United States Gasoline Fund LP (UGA) Performance
UGA total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +134.8% since Dec 31, 2025
- 1 year
- +124.6% total return
- 5 years
- +27.2% a year
- 10 years
- +17.5% a year
- Since first price
- +6.0% a year since 2008
UGA trailing returns vs SPY, QQQ, AGG
| Period | UGA total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −3.6% | −3.6% | −1.0% | −5.0% | +0.9% |
| 3 months | +16.0% | +16.0% | +3.2% | +1.9% | −0.4% |
| 6 months | +30.6% | +30.6% | +7.8% | +8.4% | −1.5% |
| YTD | +134.8% | +134.8% | +12.3% | +15.1% | −1.0% |
| 1 year | +124.6% | +124.6% | +14.4% | +15.9% | −1.1% |
| 3 years | +121.1%+30.3%/yr | +121.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +232.8%+27.2%/yr | +232.8% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +402.3%+17.5%/yr | +402.3% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +196.5%+7.5%/yr | +196.5% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionFeb 27, 2008 | +194.1%+6.0%/yr | +194.1% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: UGA vs SPY
From Feb 27, 2008: UGA grew to $29,413, SPY to $77,387.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
UGA returns by calendar year
12 of 17 full years positive. Best 2009 (+88.0%), worst 2014 (−43.0%). 2026 is year to date.
UGA annual returns table
| Year | UGA | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +134.8% | −20.3% | +12.3% | +15.1% | −1.0% |
| 2025 | −2.0% | −18.9% | +17.7% | +20.8% | +7.2% |
| 2024 | +3.8% | −23.9% | +24.9% | +25.6% | +1.3% |
| 2023 | +1.3% | −23.8% | +26.2% | +54.9% | +5.7% |
| 2022 | +46.3% | −38.1% | −18.2% | −32.6% | −13.0% |
| 2021 | +68.5% | −18.6% | +28.7% | +27.4% | −1.8% |
| 2020 | −24.9% | −73.4% | +18.3% | +48.6% | +7.5% |
| 2019 | +41.2% | −18.4% | +31.2% | +39.0% | +8.5% |
| 2018 | −28.1% | −39.9% | −4.6% | −0.1% | +0.1% |
| 2017 | +1.7% | −27.1% | +21.7% | +32.7% | +3.6% |
| 2016 | +7.0% | −30.5% | +12.0% | +7.1% | +2.4% |
| 2015 | −14.3% | −35.0% | +1.2% | +9.4% | +0.5% |
| 2014 | −43.0% | −47.6% | +13.5% | +19.2% | +6.0% |
| 2013 | +2.5% | −18.3% | +32.3% | +36.6% | −2.0% |
| 2012 | +20.9% | −22.6% | +16.0% | +18.1% | +3.8% |
| 2011 | +14.7% | −19.1% | +1.9% | +3.4% | +7.7% |
| 2010 | +15.1% | −23.8% | +15.1% | +19.9% | +6.4% |
| 2009 | +88.0% | −20.0% | +26.4% | +54.7% | +3.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
UGA largest drawdowns
Now 5.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jul 2, 2008 | −86.6% | Mar 24, 2020 | May 6, 2022 | 11.7 years | 13.8 years |
| Jun 3, 2022 | −38.1% | Dec 8, 2022 | Mar 4, 2026 | 6 months | 3.8 years |
| May 4, 2026 | −20.3% | Jun 24, 2026 | Jul 23, 2026 | 51 days | 3 months |
| Jul 23, 2026 | −14.7% | Aug 5, 2026 | Aug 18, 2026 | 13 days | 26 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
UGA risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2008 |
|---|---|---|---|---|
| Annualized return | +29.4% | +30.8% | +18.2% | +6.0% |
| Volatility (annualized) | 33.5% | 33.4% | 39.1% | 36.8% |
| Sharpe ratio | 0.79 | 0.85 | 0.59 | 0.33 |
| Sortino ratio | 1.81 | 1.75 | 0.89 | 0.47 |
| Best month | +41.8% | +41.8% | +41.8% | +41.8% |
| Worst month | −12.4% | −15.3% | −60.8% | −60.8% |
| Best 12 months | +127.4% | +127.4% | +211.4% | +211.4% |
| Worst 12 months | −19.8% | −21.2% | −65.6% | −65.6% |
| Positive months | 61% | 58% | 61% | 57% |
| Beta vs S&P 500 | -0.49 | 0.03 | 0.95 | — |
| Correlation with S&P 500 | -0.18 | 0.01 | 0.37 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
UGA rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 213 | −65.6% | +5.6% | +211.4% | 59% |
| 3-year (a year) | 189 | −28.3% | +4.0% | +81.8% | 61% |
| 5-year (a year) | 165 | −21.9% | +4.2% | +44.7% | 58% |
| 10-year (a year) | 105 | −12.4% | +0.3% | +18.3% | 52% |
Every holding period starting at a month-end since 2008. Returns for 3 years and longer are annualized.
UGA performance overview
United States Gasoline Fund LP (UGA) returned +124.6% over the past year and +17.5% a year over ten years, with distributions reinvested. Since its first recorded price in 2008 it has returned +6.0% a year, turning $10,000 into about $29,413. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −86.6%, from Jul 2, 2008 to Mar 24, 2020, and it took 2.1 years to get back to the old high. UGA finished 12 of its 17 full calendar years with a gain; the best year was 2009 (+88.0%) and the worst 2014 (−43.0%). Volatility has been 36.8% a year.
Related: UGA chart. See the UGA overview for the latest quote and fund facts.
UGA performance FAQ
What is the UGA return over the past year?
UGA returned +124.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 124.6%.
What is the average annual return of UGA?
UGA has returned +27.2% a year over 5 years, +17.5% a year over 10 years, +6.0% a year since February 27, 2008 (total return, distributions reinvested).
How much would $10,000 invested in UGA be worth?
$10,000 invested in UGA at its first recorded close on February 27, 2008 would be worth about $29,413 on October 23, 2026 with distributions reinvested.
What was the worst year for UGA?
The worst calendar year was 2014, with a total return of −43.0%. The best was 2009 at +88.0%.
What is the biggest drawdown of UGA?
The largest peak-to-trough decline was −86.6% between July 2, 2008 and March 24, 2020. It recovered to the old high on May 6, 2022, 2.1 years after the bottom.
How volatile is UGA?
Over the past 3 years UGA had an annualized volatility of 33.5% and a Sharpe ratio of 0.79 (excess return over 1–3 month T-bills per unit of risk).