UGA vs. VOO
UGA (United States Gasoline Fund LP) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, UGA returned 18.03%/yr vs 15.14%/yr for VOO. Their 0.22 correlation means their historical movements had little consistent relationship. UGA charges 0.75%/yr vs 0.03%/yr for VOO.
Performance
UGA vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, UGA achieves a 91.06% return, which is significantly higher than VOO's 10.16% return. Over the past 10 years, UGA has outperformed VOO with an annualized return of 18.03%, while VOO has yielded a comparatively lower 15.14% annualized return.
UGA
- 1D
- -0.01%
- 1M
- 14.56%
- 6M
- 70.02%
- YTD
- 91.06%
- 1Y
- 88.12%
- 3Y*
- 17.55%
- 5Y*
- 25.78%
- 10Y*
- 18.03%
- ALL TIME*
- 4.82%
VOO
- 1D
- 0.71%
- 1M
- 0.26%
- 6M
- 8.58%
- YTD
- 10.16%
- 1Y
- 21.58%
- 3Y*
- 19.42%
- 5Y*
- 12.83%
- 10Y*
- 15.14%
- ALL TIME*
- 14.78%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.47M | $5.01M | $4.85M | |
| $3.82B | $3.78B | $5.44B |
UGA vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGA United States Gasoline Fund LP | 91.06% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
VOO Vanguard S&P 500 ETF | 10.16% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
Correlation
The correlation between UGA and VOO is -0.22, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.22 |
Correlation (3Y) Balances recent behavior with more history. | -0.05 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.17 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | 0.22 |
The correlation between UGA and VOO shifts across timeframes, from -0.22 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UGA vs. VOO — Risk / Return Rank
UGA
VOO
UGA vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund LP (UGA) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.79 | ||
| Sortino ratioReturn per unit of downside risk | +0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.28 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 4.12 | 2.21 | +1.91 |
| Martin ratioReturn relative to average drawdown | 11.57 | 9.44 | +2.13 |
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Drawdowns
UGA vs. VOO - Drawdown Comparison
The maximum UGA drawdown since its inception was -86.59%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for UGA and VOO.
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Drawdown Indicators
| UGA | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.59% | -33.99% | -52.60% |
Max Drawdown (1Y)Largest decline over 1 year | -20.32% | -8.90% | -11.42% |
Max Drawdown (3Y)Largest decline over 3 years | -26.68% | -18.69% | -7.99% |
Max Drawdown (5Y)Largest decline over 5 years | -38.11% | -24.52% | -13.59% |
Max Drawdown (10Y)Largest decline over 10 years | -75.89% | -33.99% | -41.90% |
Current DrawdownCurrent decline from peak | -5.63% | -1.38% | -4.25% |
Average DrawdownAverage peak-to-trough decline | -36.53% | -3.67% | -32.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.26% | 2.08% | +5.18% |
Volatility
UGA vs. VOO - Volatility Comparison
United States Gasoline Fund LP (UGA) has a higher volatility of 11.28% compared to Vanguard S&P 500 ETF (VOO) at 3.54%. This indicates that UGA's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGA | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.28% | 3.54% | +7.74% |
Volatility (6M)Calculated over the trailing 6-month period | 31.98% | 10.10% | +21.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.11% | 12.82% | +23.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.60% | 16.93% | +17.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.26% | 18.01% | +19.25% |
UGA vs. VOO - Expense Ratio Comparison
UGA has a 0.75% expense ratio, which is higher than VOO's 0.03% expense ratio.
Dividends
UGA vs. VOO - Dividend Comparison
UGA has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.07%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VOO Vanguard S&P 500 ETF | 1.07% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
UGA and VOO have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.28%) compared to VOO (3.54%). In terms of maximum drawdown, UGA dropped -86.59% vs VOO's -33.99%.
On 10-year performance, UGA leads with 18.03% vs 15.14% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.54%. 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 18.03% return vs 15.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 0.75% for UGA.
VOO has the higher dividend yield at 1.07%, compared with 0.00% for UGA.
UGA is categorized as Oil & Gas, while VOO is S&P 500. UGA tracks Front Month Unleaded Gasoline, while VOO tracks S&P 500 Index. They also come from different issuers: Concierge Technologies and Vanguard. Their fees differ too: 0.75% for UGA and 0.03% for VOO.
UGA currently has the higher Sharpe Ratio (2.32 vs 1.53), 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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