USO vs. UGA

Last updated Jul 15, 2026

USO (United States Oil Fund LP) and UGA (United States Gasoline Fund LP) are both Oil & Gas funds - USO tracks the Front Month Light Sweet Crude Oil while UGA tracks the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, USO returned 3.17%/yr vs 16.66%/yr for UGA. Their correlation of 0.81 suggests significant overlap in exposure. USO charges 0.86%/yr vs 0.75%/yr for UGA.

Performance

USO vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Oil Fund LP (USO) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USO achieves a 73.76% return, which is significantly lower than UGA's 85.58% return. Over the past 10 years, USO has underperformed UGA with an annualized return of 3.17%, while UGA has yielded a comparatively higher 16.66% annualized return.

USO

• 1D: 2.02%
• 1M: -4.19%
• 6M: 63.54%
• YTD: 73.76%
• 1Y: 58.91%
• 3Y*: 21.22%
• 5Y*: 19.63%
• 10Y*: 3.17%

UGA

• 1D: 2.36%
• 1M: 8.96%
• 6M: 74.29%
• YTD: 85.58%
• 1Y: 81.47%
• 3Y*: 20.78%
• 5Y*: 26.16%
• 10Y*: 16.66%

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

USO vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USO United States Oil Fund LP	73.76%	-8.46%	13.35%	-4.94%	28.97%	64.68%	-67.79%	32.61%	-19.57%	2.47%
UGA United States Gasoline Fund LP	85.58%	-2.00%	3.77%	1.27%	46.34%	68.49%	-24.88%	41.25%	-28.07%	1.69%

Correlation

The correlation between USO and UGA is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008	0.81

The correlation between USO and UGA has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

Return for Risk

USO vs. UGA — Risk / Return Rank

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

USO

USO Risk / Return Rank: 46
USO Sharpe Ratio Rank: 47
USO Sortino Ratio Rank: 49
USO Omega Ratio Rank: 48
USO Calmar Ratio Rank: 45
USO Martin Ratio Rank: 39

UGA

UGA Risk / Return Rank: 82
UGA Sharpe Ratio Rank: 88
UGA Sortino Ratio Rank: 80
UGA Omega Ratio Rank: 79
UGA Calmar Ratio Rank: 88
UGA Martin Ratio Rank: 76

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.

USO vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) 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.

	USO	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.32	2.29	-0.97
Sortino ratio: Return per unit of downside risk	1.99	2.81	-0.82
Omega ratio: Gain probability vs. loss probability	1.25	1.37	-0.12
Calmar ratio: Return relative to maximum drawdown	1.82	4.03	-2.21
Martin ratio: Return relative to average drawdown	4.88	11.21	-6.34

USO vs. UGA - Sharpe Ratio Comparison

The current USO Sharpe Ratio is 1.32, which is lower than the UGA Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of USO and UGA, 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

USO vs. UGA - Drawdown Comparison

The maximum USO drawdown since its inception was -98.19%, which is greater than UGA's maximum drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for USO and UGA.

Drawdown Indicators

	USO	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-98.19%	-86.59%	-11.60%
Max Drawdown (1Y) Largest decline over 1 year	-32.49%	-20.32%	-12.17%
Max Drawdown (3Y) Largest decline over 3 years	-32.49%	-26.68%	-5.81%
Max Drawdown (5Y) Largest decline over 5 years	-36.23%	-38.11%	+1.88%
Max Drawdown (10Y) Largest decline over 10 years	-86.75%	-75.89%	-10.86%
Current Drawdown Current decline from peak	-87.21%	-7.31%	-79.90%
Average Drawdown Average peak-to-trough decline	-75.35%	-36.63%	-38.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.11%	7.29%	+4.82%

Volatility

USO vs. UGA - Volatility Comparison

United States Oil Fund LP (USO) has a higher volatility of 14.67% compared to United States Gasoline Fund LP (UGA) at 11.56%. This indicates that USO's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USO	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.67%	11.56%	+3.11%
Volatility (6M) Calculated over the trailing 6-month period	40.75%	31.64%	+9.11%
Volatility (1Y) Calculated over the trailing 1-year period	44.93%	35.77%	+9.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.68%	34.66%	+2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.08%	37.24%	+1.84%

USO vs. UGA - Expense Ratio Comparison

USO has a 0.86% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

USO vs. UGA - Dividend Comparison

Neither USO nor UGA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both USO and UGA in my portfolio?

USO and UGA have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USO or UGA?

USO has higher volatility (14.67%) compared to UGA (11.56%). In terms of maximum drawdown, USO dropped -98.19% vs UGA's -86.59%.

Which ETF is better, USO or UGA?

On 10-year performance, UGA leads with 16.66% vs 3.17% for USO. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 11.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USO or UGA?

Over the 10-year period, UGA has performed better with a 16.66% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USO or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 0.86% for USO.

Which ETF pays a higher dividend yield, USO or UGA?

USO and UGA have nearly identical dividend yields, around 0.00%.

What is the main difference between USO and UGA?

USO tracks Front Month Light Sweet Crude Oil, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: USCF and Concierge Technologies. Their fees differ too: 0.86% for USO and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (2.29 vs 1.32), 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.