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XMMO vs. UGA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMMO vs. UGA

Last updated Jun 3, 2026

XMMO (Invesco S&P MidCap Momentum ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, XMMO returned 19.66%/yr vs 14.46%/yr for UGA. At a 0.23 correlation, their price movements are largely independent. XMMO charges 0.35%/yr vs 0.75%/yr for UGA.

Performance

XMMO vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap Momentum ETF (XMMO) 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, XMMO achieves a 22.96% return, which is significantly lower than UGA's 75.83% return. Over the past 10 years, XMMO has outperformed UGA with an annualized return of 19.66%, while UGA has yielded a comparatively lower 14.46% annualized return.

XMMO

1D
2.16%
1M
6.07%
YTD
22.96%
6M
24.84%
1Y
37.37%
3Y*
31.83%
5Y*
16.81%
10Y*
19.66%

UGA

1D
1.74%
1M
-8.95%
YTD
75.83%
6M
64.53%
1Y
82.09%
3Y*
22.29%
5Y*
25.18%
10Y*
14.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMMO vs. UGA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XMMO
Invesco S&P MidCap Momentum ETF		22.96%13.04%38.03%20.39%-16.02%16.69%29.17%36.78%6.12%37.18%
UGA
United States Gasoline Fund LP		75.83%-2.00%3.77%1.27%46.34%68.49%-24.88%41.25%-28.07%1.69%

Correlation

The correlation between XMMO and UGA is -0.26, 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

-0.26

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

-0.04

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

0.10

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

0.15

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

0.23

The correlation between XMMO and UGA shifts across timeframes, from -0.26 (1 year) to 0.23 (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.

Invesco S&P MidCap Momentum ETF

United States Gasoline Fund LP

Often compared with XMMO:
XMMO vs. SPMOXMMO vs. XMHQXMMO vs. VOOXMMO vs. MTUMXMMO vs. QMOMXMMO vs. SPGPXMMO vs. RFV
Often compared with UGA:
UGA vs. URAUGA vs. FCGUGA vs. QQQUGA vs. VOOUGA vs. USOUGA vs. SPYUGA vs. FNGS

Return for Risk

XMMO vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMMO
XMMO Risk / Return Rank: 6969
Overall Rank
XMMO Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
XMMO Sortino Ratio Rank: 5959
Sortino Ratio Rank
XMMO Omega Ratio Rank: 5656
Omega Ratio Rank
XMMO Calmar Ratio Rank: 8484
Calmar Ratio Rank
XMMO Martin Ratio Rank: 8686
Martin Ratio Rank
UGA
UGA Risk / Return Rank: 7171
Overall Rank
UGA Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
UGA Sortino Ratio Rank: 5858
Sortino Ratio Rank
UGA Omega Ratio Rank: 6161
Omega Ratio Rank
UGA Calmar Ratio Rank: 9191
Calmar Ratio Rank
UGA Martin Ratio Rank: 7474
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.

XMMO vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Momentum ETF (XMMO) 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.

XMMOUGADifference

Sharpe ratio

Return per unit of total volatility

2.01

2.35

-0.34

Sortino ratio

Return per unit of downside risk

2.80

2.78

+0.02

Omega ratio

Gain probability vs. loss probability

1.35

1.38

-0.03

Calmar ratio

Return relative to maximum drawdown

4.53

5.82

-1.29

Martin ratio

Return relative to average drawdown

18.56

14.25

+4.31

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

XMMO vs. UGA - Sharpe Ratio Comparison

The current XMMO Sharpe Ratio is 2.01, which is comparable to the UGA Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of XMMO 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

XMMOUGADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.01

2.35

-0.34

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.79

0.74

+0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.89

0.39

+0.50

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.12

+0.45

Drawdowns

XMMO vs. UGA - Drawdown Comparison

The maximum XMMO drawdown since its inception was -55.37%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for XMMO and UGA.

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Drawdown Indicators

XMMOUGADifference

Max Drawdown

Largest peak-to-trough decline

-55.37%

-86.59%

+31.22%

Max Drawdown (1Y)

Largest decline over 1 year

-8.34%

-14.88%

+6.54%

Max Drawdown (3Y)

Largest decline over 3 years

-24.93%

-26.68%

+1.75%

Max Drawdown (5Y)

Largest decline over 5 years

-27.91%

-38.11%

+10.20%

Max Drawdown (10Y)

Largest decline over 10 years

-36.74%

-75.89%

+39.15%

Current Drawdown

Current decline from peak

0.00%

-12.18%

+12.18%

Average Drawdown

Average peak-to-trough decline

-9.45%

-36.77%

+27.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.04%

6.08%

-4.04%

Volatility

XMMO vs. UGA - Volatility Comparison

The current volatility for Invesco S&P MidCap Momentum ETF (XMMO) is 7.82%, while United States Gasoline Fund LP (UGA) has a volatility of 12.41%. This indicates that XMMO 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

XMMOUGADifference

Volatility (1M)

Calculated over the trailing 1-month period

7.82%

12.41%

-4.59%

Volatility (6M)

Calculated over the trailing 6-month period

15.59%

30.41%

-14.82%

Volatility (1Y)

Calculated over the trailing 1-year period

18.71%

35.21%

-16.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.45%

34.38%

-12.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.27%

37.27%

-15.00%

XMMO vs. UGA - Expense Ratio Comparison

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

Dividends

XMMO vs. UGA - Dividend Comparison

XMMO's dividend yield for the trailing twelve months is around 0.61%, 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%
XMMO
Invesco S&P MidCap Momentum ETF		0.61%0.78%0.34%0.80%1.43%0.41%0.61%0.60%0.19%0.21%0.22%0.64%

Frequently Asked Questions

XMMO and UGA have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UGA has higher volatility (12.41%) compared to XMMO (7.82%). In terms of maximum drawdown, XMMO dropped -55.37% vs UGA's -86.59%.

On 10-year performance, XMMO leads with 19.66% vs 14.46% for UGA. On fees, XMMO is cheaper at 0.35% per year. On volatility, XMMO has been the lower-risk option at 7.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, XMMO has performed better with a 19.66% return vs 14.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

XMMO has the higher dividend yield at 0.61%, compared with 0.00% for UGA.

XMMO is categorized as Momentum, while UGA is Oil & Gas. XMMO tracks S&P MidCap 400 Momentum Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.35% for XMMO and 0.75% for UGA.

UGA currently has the higher Sharpe Ratio (2.35 vs 2.01), 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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