UGP vs. XME

Last updated Jun 23, 2026

UGP (Ultrapar Participações S.A.) is a stock, while XME (SPDR S&P Metals & Mining ETF) is Materials fund tracking the S&P Metals & Mining Select Industry Index. Over the past 10 years, UGP returned -4.35%/yr vs 18.97%/yr for XME. At a 0.40 correlation, their price movements are largely independent.

Performance

UGP vs. XME - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ultrapar Participações S.A. (UGP) and SPDR S&P Metals & Mining ETF (XME). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UGP achieves a 29.71% return, which is significantly higher than XME's 11.35% return. Over the past 10 years, UGP has underperformed XME with an annualized return of -4.35%, while XME has yielded a comparatively higher 18.97% annualized return.

UGP

• 1D: 1.88%
• 1M: -14.06%
• YTD: 29.71%
• 6M: 34.71%
• 1Y: 67.21%
• 3Y*: 14.09%
• 5Y*: 8.65%
• 10Y*: -4.35%

XME

• 1D: -1.47%
• 1M: -1.51%
• YTD: 11.35%
• 6M: 7.66%
• 1Y: 76.71%
• 3Y*: 34.03%
• 5Y*: 23.02%
• 10Y*: 18.97%

*Multi-year figures are annualized to reflect compound growth (CAGR)

UGP vs. XME - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UGP Ultrapar Participações S.A.	29.71%	57.18%	-50.30%	128.76%	-4.60%	-39.49%	-26.69%	-5.15%	-38.91%	12.39%
XME SPDR S&P Metals & Mining ETF	11.35%	83.47%	-4.54%	21.51%	13.13%	34.92%	15.95%	14.69%	-26.78%	21.17%

Correlation

The correlation between UGP and XME is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.40

The correlation between UGP and XME shifts across timeframes, from 0.27 (3 years) to 0.40 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UGP vs. XME — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UGP

UGP Risk / Return Rank: 84
UGP Sharpe Ratio Rank: 87
UGP Sortino Ratio Rank: 83
UGP Omega Ratio Rank: 81
UGP Calmar Ratio Rank: 83
UGP Martin Ratio Rank: 86

XME

XME Risk / Return Rank: 60
XME Sharpe Ratio Rank: 68
XME Sortino Ratio Rank: 57
XME Omega Ratio Rank: 56
XME Calmar Ratio Rank: 70
XME Martin Ratio Rank: 50

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.

UGP vs. XME - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ultrapar Participações S.A. (UGP) and SPDR S&P Metals & Mining ETF (XME). 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.

	UGP	XME	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.13	-0.28
Sortino ratio: Return per unit of downside risk	2.45	2.63	-0.19
Omega ratio: Gain probability vs. loss probability	1.30	1.34	-0.03
Calmar ratio: Return relative to maximum drawdown	2.91	3.41	-0.50
Martin ratio: Return relative to average drawdown	8.90	8.38	+0.52

UGP vs. XME - Sharpe Ratio Comparison

The current UGP Sharpe Ratio is 1.86, which is comparable to the XME Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of UGP and XME, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UGP vs. XME - Drawdown Comparison

The maximum UGP drawdown since its inception was -83.31%, roughly equal to the maximum XME drawdown of -85.89%. Use the drawdown chart below to compare losses from any high point for UGP and XME.

Drawdown Indicators

	UGP	XME	Difference
Max Drawdown Largest peak-to-trough decline	-83.31%	-85.89%	+2.58%
Max Drawdown (1Y) Largest decline over 1 year	-23.24%	-22.60%	-0.64%
Max Drawdown (3Y) Largest decline over 3 years	-58.58%	-30.47%	-28.11%
Max Drawdown (5Y) Largest decline over 5 years	-58.58%	-37.27%	-21.31%
Max Drawdown (10Y) Largest decline over 10 years	-83.31%	-61.69%	-21.62%
Current Drawdown Current decline from peak	-50.16%	-13.20%	-36.96%
Average Drawdown Average peak-to-trough decline	-30.01%	-44.06%	+14.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.58%	9.19%	-1.61%

Volatility

UGP vs. XME - Volatility Comparison

The current volatility for Ultrapar Participações S.A. (UGP) is 8.09%, while SPDR S&P Metals & Mining ETF (XME) has a volatility of 13.87%. This indicates that UGP experiences smaller price fluctuations and is considered to be less risky than XME based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGP	XME	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.09%	13.87%	-5.78%
Volatility (6M) Calculated over the trailing 6-month period	22.47%	28.09%	-5.62%
Volatility (1Y) Calculated over the trailing 1-year period	36.45%	36.21%	+0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.46%	32.72%	+9.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.98%	32.93%	+15.05%

Dividends

UGP vs. XME - Dividend Comparison

UGP's dividend yield for the trailing twelve months is around 4.97%, more than XME's 0.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UGP Ultrapar Participações S.A.	4.97%	8.50%	4.76%	1.30%	4.70%	4.51%	1.20%	2.28%	3.15%	2.39%	2.23%	2.93%
XME SPDR S&P Metals & Mining ETF	0.40%	0.38%	0.65%	1.00%	1.64%	0.70%	0.99%	2.43%	2.23%	1.15%	1.02%	2.61%

Frequently Asked Questions

Can I hold both UGP and XME in my portfolio?

UGP and XME have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UGP or XME?

XME has higher volatility (13.87%) compared to UGP (8.09%). In terms of maximum drawdown, UGP dropped -83.31% vs XME's -85.89%.

Which has better risk-adjusted returns?

XME currently has the higher Sharpe Ratio (2.13 vs 1.86), 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.