UGA vs. USL
UGA (United States Gasoline Fund LP) and USL (United States 12 Month Oil Fund LP) are both Oil & Gas funds from Concierge Technologies - UGA tracks the Front Month Unleaded Gasoline while USL tracks the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, UGA returned 14.43%/yr vs 10.91%/yr for USL. Their correlation of 0.81 suggests significant overlap in exposure. UGA charges 0.75%/yr vs 0.88%/yr for USL.
Performance
UGA vs. USL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UGA achieves a 75.49% return, which is significantly higher than USL's 63.07% return. Over the past 10 years, UGA has outperformed USL with an annualized return of 14.43%, while USL has yielded a comparatively lower 10.91% 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%
USL
- 1D
- 1.55%
- 1M
- -1.61%
- YTD
- 63.07%
- 6M
- 59.66%
- 1Y
- 57.86%
- 3Y*
- 18.42%
- 5Y*
- 17.41%
- 10Y*
- 10.91%
UGA vs. USL - 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% |
USL United States 12 Month Oil Fund LP | 63.07% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -14.15% | 2.55% |
Correlation
The correlation between UGA and USL 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 | 0.86 |
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 Feb 29, 2008 | 0.81 |
The correlation between UGA and USL 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. USL — Risk / Return Rank
UGA
USL
UGA vs. USL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund LP (UGA) and United States 12 Month Oil Fund LP (USL). 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 | USL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.34 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 5.47 | 3.47 | +2.00 |
| Martin ratioReturn relative to average drawdown | 13.25 | 7.02 | +6.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| UGA | USL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.32 | 2.04 | +0.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 0.58 | +0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | 0.34 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.01 | +0.11 |
Drawdowns
UGA vs. USL - Drawdown Comparison
The maximum UGA drawdown since its inception was -86.59%, roughly equal to the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for UGA and USL.
Loading charts...
Drawdown Indicators
| UGA | USL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.59% | -89.06% | +2.47% |
Max Drawdown (1Y)Largest decline over 1 year | -14.88% | -16.76% | +1.88% |
Max Drawdown (3Y)Largest decline over 3 years | -26.68% | -23.33% | -3.35% |
Max Drawdown (5Y)Largest decline over 5 years | -38.11% | -33.82% | -4.29% |
Max Drawdown (10Y)Largest decline over 10 years | -75.89% | -66.02% | -9.87% |
Current DrawdownCurrent decline from peak | -12.35% | -38.16% | +25.81% |
Average DrawdownAverage peak-to-trough decline | -36.76% | -61.46% | +24.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.13% | 8.27% | -2.14% |
Volatility
UGA vs. USL - Volatility Comparison
United States Gasoline Fund LP (UGA) has a higher volatility of 11.66% compared to United States 12 Month Oil Fund LP (USL) at 10.53%. This indicates that UGA's price experiences larger fluctuations and is considered to be riskier than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UGA | USL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.66% | 10.53% | +1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 30.41% | 23.33% | +7.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.14% | 28.54% | +6.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.38% | 30.08% | +4.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.27% | 32.35% | +4.92% |
UGA vs. USL - Expense Ratio Comparison
UGA has a 0.75% expense ratio, which is lower than USL's 0.88% expense ratio.
Dividends
UGA vs. USL - Dividend Comparison
Neither UGA nor USL has paid dividends to shareholders.
Frequently Asked Questions
UGA and USL 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.
UGA has higher volatility (11.66%) compared to USL (10.53%). In terms of maximum drawdown, UGA dropped -86.59% vs USL's -89.06%.
On 10-year performance, UGA leads with 14.43% vs 10.91% for USL. On fees, UGA is cheaper at 0.75% per year. On volatility, USL has been the lower-risk option at 10.53%. 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 10.91%. 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 0.88% for USL.
UGA and USL have nearly identical dividend yields, around 0.00%.
UGA tracks Front Month Unleaded Gasoline, while USL tracks 12 Month Light Sweet Crude Oil. Their fees differ too: 0.75% for UGA and 0.88% for USL.
UGA currently has the higher Sharpe Ratio (2.32 vs 2.04), 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 USL
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