PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
UGA vs. XLE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UGA vs. XLE

Last updated Jun 4, 2026

UGA (United States Gasoline Fund LP) and XLE (State Street Energy Select Sector SPDR ETF) are both exchange-traded funds - UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline, while XLE is a Energy Equities fund tracking the Energy Select Sector Index. Both are passively managed. Over the past 10 years, UGA returned 14.43%/yr vs 10.22%/yr for XLE. A 0.55 correlation means they provide meaningful diversification when combined. UGA charges 0.75%/yr vs 0.08%/yr for XLE.

Performance

UGA vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Gasoline Fund LP (UGA) and State Street Energy Select Sector SPDR ETF (XLE). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, UGA achieves a 75.49% return, which is significantly higher than XLE's 32.17% return. Over the past 10 years, UGA has outperformed XLE with an annualized return of 14.43%, while XLE has yielded a comparatively lower 10.22% 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%

XLE

1D
1.29%
1M
-1.14%
YTD
32.17%
6M
29.80%
1Y
45.00%
3Y*
17.46%
5Y*
20.44%
10Y*
10.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UGA vs. XLE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
XLE
State Street Energy Select Sector SPDR ETF		32.17%7.88%5.56%-0.63%64.32%53.28%-32.67%11.74%-18.22%-0.89%

Correlation

The correlation between UGA and XLE is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.60

Correlation (3Y)
Calculated over the trailing 3-year period

0.55

Correlation (5Y)
Calculated over the trailing 5-year period

0.58

Correlation (10Y)
Calculated over the trailing 10-year period

0.55

Correlation (All Time)
Calculated using the full available price history since Feb 29, 2008

0.55

The correlation between UGA and XLE has been stable across timeframes, ranging from 0.55 to 0.60 - 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.

United States Gasoline Fund LP

State Street Energy Select Sector SPDR ETF

Often compared with UGA:
UGA vs. URAUGA vs. FCGUGA vs. QQQUGA vs. VOOUGA vs. USOUGA vs. SPYUGA vs. FNGS
Often compared with XLE:
XLE vs. VDEXLE vs. USOXLE vs. XOPXLE vs. XLUXLE vs. XLKXLE vs. IXCXLE vs. FENY

Return for Risk

UGA vs. XLE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UGA
UGA Risk / Return Rank: 6969
Overall Rank
UGA Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
UGA Sortino Ratio Rank: 5757
Sortino Ratio Rank
UGA Omega Ratio Rank: 6060
Omega Ratio Rank
UGA Calmar Ratio Rank: 8989
Calmar Ratio Rank
UGA Martin Ratio Rank: 7171
Martin Ratio Rank
XLE
XLE Risk / Return Rank: 6363
Overall Rank
XLE Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
XLE Sortino Ratio Rank: 5959
Sortino Ratio Rank
XLE Omega Ratio Rank: 5656
Omega Ratio Rank
XLE Calmar Ratio Rank: 7373
Calmar Ratio Rank
XLE Martin Ratio Rank: 6060
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UGA vs. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund LP (UGA) and State Street Energy Select Sector SPDR ETF (XLE). 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.

UGAXLEDifference
Sharpe ratioReturn per unit of total volatility
2.32
2.21

+0.11

Sortino ratioReturn per unit of downside risk
2.75
2.84

-0.09

Omega ratioGain probability vs. loss probability

1.37

1.35

+0.02

Calmar ratioReturn relative to maximum drawdown

5.47

3.75

+1.72

Martin ratioReturn relative to average drawdown

13.25

10.92

+2.33

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UGA vs. XLE - Sharpe Ratio Comparison

The current UGA Sharpe Ratio is 2.32, which is comparable to the XLE Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of UGA and XLE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

UGAXLEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.32

2.21

+0.11

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.73

0.79

-0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.39

0.35

+0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.12

0.31

-0.19

Drawdowns

UGA vs. XLE - Drawdown Comparison

The maximum UGA drawdown since its inception was -86.59%, which is greater than XLE's maximum drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for UGA and XLE.

Loading charts...

Drawdown Indicators

UGAXLEDifference

Max Drawdown

Largest peak-to-trough decline

-86.59%

-71.26%

-15.33%

Max Drawdown (1Y)

Largest decline over 1 year

-14.88%

-12.05%

-2.83%

Max Drawdown (3Y)

Largest decline over 3 years

-26.68%

-20.14%

-6.54%

Max Drawdown (5Y)

Largest decline over 5 years

-38.11%

-26.04%

-12.07%

Max Drawdown (10Y)

Largest decline over 10 years

-75.89%

-66.81%

-9.08%

Current Drawdown

Current decline from peak

-12.35%

-6.15%

-6.20%

Average Drawdown

Average peak-to-trough decline

-36.76%

-17.98%

-18.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.13%

4.14%

+1.99%

Volatility

UGA vs. XLE - Volatility Comparison

United States Gasoline Fund LP (UGA) has a higher volatility of 11.66% compared to State Street Energy Select Sector SPDR ETF (XLE) at 8.25%. This indicates that UGA's price experiences larger fluctuations and is considered to be riskier than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

UGAXLEDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.66%

8.25%

+3.41%

Volatility (6M)

Calculated over the trailing 6-month period

30.41%

16.58%

+13.83%

Volatility (1Y)

Calculated over the trailing 1-year period

35.14%

20.53%

+14.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

34.38%

26.02%

+8.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

37.27%

29.59%

+7.68%

UGA vs. XLE - Expense Ratio Comparison

UGA has a 0.75% expense ratio, which is higher than XLE's 0.08% expense ratio.

Dividends

UGA vs. XLE - Dividend Comparison

UGA has not paid dividends to shareholders, while XLE's dividend yield for the trailing twelve months is around 2.54%.

PositionTTM20252024202320222021202020192018201720162015
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%
XLE
State Street Energy Select Sector SPDR ETF		2.54%3.28%3.36%3.55%3.68%4.21%5.62%6.72%3.54%3.03%2.26%3.39%

Frequently Asked Questions

UGA and XLE have a correlation of 0.60, 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 XLE (8.25%). In terms of maximum drawdown, UGA dropped -86.59% vs XLE's -71.26%.

On 10-year performance, UGA leads with 14.43% vs 10.22% for XLE. On fees, XLE is cheaper at 0.08% per year. On volatility, XLE has been the lower-risk option at 8.25%. 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 10.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XLE is cheaper with a 0.08% expense ratio, compared with 0.75% for UGA.

XLE has the higher dividend yield at 2.54%, compared with 0.00% for UGA.

UGA is categorized as Oil & Gas, while XLE is Energy Equities. UGA tracks Front Month Unleaded Gasoline, while XLE tracks Energy Select Sector Index. They also come from different issuers: Concierge Technologies and State Street. Their fees differ too: 0.75% for UGA and 0.08% for XLE.

UGA currently has the higher Sharpe Ratio (2.32 vs 2.21), 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.

Portfolio Optimizer

Find the right allocation for UGA and XLE

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