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XME vs. UGA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XME vs. UGA

Last updated Jun 5, 2026

XME (SPDR S&P Metals & Mining ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - XME is a Materials fund tracking the S&P Metals & Mining Select Industry Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, XME returned 19.99%/yr vs 14.27%/yr for UGA. At a 0.34 correlation, their price movements are largely independent. XME charges 0.35%/yr vs 0.75%/yr for UGA.

Performance

XME vs. UGA - Performance Comparison

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

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Returns By Period

In the year-to-date period, XME achieves a 24.24% return, which is significantly lower than UGA's 70.69% return. Over the past 10 years, XME has outperformed UGA with an annualized return of 19.99%, while UGA has yielded a comparatively lower 14.27% annualized return.

XME

1D
0.09%
1M
8.22%
YTD
24.24%
6M
27.86%
1Y
101.48%
3Y*
40.70%
5Y*
23.61%
10Y*
19.99%

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)

XME vs. UGA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XME
SPDR S&P Metals & Mining ETF		24.24%83.47%-4.54%21.51%13.13%34.92%15.95%14.69%-26.78%21.17%
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 XME and UGA is -0.15, 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

-0.15

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

0.07

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

0.20

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

0.24

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

0.34

The correlation between XME and UGA shifts across timeframes, from -0.15 (1 year) to 0.34 (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 Metals & Mining ETF

United States Gasoline Fund LP

Often compared with XME:
XME vs. PICKXME vs. SETMXME vs. SLXXME vs. XBM.TOXME vs. VAWXME vs. VOOXME vs. QQQ
Often compared with UGA:
UGA vs. URAUGA vs. FCGUGA vs. QQQUGA vs. VOOUGA vs. USOUGA vs. SPYUGA vs. FNGS

Return for Risk

XME vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XME
XME Risk / Return Rank: 7878
Overall Rank
XME Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
XME Sortino Ratio Rank: 7676
Sortino Ratio Rank
XME Omega Ratio Rank: 7575
Omega Ratio Rank
XME Calmar Ratio Rank: 8484
Calmar Ratio Rank
XME Martin Ratio Rank: 6464
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.

XME vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Metals & Mining ETF (XME) 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.

XMEUGADifference
Sharpe ratioReturn per unit of total volatility
2.95
2.27

+0.68

Sortino ratioReturn per unit of downside risk
3.38
2.71

+0.67

Omega ratioGain probability vs. loss probability

1.44

1.37

+0.07

Calmar ratioReturn relative to maximum drawdown

4.51

5.37

-0.86

Martin ratioReturn relative to average drawdown

11.48

12.86

-1.38

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

XME vs. UGA - Sharpe Ratio Comparison

The current XME Sharpe Ratio is 2.95, which is comparable to the UGA Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of XME 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.

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Sharpe Ratios by Period

XMEUGADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.95

2.27

+0.68

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.73

0.71

+0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

0.38

+0.23

Sharpe Ratio (All Time)

Calculated using the full available price history

0.18

0.12

+0.06

Drawdowns

XME vs. UGA - Drawdown Comparison

The maximum XME drawdown since its inception was -85.89%, roughly equal to the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for XME and UGA.

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Drawdown Indicators

XMEUGADifference

Max Drawdown

Largest peak-to-trough decline

-85.89%

-86.59%

+0.70%

Max Drawdown (1Y)

Largest decline over 1 year

-22.60%

-14.88%

-7.72%

Max Drawdown (3Y)

Largest decline over 3 years

-30.47%

-26.68%

-3.79%

Max Drawdown (5Y)

Largest decline over 5 years

-37.27%

-38.11%

+0.84%

Max Drawdown (10Y)

Largest decline over 10 years

-61.69%

-75.89%

+14.20%

Current Drawdown

Current decline from peak

-3.15%

-14.75%

+11.60%

Average Drawdown

Average peak-to-trough decline

-44.14%

-36.76%

-7.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.87%

6.20%

+2.67%

Volatility

XME vs. UGA - Volatility Comparison

SPDR S&P Metals & Mining ETF (XME) has a higher volatility of 12.36% compared to United States Gasoline Fund LP (UGA) at 11.64%. This indicates that XME'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

XMEUGADifference

Volatility (1M)

Calculated over the trailing 1-month period

12.36%

11.64%

+0.72%

Volatility (6M)

Calculated over the trailing 6-month period

26.73%

30.48%

-3.75%

Volatility (1Y)

Calculated over the trailing 1-year period

34.61%

35.27%

-0.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

32.54%

34.40%

-1.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.84%

37.27%

-4.43%

XME vs. UGA - Expense Ratio Comparison

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

Dividends

XME vs. UGA - Dividend Comparison

XME's dividend yield for the trailing twelve months is around 0.30%, 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%
XME
SPDR S&P Metals & Mining ETF		0.30%0.38%0.65%1.00%1.64%0.70%0.99%2.43%2.23%1.15%1.02%2.61%

Frequently Asked Questions

XME and UGA have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XME has higher volatility (12.36%) compared to UGA (11.64%). In terms of maximum drawdown, XME dropped -85.89% vs UGA's -86.59%.

On 10-year performance, XME leads with 19.99% vs 14.27% for UGA. On fees, XME is cheaper at 0.35% per year. On volatility, UGA has been the lower-risk option at 11.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, XME has performed better with a 19.99% return vs 14.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

XME has the higher dividend yield at 0.30%, compared with 0.00% for UGA.

XME is categorized as Materials, while UGA is Oil & Gas. XME tracks S&P Metals & Mining Select Industry Index, 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 XME and 0.75% for UGA.

XME currently has the higher Sharpe Ratio (2.95 vs 2.27), 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

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