VLUE vs. UGA
VLUE (iShares MSCI USA Value Factor ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - VLUE is a Large Cap Value Equities fund tracking the MSCI USA Enhanced Value Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, VLUE returned 15.56%/yr vs 14.31%/yr for UGA. At a 0.23 correlation, their price movements are largely independent. VLUE charges 0.15%/yr vs 0.75%/yr for UGA.
Performance
VLUE vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, VLUE achieves a 45.30% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, VLUE has outperformed UGA with an annualized return of 15.56%, while UGA has yielded a comparatively lower 14.31% annualized return.
VLUE
- 1D
- -3.46%
- 1M
- 5.59%
- YTD
- 45.30%
- 6M
- 44.72%
- 1Y
- 81.73%
- 3Y*
- 32.50%
- 5Y*
- 16.52%
- 10Y*
- 15.56%
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
VLUE vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VLUE iShares MSCI USA Value Factor ETF | 45.30% | 32.67% | 7.25% | 14.26% | -14.17% | 28.93% | -0.23% | 27.20% | -11.13% | 21.95% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between VLUE and UGA is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013 | 0.23 |
The correlation between VLUE and UGA shifts across timeframes, from -0.14 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VLUE vs. UGA — Risk / Return Rank
VLUE
UGA
VLUE vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Value Factor ETF (VLUE) 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.
| VLUE | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.58 | ||
| Sortino ratioReturn per unit of downside risk | +3.12 | ||
| Omega ratioGain probability vs. loss probability | 1.73 | 1.30 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 9.09 | 3.17 | +5.92 |
| Martin ratioReturn relative to average drawdown | 38.03 | 9.39 | +28.64 |
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Drawdowns
VLUE vs. UGA - Drawdown Comparison
The maximum VLUE drawdown since its inception was -39.47%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for VLUE and UGA.
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Drawdown Indicators
| VLUE | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.47% | -86.59% | +47.12% |
Max Drawdown (1Y)Largest decline over 1 year | -9.04% | -18.96% | +9.92% |
Max Drawdown (3Y)Largest decline over 3 years | -17.89% | -26.68% | +8.79% |
Max Drawdown (5Y)Largest decline over 5 years | -27.12% | -38.11% | +10.99% |
Max Drawdown (10Y)Largest decline over 10 years | -39.47% | -75.89% | +36.42% |
Current DrawdownCurrent decline from peak | -3.46% | -18.05% | +14.59% |
Average DrawdownAverage peak-to-trough decline | -6.00% | -36.69% | +30.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 6.43% | -4.27% |
Volatility
VLUE vs. UGA - Volatility Comparison
iShares MSCI USA Value Factor ETF (VLUE) has a higher volatility of 9.76% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that VLUE'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.
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Volatility by Period
| VLUE | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.76% | 9.24% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 16.13% | 30.57% | -14.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.07% | 35.22% | -16.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.12% | 34.45% | -16.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.95% | 37.22% | -17.27% |
VLUE vs. UGA - Expense Ratio Comparison
VLUE has a 0.15% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
VLUE vs. UGA - Dividend Comparison
VLUE's dividend yield for the trailing twelve months is around 1.42%, 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% |
VLUE iShares MSCI USA Value Factor ETF | 1.42% | 2.11% | 2.73% | 2.66% | 3.18% | 2.22% | 2.42% | 2.61% | 2.70% | 2.14% | 2.07% | 2.39% |
Frequently Asked Questions
VLUE and UGA have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VLUE has higher volatility (9.76%) compared to UGA (9.24%). In terms of maximum drawdown, VLUE dropped -39.47% vs UGA's -86.59%.
On 10-year performance, VLUE leads with 15.56% vs 14.31% for UGA. On fees, VLUE is cheaper at 0.15% per year. On volatility, UGA has been the lower-risk option at 9.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VLUE has performed better with a 15.56% return vs 14.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VLUE is cheaper with a 0.15% expense ratio, compared with 0.75% for UGA.
VLUE has the higher dividend yield at 1.42%, compared with 0.00% for UGA.
VLUE is categorized as Large Cap Value Equities, while UGA is Oil & Gas. VLUE tracks MSCI USA Enhanced Value Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.15% for VLUE and 0.75% for UGA.
VLUE currently has the higher Sharpe Ratio (4.31 vs 1.73), 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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