PortfoliosLab logoPortfoliosLab logo

Documentation

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

XLI vs. UGA

Last updated Jun 5, 2026

XLI (Industrial Select Sector SPDR Fund) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - XLI is a Industrials Equities fund tracking the Industrial Select Sector Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, XLI returned 14.02%/yr vs 14.27%/yr for UGA. At a 0.24 correlation, their price movements are largely independent. XLI charges 0.08%/yr vs 0.75%/yr for UGA.

Performance

XLI vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Industrial Select Sector SPDR Fund (XLI) 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, XLI achieves a 13.88% return, which is significantly lower than UGA's 70.69% return. Both investments have delivered pretty close results over the past 10 years, with XLI having a 14.02% annualized return and UGA not far ahead at 14.27%.

XLI

1D
1.21%
1M
2.18%
YTD
13.88%
6M
14.35%
1Y
24.14%
3Y*
22.49%
5Y*
12.53%
10Y*
14.02%

UGA

1D
-2.73%
1M
-12.25%
YTD
70.69%
6M
59.72%
1Y
79.48%
3Y*
20.80%
5Y*
24.41%
10Y*
14.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XLI vs. UGA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XLI
Industrial Select Sector SPDR Fund		13.88%19.35%17.31%18.13%-5.57%21.08%10.91%29.08%-13.25%23.98%
UGA
United States Gasoline Fund LP		70.69%-2.00%3.77%1.27%46.34%68.49%-24.88%41.25%-28.07%1.69%

Correlation

The correlation between XLI and UGA is -0.22, 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

-0.22

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

-0.03

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

0.09

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

0.18

Correlation (All Time)
Calculated using the full available price history since Feb 29, 2008

0.24

The correlation between XLI and UGA shifts across timeframes, from -0.22 (1 year) to 0.24 (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.

Industrial Select Sector SPDR Fund

United States Gasoline Fund LP

Often compared with XLI:
XLI vs. VISXLI vs. PAVEXLI vs. XLKXLI vs. SPYXLI vs. FIDUXLI vs. ITAXLI vs. AIRR
Often compared with UGA:
UGA vs. URAUGA vs. FCGUGA vs. QQQUGA vs. VOOUGA vs. USOUGA vs. SPYUGA vs. FNGS

Return for Risk

XLI vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XLI
XLI Risk / Return Rank: 4545
Overall Rank
XLI Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
XLI Sortino Ratio Rank: 4747
Sortino Ratio Rank
XLI Omega Ratio Rank: 4444
Omega Ratio Rank
XLI Calmar Ratio Rank: 4141
Calmar Ratio Rank
XLI Martin Ratio Rank: 4848
Martin Ratio Rank
UGA
UGA Risk / Return Rank: 7070
Overall Rank
UGA Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
UGA Sortino Ratio Rank: 5858
Sortino Ratio Rank
UGA Omega Ratio Rank: 6262
Omega Ratio Rank
UGA Calmar Ratio Rank: 8989
Calmar Ratio Rank
UGA Martin Ratio Rank: 7070
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.

XLI vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Industrial Select Sector SPDR Fund (XLI) 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.

XLIUGADifference
Sharpe ratioReturn per unit of total volatility
1.57
2.27

-0.70

Sortino ratioReturn per unit of downside risk
2.30
2.71

-0.41

Omega ratioGain probability vs. loss probability

1.27

1.37

-0.10

Calmar ratioReturn relative to maximum drawdown

1.99

5.37

-3.38

Martin ratioReturn relative to average drawdown

7.88

12.86

-4.99

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

XLI vs. UGA - Sharpe Ratio Comparison

The current XLI Sharpe Ratio is 1.57, which is lower than the UGA Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of XLI 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

XLIUGADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.57

2.27

-0.70

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.72

0.71

+0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.70

0.38

+0.32

Sharpe Ratio (All Time)

Calculated using the full available price history

0.46

0.12

+0.34

Drawdowns

XLI vs. UGA - Drawdown Comparison

The maximum XLI drawdown since its inception was -62.26%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for XLI and UGA.

Loading charts...

Drawdown Indicators

XLIUGADifference

Max Drawdown

Largest peak-to-trough decline

-62.26%

-86.59%

+24.33%

Max Drawdown (1Y)

Largest decline over 1 year

-12.21%

-14.88%

+2.67%

Max Drawdown (3Y)

Largest decline over 3 years

-18.49%

-26.68%

+8.19%

Max Drawdown (5Y)

Largest decline over 5 years

-21.64%

-38.11%

+16.47%

Max Drawdown (10Y)

Largest decline over 10 years

-42.33%

-75.89%

+33.56%

Current Drawdown

Current decline from peak

-1.25%

-14.75%

+13.50%

Average Drawdown

Average peak-to-trough decline

-9.20%

-36.76%

+27.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.07%

6.20%

-3.13%

Volatility

XLI vs. UGA - Volatility Comparison

The current volatility for Industrial Select Sector SPDR Fund (XLI) is 4.88%, while United States Gasoline Fund LP (UGA) has a volatility of 11.64%. This indicates that XLI 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

XLIUGADifference

Volatility (1M)

Calculated over the trailing 1-month period

4.88%

11.64%

-6.76%

Volatility (6M)

Calculated over the trailing 6-month period

12.81%

30.48%

-17.67%

Volatility (1Y)

Calculated over the trailing 1-year period

15.40%

35.27%

-19.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.43%

34.40%

-16.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.98%

37.27%

-17.29%

XLI vs. UGA - Expense Ratio Comparison

XLI has a 0.08% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

XLI vs. UGA - Dividend Comparison

XLI's dividend yield for the trailing twelve months is around 1.16%, 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%
XLI
Industrial Select Sector SPDR Fund		1.16%1.29%1.44%1.63%1.63%1.25%1.55%1.94%2.15%1.77%2.07%2.15%

Frequently Asked Questions

XLI and UGA have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UGA has higher volatility (11.64%) compared to XLI (4.88%). In terms of maximum drawdown, XLI dropped -62.26% vs UGA's -86.59%.

On 10-year performance, UGA leads with 14.27% vs 14.02% for XLI. On fees, XLI is cheaper at 0.08% per year. On volatility, XLI has been the lower-risk option at 4.88%. 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 14.27% return vs 14.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XLI is cheaper with a 0.08% expense ratio, compared with 0.75% for UGA.

XLI has the higher dividend yield at 1.16%, compared with 0.00% for UGA.

XLI is categorized as Industrials Equities, while UGA is Oil & Gas. XLI tracks Industrial Select Sector Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: State Street and Concierge Technologies. Their fees differ too: 0.08% for XLI and 0.75% for UGA.

UGA currently has the higher Sharpe Ratio (2.27 vs 1.57), 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 XLI 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