum UGA drawdown since its inception was -86.59%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for UGA and UCO.
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Drawdown Indicators
| UGA | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.59% | -99.95% | +13.36% |
Max Drawdown (1Y)Largest decline over 1 year | -14.88% | -34.77% | +19.89% |
Max Drawdown (3Y)Largest decline over 3 years | -26.68% | -50.38% | +23.70% |
Max Drawdown (5Y)Largest decline over 5 years | -38.11% | -67.24% | +29.13% |
Max Drawdown (10Y)Largest decline over 10 years | -75.89% | -98.75% | +22.86% |
Current DrawdownCurrent decline from peak | -14.75% | -99.26% | +84.51% |
Average DrawdownAverage peak-to-trough decline | -36.76% | -85.49% | +48.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.20% | 18.34% | -12.14% |
Volatility
UGA vs. UCO - Volatility Comparison
The current volatility for United States Gasoline Fund LP (UGA) is 11.64%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.99%. This indicates that UGA experiences smaller price fluctuations and is considered to be less risky than UCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGA | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.64% | 20.99% | -9.35% |
Volatility (6M)Calculated over the trailing 6-month period | 30.48% | 46.57% | -16.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.27% | 57.26% | -21.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.40% | 59.81% | -25.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.27% | 71.35% | -34.08% |
UGA vs. UCO - Expense Ratio Comparison
UGA has a 0.75% expense ratio, which is lower than UCO's 0.95% expense ratio.
Dividends
UGA vs. UCO - Dividend Comparison
Neither UGA nor UCO has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.90, UGA and UCO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
UCO has higher volatility (20.99%) compared to UGA (11.64%). In terms of maximum drawdown, UGA dropped -86.59% vs UCO's -99.95%.
On 10-year performance, UGA leads with 14.27% vs -11.98% for UCO. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 11.64%. 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 -11.98%. 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 0.95% for UCO.
UGA and UCO have nearly identical dividend yields, around 0.00%.
UGA is categorized as Oil & Gas, while UCO is Leveraged Commodities. UGA tracks Front Month Unleaded Gasoline, while UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%). They also come from different issuers: Concierge Technologies and ProShares. Their fees differ too: 0.75% for UGA and 0.95% for UCO.
UGA currently has the higher Sharpe Ratio (2.27 vs 2.03), 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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