XSOE vs. UGA
XSOE (WisdomTree Emerging Markets ex-State-Owned Enterprises Fund) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - XSOE is a Emerging Markets Equities fund tracking the WisdomTree Emerging Markets ex-State-Owned Enterprises Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, XSOE returned 10.33%/yr vs 14.31%/yr for UGA. At a 0.17 correlation, their price movements are largely independent. XSOE charges 0.32%/yr vs 0.75%/yr for UGA.
Performance
XSOE vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, XSOE achieves a 23.47% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, XSOE has underperformed UGA with an annualized return of 10.33%, while UGA has yielded a comparatively higher 14.31% annualized return.
XSOE
- 1D
- -5.74%
- 1M
- 2.49%
- YTD
- 23.47%
- 6M
- 24.31%
- 1Y
- 46.15%
- 3Y*
- 22.11%
- 5Y*
- 4.49%
- 10Y*
- 10.33%
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%
XSOE vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund | 23.47% | 30.05% | 7.02% | 10.28% | -25.83% | -5.92% | 28.61% | 24.81% | -18.60% | 49.23% |
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 XSOE and UGA is -0.24, 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 | -0.24 |
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 | 0.17 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2014 | 0.17 |
The correlation between XSOE and UGA shifts across timeframes, from -0.24 (1 year) to 0.17 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
XSOE vs. UGA — Risk / Return Rank
XSOE
UGA
XSOE vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE) 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.
| XSOE | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.30 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.48 | 3.17 | +0.32 |
| Martin ratioReturn relative to average drawdown | 12.67 | 9.39 | +3.28 |
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Drawdowns
XSOE vs. UGA - Drawdown Comparison
The maximum XSOE drawdown since its inception was -45.23%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for XSOE and UGA.
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Drawdown Indicators
| XSOE | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.23% | -86.59% | +41.36% |
Max Drawdown (1Y)Largest decline over 1 year | -13.31% | -18.96% | +5.65% |
Max Drawdown (3Y)Largest decline over 3 years | -19.96% | -26.68% | +6.72% |
Max Drawdown (5Y)Largest decline over 5 years | -42.05% | -38.11% | -3.94% |
Max Drawdown (10Y)Largest decline over 10 years | -45.23% | -75.89% | +30.66% |
Current DrawdownCurrent decline from peak | -5.74% | -18.05% | +12.31% |
Average DrawdownAverage peak-to-trough decline | -17.22% | -36.69% | +19.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.65% | 6.43% | -2.78% |
Volatility
XSOE vs. UGA - Volatility Comparison
WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE) has a higher volatility of 12.60% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that XSOE'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
| XSOE | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.60% | 9.24% | +3.36% |
Volatility (6M)Calculated over the trailing 6-month period | 20.57% | 30.57% | -10.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.57% | 35.22% | -12.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.04% | 34.45% | -14.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.89% | 37.22% | -16.33% |
XSOE vs. UGA - Expense Ratio Comparison
XSOE has a 0.32% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
XSOE vs. UGA - Dividend Comparison
XSOE's dividend yield for the trailing twelve months is around 1.32%, 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% |
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund | 1.32% | 1.50% | 1.44% | 1.78% | 2.53% | 1.36% | 1.02% | 2.01% | 1.56% | 0.65% | 1.43% | 3.93% |
Frequently Asked Questions
XSOE and UGA have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XSOE has higher volatility (12.60%) compared to UGA (9.24%). In terms of maximum drawdown, XSOE dropped -45.23% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 10.33% for XSOE. On fees, XSOE is cheaper at 0.32% 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, UGA has performed better with a 14.31% return vs 10.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XSOE is cheaper with a 0.32% expense ratio, compared with 0.75% for UGA.
XSOE has the higher dividend yield at 1.32%, compared with 0.00% for UGA.
XSOE is categorized as Emerging Markets Equities, while UGA is Oil & Gas. XSOE tracks WisdomTree Emerging Markets ex-State-Owned Enterprises Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: WisdomTree and Concierge Technologies. Their fees differ too: 0.32% for XSOE and 0.75% for UGA.
XSOE currently has the higher Sharpe Ratio (2.06 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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