UWM vs. UGA
UWM (ProShares Ultra Russell2000) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - UWM is a Leveraged Equities fund tracking the Russell 2000 Index (200%), while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, UWM returned 11.92%/yr vs 17.13%/yr for UGA. At a 0.25 correlation, their price movements are largely independent. UWM charges 0.95%/yr vs 0.75%/yr for UGA.
Performance
UWM vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, UWM achieves a 38.49% return, which is significantly lower than UGA's 88.71% return. Over the past 10 years, UWM has underperformed UGA with an annualized return of 11.92%, while UGA has yielded a comparatively higher 17.13% annualized return.
UWM
- 1D
- -0.14%
- 1M
- 1.82%
- 6M
- 19.44%
- YTD
- 38.49%
- 1Y
- 66.63%
- 3Y*
- 22.19%
- 5Y*
- 5.08%
- 10Y*
- 11.92%
UGA
- 1D
- -0.85%
- 1M
- 16.18%
- 6M
- 81.39%
- YTD
- 88.71%
- 1Y
- 85.57%
- 3Y*
- 21.50%
- 5Y*
- 26.58%
- 10Y*
- 17.13%
UWM vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UWM ProShares Ultra Russell2000 | 38.49% | 13.59% | 11.32% | 22.62% | -43.69% | 23.91% | 16.57% | 48.62% | -25.89% | 26.92% |
UGA United States Gasoline Fund LP | 88.71% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between UWM and UGA is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.25 |
The correlation between UWM and UGA shifts across timeframes, from -0.19 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UWM vs. UGA — Risk / Return Rank
UWM
UGA
UWM vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Russell2000 (UWM) 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.
| UWM | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.38 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.01 | 4.23 | -1.23 |
| Martin ratioReturn relative to average drawdown | 10.24 | 11.76 | -1.52 |
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Drawdowns
UWM vs. UGA - Drawdown Comparison
The maximum UWM drawdown since its inception was -88.21%, roughly equal to the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for UWM and UGA.
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Drawdown Indicators
| UWM | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.21% | -86.59% | -1.62% |
Max Drawdown (1Y)Largest decline over 1 year | -22.28% | -20.32% | -1.96% |
Max Drawdown (3Y)Largest decline over 3 years | -49.79% | -26.68% | -23.11% |
Max Drawdown (5Y)Largest decline over 5 years | -61.62% | -38.11% | -23.51% |
Max Drawdown (10Y)Largest decline over 10 years | -71.46% | -75.89% | +4.43% |
Current DrawdownCurrent decline from peak | -3.38% | -5.75% | +2.37% |
Average DrawdownAverage peak-to-trough decline | -30.71% | -36.61% | +5.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.53% | 7.30% | -0.77% |
Volatility
UWM vs. UGA - Volatility Comparison
The current volatility for ProShares Ultra Russell2000 (UWM) is 7.30%, while United States Gasoline Fund LP (UGA) has a volatility of 11.35%. This indicates that UWM 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
| UWM | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.30% | 11.35% | -4.05% |
Volatility (6M)Calculated over the trailing 6-month period | 28.09% | 31.71% | -3.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.44% | 35.83% | +2.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.04% | 34.67% | +10.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.99% | 37.23% | +8.76% |
UWM vs. UGA - Expense Ratio Comparison
UWM has a 0.95% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
UWM vs. UGA - Dividend Comparison
UWM's dividend yield for the trailing twelve months is around 0.81%, while UGA has not paid dividends to shareholders.
| 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% |
UWM ProShares Ultra Russell2000 | 0.81% | 1.05% | 1.16% | 0.34% | 0.40% | 0.00% | 0.07% | 0.55% | 0.41% | 0.11% | 0.27% | 0.23% |
Frequently Asked Questions
UWM and UGA have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.35%) compared to UWM (7.30%). In terms of maximum drawdown, UWM dropped -88.21% vs UGA's -86.59%.
On 10-year performance, UGA leads with 17.13% vs 11.92% for UWM. On fees, UGA is cheaper at 0.75% per year. On volatility, UWM has been the lower-risk option at 7.30%. 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 17.13% return vs 11.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.95% for UWM.
UWM has the higher dividend yield at 0.81%, compared with 0.00% for UGA.
UWM is categorized as Leveraged Equities, while UGA is Oil & Gas. UWM tracks Russell 2000 Index (200%), while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for UWM and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.40 vs 1.74), 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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