USCI vs. UGA
USCI (United States Commodity Index Fund) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past 10 years, USCI returned 8.92%/yr vs 16.82%/yr for UGA. Their 0.59 correlation means they have sometimes moved together and sometimes differently. USCI charges 1.03%/yr vs 1.02%/yr for UGA.
Performance
USCI vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, USCI achieves a 27.88% return, which is significantly lower than UGA's 80.98% return. Over the past 10 years, USCI has underperformed UGA with an annualized return of 8.92%, while UGA has yielded a comparatively higher 16.82% annualized return.
USCI
- 1D
- -1.75%
- 1M
- 7.73%
- 6M
- 23.25%
- YTD
- 27.88%
- 1Y
- 35.81%
- 3Y*
- 19.39%
- 5Y*
- 19.79%
- 10Y*
- 8.92%
- ALL TIME*
- 4.38%
UGA
- 1D
- -5.27%
- 1M
- 8.52%
- 6M
- 69.92%
- YTD
- 80.98%
- 1Y
- 78.20%
- 3Y*
- 16.66%
- 5Y*
- 25.31%
- 10Y*
- 16.82%
- ALL TIME*
- 4.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.16M | $5.91M | $4.98M | |
| $1.26M | $1.23M | $1.84M |
USCI vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USCI United States Commodity Index Fund | 27.88% | 17.63% | 17.24% | 0.00% | 29.47% | 33.07% | -11.47% | -1.68% | -11.76% | 6.32% |
UGA United States Gasoline Fund, LP | 80.98% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between USCI and UGA is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.77 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.70 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.61 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2010 | 0.59 |
The correlation between USCI and UGA shifts across timeframes, from 0.59 (all time) to 0.77 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
USCI vs. UGA — Risk / Return Rank
USCI
UGA
USCI vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Commodity Index Fund (USCI) and United States Gasoline Fund, LP (UGA). 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.
| USCI | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.35 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 3.87 | -0.65 |
| Martin ratioReturn relative to average drawdown | 10.27 | 10.83 | -0.57 |
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Drawdowns
USCI vs. UGA - Drawdown Comparison
The maximum USCI drawdown since its inception was -66.41%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for USCI and UGA.
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Drawdown Indicators
| USCI | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.41% | -86.59% | +20.18% |
Max Drawdown (1Y)Largest decline over 1 year | -11.19% | -20.32% | +9.13% |
Max Drawdown (3Y)Largest decline over 3 years | -12.01% | -26.68% | +14.67% |
Max Drawdown (5Y)Largest decline over 5 years | -18.84% | -38.11% | +19.27% |
Max Drawdown (10Y)Largest decline over 10 years | -45.82% | -75.89% | +30.07% |
Current DrawdownCurrent decline from peak | -3.57% | -10.61% | +7.04% |
Average DrawdownAverage peak-to-trough decline | -29.26% | -36.53% | +7.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.50% | 7.25% | -3.75% |
Volatility
USCI vs. UGA - Volatility Comparison
The current volatility for United States Commodity Index Fund (USCI) is 5.70%, while United States Gasoline Fund, LP (UGA) has a volatility of 12.68%. This indicates that USCI experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USCI | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.70% | 12.68% | -6.98% |
Volatility (6M)Calculated over the trailing 6-month period | 13.93% | 32.51% | -18.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.19% | 36.42% | -19.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.44% | 34.68% | -16.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.93% | 37.30% | -21.37% |
USCI vs. UGA - Expense Ratio Comparison
USCI has a 1.03% expense ratio, which is higher than UGA's 1.02% expense ratio.
Dividends
USCI vs. UGA - Dividend Comparison
Neither USCI nor UGA has paid dividends to shareholders.
Frequently Asked Questions
USCI and UGA have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (12.68%) compared to USCI (5.70%). In terms of maximum drawdown, USCI dropped -66.41% vs UGA's -86.59%.
On 10-year performance, UGA leads with 16.82% vs 8.92% for USCI. On fees, UGA is cheaper at 1.02% per year. On volatility, USCI has been the lower-risk option at 5.70%. 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 16.82% return vs 8.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 1.02% expense ratio, compared with 1.03% for USCI.
USCI and UGA have nearly identical dividend yields, around 0.00%.
USCI is categorized as Commodities, while UGA is Oil & Gas. USCI tracks SummerHaven Dynamic Commodity Index Total Return, while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. Their fees differ too: 1.03% for USCI and 1.02% for UGA.
UGA currently has the higher Sharpe Ratio (2.16 vs 2.10), 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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