UGA vs. UCO
UGA (United States Gasoline Fund LP) and UCO (ProShares Ultra Bloomberg Crude Oil) are both Oil & Gas funds - UGA tracks the Front Month Unleaded Gasoline while UCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. Over the past 10 years, UGA returned 14.74%/yr vs 19.59%/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
Loading charts...
Returns By Period
In the year-to-date period, UGA achieves a 66.14% return, which is significantly lower than UCO's 77.33% return. Over the past 10 years, UGA has underperformed UCO with an annualized return of 14.74%, while UCO has yielded a comparatively higher 19.59% annualized return.
UGA
- 1D
- 4.14%
- 1M
- -5.40%
- YTD
- 66.14%
- 6M
- 62.36%
- 1Y
- 70.24%
- 3Y*
- 19.22%
- 5Y*
- 23.21%
- 10Y*
- 14.74%
UCO
- 1D
- 4.80%
- 1M
- -24.44%
- YTD
- 77.33%
- 6M
- 71.99%
- 1Y
- 53.08%
- 3Y*
- 14.02%
- 5Y*
- 11.51%
- 10Y*
- 19.59%
UGA vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGA United States Gasoline Fund LP | 66.14% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
UCO ProShares Ultra Bloomberg Crude Oil | 77.33% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 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 | 0.82 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| UGA | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.09 | ||
| Sortino ratioReturn per unit of downside risk | +1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.18 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 3.47 | 1.44 | +2.04 |
| Martin ratioReturn relative to average drawdown | 10.69 | 3.23 | +7.45 |
Loading charts...
Drawdowns
UGA vs. UCO - Drawdown Comparison
The maximum UGA drawdown since its inception was -86.59%, smaller than the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for UGA and UCO.
Loading charts...
Drawdown Indicators
| UGA | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.59% | -99.86% | +13.27% |
Max Drawdown (1Y)Largest decline over 1 year | -20.32% | -37.09% | +16.77% |
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% | -96.50% | +20.61% |
Current DrawdownCurrent decline from peak | -17.02% | -86.24% | +69.22% |
Average DrawdownAverage peak-to-trough decline | -36.69% | -82.11% | +45.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.59% | 16.46% | -9.87% |
Volatility
UGA vs. UCO - Volatility Comparison
The current volatility for United States Gasoline Fund LP (UGA) is 8.84%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 18.06%. 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.
Loading charts...
Volatility by Period
| UGA | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.84% | 18.06% | -9.22% |
Volatility (6M)Calculated over the trailing 6-month period | 30.92% | 48.70% | -17.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.74% | 56.42% | -21.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.52% | 60.21% | -25.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.24% | 317.66% | -280.42% |
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
UGA and UCO have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (18.06%) compared to UGA (8.84%). In terms of maximum drawdown, UGA dropped -86.59% vs UCO's -99.86%.
On 10-year performance, UCO leads with 19.59% vs 14.74% for UGA. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 8.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UCO has performed better with a 19.59% return vs 14.74%. 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 tracks Front Month Unleaded Gasoline, while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil 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 (2.03 vs 0.95), 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.
Find the right allocation for UGA and UCO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer