PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XAR vs. UGA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XAR vs. UGA

Last updated Jun 4, 2026

XAR (SPDR S&P Aerospace & Defense ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - XAR is a Industrials Equities fund tracking the S&P Aerospace & Defense Select Industry, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, XAR returned 18.01%/yr vs 14.43%/yr for UGA. At a 0.17 correlation, their price movements are largely independent. XAR charges 0.35%/yr vs 0.75%/yr for UGA.

Performance

XAR vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Aerospace & Defense ETF (XAR) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XAR achieves a 13.40% return, which is significantly lower than UGA's 75.49% return. Over the past 10 years, XAR has outperformed UGA with an annualized return of 18.01%, while UGA has yielded a comparatively lower 14.43% annualized return.

XAR

1D
-2.08%
1M
7.34%
YTD
13.40%
6M
20.10%
1Y
41.33%
3Y*
34.11%
5Y*
16.26%
10Y*
18.01%

UGA

1D
-0.19%
1M
-12.35%
YTD
75.49%
6M
64.35%
1Y
80.94%
3Y*
22.21%
5Y*
25.10%
10Y*
14.43%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XAR vs. UGA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XAR
SPDR S&P Aerospace & Defense ETF		13.40%46.15%23.32%23.79%-5.02%2.31%6.18%39.33%-4.58%33.00%
UGA
United States Gasoline Fund LP		75.49%-2.00%3.77%1.27%46.34%68.49%-24.88%41.25%-28.07%1.69%

Correlation

The correlation between XAR and UGA is -0.13, 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

-0.13

Correlation (3Y)
Calculated over the trailing 3-year period

-0.01

Correlation (5Y)
Calculated over the trailing 5-year period

0.09

Correlation (10Y)
Calculated over the trailing 10-year period

0.16

Correlation (All Time)
Calculated using the full available price history since Sep 30, 2011

0.17

The correlation between XAR and UGA shifts across timeframes, from -0.13 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR S&P Aerospace & Defense ETF

United States Gasoline Fund LP

Often compared with XAR:
XAR vs. ITAXAR vs. PPAXAR vs. SHLDXAR vs. VOOXAR vs. UFOXAR vs. FSDAXXAR vs. DFEN
Often compared with UGA:
UGA vs. URAUGA vs. FCGUGA vs. QQQUGA vs. VOOUGA vs. USOUGA vs. SPYUGA vs. FNGS

Return for Risk

XAR vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XAR
XAR Risk / Return Rank: 4343
Overall Rank
XAR Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
XAR Sortino Ratio Rank: 4343
Sortino Ratio Rank
XAR Omega Ratio Rank: 3838
Omega Ratio Rank
XAR Calmar Ratio Rank: 4848
Calmar Ratio Rank
XAR Martin Ratio Rank: 4242
Martin Ratio Rank
UGA
UGA Risk / Return Rank: 6969
Overall Rank
UGA Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
UGA Sortino Ratio Rank: 5757
Sortino Ratio Rank
UGA Omega Ratio Rank: 6060
Omega Ratio Rank
UGA Calmar Ratio Rank: 8989
Calmar Ratio Rank
UGA Martin Ratio Rank: 7171
Martin Ratio Rank
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.

XAR vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Aerospace & Defense ETF (XAR) 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.

XARUGADifference
Sharpe ratioReturn per unit of total volatility
1.55
2.32

-0.77

Sortino ratioReturn per unit of downside risk
2.21
2.75

-0.54

Omega ratioGain probability vs. loss probability

1.26

1.37

-0.12

Calmar ratioReturn relative to maximum drawdown

2.41

5.47

-3.06

Martin ratioReturn relative to average drawdown

6.85

13.25

-6.39

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XAR vs. UGA - Sharpe Ratio Comparison

The current XAR Sharpe Ratio is 1.55, which is lower than the UGA Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of XAR 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.

Loading charts...

Sharpe Ratios by Period

XARUGADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.55

2.32

-0.77

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.70

0.73

-0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.73

0.39

+0.35

Sharpe Ratio (All Time)

Calculated using the full available price history

0.85

0.12

+0.73

Drawdowns

XAR vs. UGA - Drawdown Comparison

The maximum XAR drawdown since its inception was -46.37%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for XAR and UGA.

Loading charts...

Drawdown Indicators

XARUGADifference

Max Drawdown

Largest peak-to-trough decline

-46.37%

-86.59%

+40.22%

Max Drawdown (1Y)

Largest decline over 1 year

-17.22%

-14.88%

-2.34%

Max Drawdown (3Y)

Largest decline over 3 years

-19.73%

-26.68%

+6.95%

Max Drawdown (5Y)

Largest decline over 5 years

-32.40%

-38.11%

+5.71%

Max Drawdown (10Y)

Largest decline over 10 years

-46.37%

-75.89%

+29.52%

Current Drawdown

Current decline from peak

-6.55%

-12.35%

+5.80%

Average Drawdown

Average peak-to-trough decline

-6.79%

-36.76%

+29.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.05%

6.13%

-0.08%

Volatility

XAR vs. UGA - Volatility Comparison

The current volatility for SPDR S&P Aerospace & Defense ETF (XAR) is 9.52%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that XAR 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.

Loading charts...

Volatility by Period

XARUGADifference

Volatility (1M)

Calculated over the trailing 1-month period

9.52%

11.66%

-2.14%

Volatility (6M)

Calculated over the trailing 6-month period

22.39%

30.41%

-8.02%

Volatility (1Y)

Calculated over the trailing 1-year period

26.81%

35.14%

-8.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.41%

34.38%

-10.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.62%

37.27%

-12.65%

XAR vs. UGA - Expense Ratio Comparison

XAR has a 0.35% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

XAR vs. UGA - Dividend Comparison

XAR's dividend yield for the trailing twelve months is around 0.32%, while UGA has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
XAR
SPDR S&P Aerospace & Defense ETF		0.32%0.40%0.66%0.54%0.50%0.83%0.63%0.75%1.19%0.76%1.09%2.31%

Frequently Asked Questions

XAR and UGA have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UGA has higher volatility (11.66%) compared to XAR (9.52%). In terms of maximum drawdown, XAR dropped -46.37% vs UGA's -86.59%.

On 10-year performance, XAR leads with 18.01% vs 14.43% for UGA. On fees, XAR is cheaper at 0.35% per year. On volatility, XAR has been the lower-risk option at 9.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, XAR has performed better with a 18.01% return vs 14.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XAR is cheaper with a 0.35% expense ratio, compared with 0.75% for UGA.

XAR has the higher dividend yield at 0.32%, compared with 0.00% for UGA.

XAR is categorized as Industrials Equities, while UGA is Oil & Gas. XAR tracks S&P Aerospace & Defense Select Industry, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: State Street and Concierge Technologies. Their fees differ too: 0.35% for XAR and 0.75% for UGA.

UGA currently has the higher Sharpe Ratio (2.32 vs 1.55), 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.

Portfolio Optimizer

Find the right allocation for XAR and UGA

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer