AAPB vs. UGA

Last updated Jun 24, 2026

AAPB (GraniteShares 2x Long AAPL Daily ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - AAPB is a Leveraged Equities fund actively managed by GraniteShares, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. AAPB is actively managed, while UGA is passively managed. Over the past 3 years, AAPB returned 17.03%/yr vs 18.95%/yr for UGA. At a 0.01 correlation, their price movements are largely independent. AAPB charges 1.15%/yr vs 0.75%/yr for UGA.

Performance

AAPB vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long AAPL Daily ETF (AAPB) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPB achieves a 10.97% return, which is significantly lower than UGA's 64.09% return.

AAPB

• 1D: -1.59%
• 1M: -9.88%
• YTD: 10.97%
• 6M: 10.46%
• 1Y: 90.68%
• 3Y*: 17.03%
• 5Y*: —
• 10Y*: —

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAPB vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AAPB GraniteShares 2x Long AAPL Daily ETF	10.97%	-0.93%	47.02%	77.21%	-38.60%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.77%	1.27%	3.20%

Correlation

The correlation between AAPB and UGA is -0.17, 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	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.01

The correlation between AAPB and UGA shifts across timeframes, from -0.17 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AAPB vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAPB

AAPB Risk / Return Rank: 60
AAPB Sharpe Ratio Rank: 65
AAPB Sortino Ratio Rank: 59
AAPB Omega Ratio Rank: 58
AAPB Calmar Ratio Rank: 68
AAPB Martin Ratio Rank: 48

UGA

UGA Risk / Return Rank: 55
UGA Sharpe Ratio Rank: 53
UGA Sortino Ratio Rank: 48
UGA Omega Ratio Rank: 49
UGA Calmar Ratio Rank: 67
UGA Martin Ratio Rank: 56

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.

AAPB vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long AAPL Daily ETF (AAPB) 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.

	AAPB	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.73	+0.28
Sortino ratio: Return per unit of downside risk	2.64	2.25	+0.39
Omega ratio: Gain probability vs. loss probability	1.34	1.30	+0.04
Calmar ratio: Return relative to maximum drawdown	3.24	3.17	+0.08
Martin ratio: Return relative to average drawdown	7.65	9.39	-1.74

AAPB vs. UGA - Sharpe Ratio Comparison

The current AAPB Sharpe Ratio is 2.01, which is comparable to the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of AAPB 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.

Drawdowns

AAPB vs. UGA - Drawdown Comparison

The maximum AAPB drawdown since its inception was -58.13%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for AAPB and UGA.

Drawdown Indicators

	AAPB	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-58.13%	-86.59%	+28.46%
Max Drawdown (1Y) Largest decline over 1 year	-28.11%	-18.96%	-9.15%
Max Drawdown (3Y) Largest decline over 3 years	-58.13%	-26.68%	-31.45%
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	-13.26%	-18.05%	+4.79%
Average Drawdown Average peak-to-trough decline	-19.23%	-36.69%	+17.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.89%	6.43%	+5.46%

Volatility

AAPB vs. UGA - Volatility Comparison

GraniteShares 2x Long AAPL Daily ETF (AAPB) has a higher volatility of 14.32% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that AAPB'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.

Volatility by Period

	AAPB	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.32%	9.24%	+5.08%
Volatility (6M) Calculated over the trailing 6-month period	33.46%	30.57%	+2.89%
Volatility (1Y) Calculated over the trailing 1-year period	45.34%	35.22%	+10.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.27%	34.45%	+16.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.27%	37.22%	+14.05%

AAPB vs. UGA - Expense Ratio Comparison

AAPB has a 1.15% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

AAPB vs. UGA - Dividend Comparison

AAPB's dividend yield for the trailing twelve months is around 3.96%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
AAPB GraniteShares 2x Long AAPL Daily ETF	3.96%	4.39%	0.00%	18.75%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAPB and UGA in my portfolio?

AAPB and UGA have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAPB or UGA?

AAPB has higher volatility (14.32%) compared to UGA (9.24%). In terms of maximum drawdown, AAPB dropped -58.13% vs UGA's -86.59%.

Which ETF is better, AAPB or UGA?

On 3-year performance, UGA leads with 18.95% vs 17.03% for AAPB. On fees, UGA is cheaper at 0.75% 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.

Which ETF has performed better, AAPB or UGA?

Over the 3-year period, UGA has performed better with a 18.95% return vs 17.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPB or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 1.15% for AAPB.

Which ETF pays a higher dividend yield, AAPB or UGA?

AAPB has the higher dividend yield at 3.96%, compared with 0.00% for UGA.

What is the main difference between AAPB and UGA?

AAPB is categorized as Leveraged Equities, while UGA is Oil & Gas. They also come from different issuers: GraniteShares and Concierge Technologies. Their fees differ too: 1.15% for AAPB and 0.75% for UGA.

Which has better risk-adjusted returns?

AAPB currently has the higher Sharpe Ratio (2.01 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.