UGA vs. XLE
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 14.74%/yr vs 9.65%/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
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Returns By Period
In the year-to-date period, UGA achieves a 66.14% return, which is significantly higher than XLE's 22.65% return. Over the past 10 years, UGA has outperformed XLE with an annualized return of 14.74%, while XLE has yielded a comparatively lower 9.65% 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%
XLE
- 1D
- 0.97%
- 1M
- -5.83%
- YTD
- 22.65%
- 6M
- 23.59%
- 1Y
- 31.95%
- 3Y*
- 14.78%
- 5Y*
- 18.58%
- 10Y*
- 9.65%
UGA vs. XLE - 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% |
XLE State Street Energy Select Sector SPDR ETF | 22.65% | 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 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.55 |
The correlation between UGA and XLE has been stable across timeframes, ranging from 0.55 to 0.59 - a consistent structural relationship.
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Return for Risk
UGA vs. XLE — Risk / Return Rank
UGA
XLE
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.
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 | XLE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.25 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.47 | 2.28 | +1.19 |
| Martin ratioReturn relative to average drawdown | 10.69 | 6.62 | +4.06 |
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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.
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Drawdown Indicators
| UGA | XLE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.59% | -71.26% | -15.33% |
Max Drawdown (1Y)Largest decline over 1 year | -20.32% | -14.05% | -6.27% |
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 DrawdownCurrent decline from peak | -17.02% | -12.92% | -4.10% |
Average DrawdownAverage peak-to-trough decline | -36.69% | -17.96% | -18.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.59% | 4.84% | +1.75% |
Volatility
UGA vs. XLE - Volatility Comparison
United States Gasoline Fund LP (UGA) has a higher volatility of 8.84% compared to State Street Energy Select Sector SPDR ETF (XLE) at 6.85%. 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.
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Volatility by Period
| UGA | XLE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.84% | 6.85% | +1.99% |
Volatility (6M)Calculated over the trailing 6-month period | 30.92% | 16.92% | +14.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.74% | 20.80% | +13.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.52% | 25.99% | +8.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.24% | 29.59% | +7.65% |
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 2.81%.
| 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% |
XLE State Street Energy Select Sector SPDR ETF | 2.81% | 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 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (8.84%) compared to XLE (6.85%). In terms of maximum drawdown, UGA dropped -86.59% vs XLE's -71.26%.
On 10-year performance, UGA leads with 14.74% vs 9.65% for XLE. On fees, XLE is cheaper at 0.08% per year. On volatility, XLE has been the lower-risk option at 6.85%. 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 14.74% return vs 9.65%. 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 2.81%, 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 (2.03 vs 1.54), 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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