AIRR vs. UGA
AIRR (First Trust RBA American Industrial Renaissance ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, AIRR returned 22.05%/yr vs 14.31%/yr for UGA. At a 0.20 correlation, their price movements are largely independent. AIRR charges 0.69%/yr vs 0.75%/yr for UGA.
Performance
AIRR vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, AIRR achieves a 31.81% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, AIRR has outperformed UGA with an annualized return of 22.05%, while UGA has yielded a comparatively lower 14.31% annualized return.
AIRR
- 1D
- -2.80%
- 1M
- 3.57%
- YTD
- 31.81%
- 6M
- 27.48%
- 1Y
- 63.63%
- 3Y*
- 36.68%
- 5Y*
- 25.97%
- 10Y*
- 22.05%
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%
AIRR vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AIRR First Trust RBA American Industrial Renaissance ETF | 31.81% | 27.92% | 33.45% | 31.43% | -2.08% | 33.01% | 17.17% | 33.97% | -20.57% | 16.28% |
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 AIRR and UGA is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
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 Mar 11, 2014 | 0.20 |
The correlation between AIRR and UGA shifts across timeframes, from -0.19 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AIRR vs. UGA — Risk / Return Rank
AIRR
UGA
AIRR vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust RBA American Industrial Renaissance ETF (AIRR) 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.
| AIRR | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.30 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 4.89 | 3.17 | +1.72 |
| Martin ratioReturn relative to average drawdown | 17.83 | 9.39 | +8.44 |
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Drawdowns
AIRR vs. UGA - Drawdown Comparison
The maximum AIRR drawdown since its inception was -42.37%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for AIRR and UGA.
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Drawdown Indicators
| AIRR | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.37% | -86.59% | +44.22% |
Max Drawdown (1Y)Largest decline over 1 year | -13.09% | -18.96% | +5.87% |
Max Drawdown (3Y)Largest decline over 3 years | -27.95% | -26.68% | -1.27% |
Max Drawdown (5Y)Largest decline over 5 years | -27.95% | -38.11% | +10.16% |
Max Drawdown (10Y)Largest decline over 10 years | -42.37% | -75.89% | +33.52% |
Current DrawdownCurrent decline from peak | -2.80% | -18.05% | +15.25% |
Average DrawdownAverage peak-to-trough decline | -7.47% | -36.69% | +29.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.58% | 6.43% | -2.85% |
Volatility
AIRR vs. UGA - Volatility Comparison
First Trust RBA American Industrial Renaissance ETF (AIRR) and United States Gasoline Fund LP (UGA) have volatilities of 8.80% and 9.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AIRR | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.80% | 9.24% | -0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 20.63% | 30.57% | -9.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.40% | 35.22% | -8.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.45% | 34.45% | -9.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.33% | 37.22% | -10.89% |
AIRR vs. UGA - Expense Ratio Comparison
AIRR has a 0.69% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
AIRR vs. UGA - Dividend Comparison
AIRR's dividend yield for the trailing twelve months is around 0.13%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AIRR First Trust RBA American Industrial Renaissance ETF | 0.13% | 0.19% | 0.18% | 0.23% | 0.12% | 0.05% | 0.10% | 0.20% | 0.43% | 0.30% | 0.08% | 0.47% |
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% |
Frequently Asked Questions
AIRR and UGA have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to AIRR (8.80%). In terms of maximum drawdown, AIRR dropped -42.37% vs UGA's -86.59%.
On 10-year performance, AIRR leads with 22.05% vs 14.31% for UGA. On fees, AIRR is cheaper at 0.69% per year. On volatility, AIRR has been the lower-risk option at 8.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AIRR has performed better with a 22.05% return vs 14.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AIRR is cheaper with a 0.69% expense ratio, compared with 0.75% for UGA.
AIRR has the higher dividend yield at 0.13%, compared with 0.00% for UGA.
AIRR is categorized as Building & Construction, while UGA is Oil & Gas. AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: First Trust and Concierge Technologies. Their fees differ too: 0.69% for AIRR and 0.75% for UGA.
AIRR currently has the higher Sharpe Ratio (2.43 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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