UGA vs USO: Grades, Fees and Holdings Compared

United States Gasoline Fund, LP

UGACNYSE Arca

United States Oil Fund, LP

USOBNYSE Arca

Overlap

26.6%by weight

Expense ratio

USO −0.22pt a year

UGA1.08%USO0.86%

Avg volume · 30D

USO 120.1×the volume

UGA47.8KUSO5.73M

10Y return · a year

UGA +11.1pt

UGA+18.3%USO+7.2%

UGA vs USO Performance

Oct 29, 2021 – Oct 30, 2026

+240.5%UGA+195.4%USO

Expense ratio: UGA 1.08%; USO 0.86%, better
Fund size: UGA $161M; USO $1.95B
1Y total return: UGA +120.5%; USO +132.7%, better
Holdings: UGA 8; USO 17
Avg volume (30D): UGA 47.8K sh; USO 5.73M sh, better
NAV per share: UGA $146.05; USO $170.39
52W range

ETF.net Grade

Pillar letters and Scores for UGA, USO, with each pillar’s weight
Pillar	UGA	USO
Cost30% weight	D38	B65Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B68Higher	C43
Tradability15% weight	C45	A70Higher
Holdings10% weight	Not scored	A100
Durability5% weight	C48	A71Higher

Rank among Energy Futures funds

How we build Categories ›

Same Category. UGA and USO are both graded against the same 11 Energy Futures funds, so their Grades compare head to head.

Energy Futures⁠

Category · 11 funds

See all 11 ›

USO ranks 4th and UGA 6th of 11 funds in the Energy Futures Category.

Rank 1AOILKProShares K-1 Free Crude Oil ETFScore 79
Rank 2BDBEInvesco DB Energy FundScore 69
Rank 3BDBOInvesco DB Oil FundScore 67
Rank 4BUSOUnited States Oil Fund, LPScore 61
Rank 5CUSLUnited States 12 Month Oil FundScore 51
Rank 6CUGAUnited States Gasoline Fund, LPScore 47
Rank 7CBNOUnited States Brent Oil Fund LPScore 42

Our read on each fund

ETF.net Research

UGACUnited States Gasoline Fund, LP

USOBUnited States Oil Fund, LP

In short

UGA Its energy-futures cohort is wall-to-wall crude. UGA aims at the refined stuff you actually pump, tracking front-month NYMEX RBOB gasoline futures inside a commodity pool that has run since 2008.

USO The original US crude oil ETF, trading since 2006 and still one of the busiest ways to get WTI exposure without opening a futures account. It holds oil futures near the front of the curve, not barrels in a tank.

Stated mandate

UGA The fund seeks daily NAV percentage changes to reflect daily percentage changes in the spot price of RBOB gasoline for delivery to New York Harbor, measured through the Benchmark Futures Contract. It targets average daily tracking within plus or minus 10% over 30 successive valuation days.

USO USO seeks daily NAV percentage changes that reflect changes in the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, measured by the Benchmark Oil Futures Contract, plus collateral interest and less expenses.

Why people hold it

UGA A direct line to pump fuel: the benchmark is the near-month NYMEX gasoline (RBOB) contract for New York Harbor delivery, rolling to the next month within two weeks of expiry.sec.gov uscfinvestments.com
Trading since 2008 under the same passive mandate, so the mechanism has been through multiple gasoline booms and busts rather than being a new launch.
The prospectus puts a number on tracking: average daily NAV moves are targeted within plus or minus 10% of the benchmark's over 30 successive valuation days.sec.gov

USO Cheap for this corner of the market: 0.86% a year against a cohort median of 1.08%.
Live since 2006 and one of the most actively traded funds in its category, so bids and offers are usually there when you need them.
Targets daily moves in light, sweet crude delivered to Cushing, Oklahoma, via its benchmark futures contract. No margin account, no expiries to roll yourself.sec.gov
Since April 2020 the portfolio has reached past pure front-month into later-dated contracts, a change the fund disclosed in its filings.sec.gov

Worth knowing

UGA At 1.08%, fees land mid-pack among energy futures funds, while crude-focused peers such as OILK (0.69%) and USO (0.86%) charge less.
A commodity pool, not a 1099 fund: shareholders receive a Schedule K-1 at tax time, and the fund does not intend to pay cash distributions.uscfinvestments.com sec.gov
It trades lightly next to the big crude funds, and the front-month roll means it follows the futures curve, not the price on the sign at your local station.sec.gov

USO It's a commodity pool, so tax season brings a Schedule K-1 rather than a 1099. Peer OILK is built specifically to skip that paperwork.uscfinvestments.com
Futures, not barrels. Rolling contracts forward can cost when later months trade above nearer ones, which pulls results away from headline spot oil.sec.gov
One commodity, one price driver, and no income stream: the fund hasn't been paying distributions, so everything rides on the oil move.

Full UGA profile⁠

Full USO profile⁠

UGA vs USO Holdings

How UGA and USO differ

Overlap by weight

26.6%

Shared holdings make up 49.3% of UGA and 27.5% of USO.

Level by level

Holdings4 in both26.6%
Asset classCommodities100%
Countryby domicile100%

Sector

No Sector split for UGA and USO.

Country, concentration and asset class

Country by domicile

Country weights in UGA and USO, widest gap first
Country	More in UGAMore in USO	UGA	USO
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

UGA100.0%
USO91.4%

Securities held

UGA5
USO14

Asset class

UGA: Commodities
USO: Commodities

Holdings

Only in UGA1
In both4
Only in USO10

Only in UGA

1 security, 0.6% of UGA by weight

Treasury Bill 0 2/11/20270.62%

Only in USO

10 securities, 24.0% of USO by weight

Trs Macquarie MQCP361E 072120264.18%
Trs Soc Gen Sgixcwti 061820263.83%
Treasury Bill 0 12/31/20263.83%
Treasury Bill 0 2/4/20273.81%
Treasury Bill 0 11/17/20262.56%
Treasury Bill 0 12/1/20261.79%
Treasury Bill 0 1/7/20271.27%
Treasury Bill 0 1/21/20271.27%
Treasury Bill 0 1/28/20271.27%
Treasury Bill 0 12/8/20260.22%

Weight gaps

All 4 Holdings in both funds, largest gap first.

Holding weights in UGA and USO, widest gap first
Holding	More in UGAMore in USO	UGA	USO
Drey Inst Pref Gov Mm Inst 6546	UGA +15.95 points	28.40%	12.45%
Treasury Bill 0 12/24/2026	USO +0.66 points	0.62%	1.28%
Treasury Bill 0 11/10/2026	UGA +0.51 points	2.18%	1.67%
Treasury Bill 0 11/3/2026	USO +0.11 points	1.56%	1.67%

All UGA holdings⁠All USO holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

UGA vs USO Cost

Overpaying UGA vs USO

$3,606

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

UGA 1.08%
$19,974
USO 0.86%
$16,368

Amount$10,000

Years30 years

Cost over time

UGA 1.08%
USO 0.86%
Overpaying

Year by year

Year	UGA	USO	Overpaying
10	$1,898	$1,525	$373
20	$7,106	$5,768	$1,338
30	$19,974	$16,368	$3,606

Expense ratio

1.08%UGA
0.86%USO, cheaper

USO0.86%UGA1.08%

0.70%3.50%

Middle half of Energy Futures funds
Median 1.01%

USO 4th cheapest of 11 funds

UGA 7th cheapest of 11 funds

UGA vs USO Dividends

Last 12 months to Oct 30, 2026

Payout (12M): UGA None; USO None

Distribution history

UGAAll UGA payments⁠

No distribution history available.

USOAll USO payments⁠

No distribution history available.

UGA vs USO Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: UGA 33.1%, betterUSO 43.1%
Return per unit of riskSharpe ratio, 3 years: UGA 0.85, betterUSO 0.71
Worst fallMax drawdown, 5 years: UGA −38.1%USO −36.2%, better
Market sensitivityBeta, 5 years: UGA 1.62USO 2.22; Market = 1

UGA and USO in the news

All news⁠

Top Movers
Oil fund fell 3.1% Friday on US-Iran truce hopes
Sep 25, 2026UGAUSO
Top Movers
Oil, freight and a rate hedge rise as the 10-year closes at 5.11%
Sep 23, 2026UGAUSO
Closing Bell
S&P 500 falls 0.5% as tech losses outweigh oil’s 7% drop
6 hours agoUSO
Deep Dive
WTI fell 6.6%, and the fund in the nearest contract fell harder than the 12-month fund
13 hours agoUSO
The Big Picture
The 10-year yield fell to 5%, and it was not cooler inflation
Oct 24, 2026USO
Closing Bell
Chip stocks drag Nasdaq to worst day since June as AI funding worries return
Oct 22, 2026USO

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