APIE vs. UGA

Last updated Jun 25, 2026

APIE (ActivePassive International Equity ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - APIE is a Foreign Large Cap Equities fund actively managed by ActivePassive, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. APIE is actively managed, while UGA is passively managed. Over the past 3 years, APIE returned 17.37%/yr vs 17.85%/yr for UGA. At a correlation of -0.04, they often move in opposite directions. APIE charges 0.45%/yr vs 0.75%/yr for UGA.

Performance

APIE vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ActivePassive International Equity ETF (APIE) 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, APIE achieves a 6.67% return, which is significantly lower than UGA's 59.54% return.

APIE

• 1D: -0.45%
• 1M: 0.11%
• YTD: 6.67%
• 6M: 5.81%
• 1Y: 20.61%
• 3Y*: 17.37%
• 5Y*: —
• 10Y*: —

UGA

• 1D: -2.77%
• 1M: -14.54%
• YTD: 59.54%
• 6M: 55.91%
• 1Y: 62.68%
• 3Y*: 17.85%
• 5Y*: 22.22%
• 10Y*: 13.99%

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

APIE vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APIE ActivePassive International Equity ETF	6.67%	31.46%	7.37%	7.64%
UGA United States Gasoline Fund LP	59.54%	-2.00%	3.77%	7.66%

Correlation

The correlation between APIE and UGA is -0.27, 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	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (All Time) Calculated using the full available price history since May 3, 2023	-0.04

Over the past year, the inverse relationship between APIE and UGA has strengthened: their correlation has moved from -0.04 to -0.27, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

APIE vs. UGA — Risk / Return Rank

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

APIE

APIE Risk / Return Rank: 38
APIE Sharpe Ratio Rank: 39
APIE Sortino Ratio Rank: 39
APIE Omega Ratio Rank: 36
APIE Calmar Ratio Rank: 37
APIE Martin Ratio Rank: 42

UGA

UGA Risk / Return Rank: 60
UGA Sharpe Ratio Rank: 62
UGA Sortino Ratio Rank: 54
UGA Omega Ratio Rank: 55
UGA Calmar Ratio Rank: 69
UGA Martin Ratio Rank: 60

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.

APIE vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ActivePassive International Equity ETF (APIE) 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.

	APIE	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.83	-0.59
Sortino ratio: Return per unit of downside risk	1.80	2.35	-0.55
Omega ratio: Gain probability vs. loss probability	1.22	1.31	-0.09
Calmar ratio: Return relative to maximum drawdown	1.67	3.10	-1.43
Martin ratio: Return relative to average drawdown	6.08	9.66	-3.58

APIE vs. UGA - Sharpe Ratio Comparison

The current APIE Sharpe Ratio is 1.23, which is lower than the UGA Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of APIE 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

APIE vs. UGA - Drawdown Comparison

The maximum APIE drawdown since its inception was -15.94%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for APIE and UGA.

Drawdown Indicators

	APIE	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-15.94%	-86.59%	+70.65%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-20.32%	+7.91%
Max Drawdown (3Y) Largest decline over 3 years	-15.94%	-26.68%	+10.74%
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	-2.82%	-20.32%	+17.50%
Average Drawdown Average peak-to-trough decline	-2.74%	-36.69%	+33.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	6.51%	-3.11%

Volatility

APIE vs. UGA - Volatility Comparison

The current volatility for ActivePassive International Equity ETF (APIE) is 6.28%, while United States Gasoline Fund LP (UGA) has a volatility of 9.45%. This indicates that APIE experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APIE	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.28%	9.45%	-3.17%
Volatility (6M) Calculated over the trailing 6-month period	13.97%	30.74%	-16.77%
Volatility (1Y) Calculated over the trailing 1-year period	16.89%	34.84%	-17.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.96%	34.47%	-17.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.96%	37.22%	-20.26%

APIE vs. UGA - Expense Ratio Comparison

APIE has a 0.45% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

APIE vs. UGA - Dividend Comparison

APIE's dividend yield for the trailing twelve months is around 3.48%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
APIE ActivePassive International Equity ETF	3.48%	3.71%	2.14%	0.63%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APIE and UGA in my portfolio?

APIE and UGA have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APIE or UGA?

UGA has higher volatility (9.45%) compared to APIE (6.28%). In terms of maximum drawdown, APIE dropped -15.94% vs UGA's -86.59%.

Which ETF is better, APIE or UGA?

On 3-year performance, UGA leads with 17.85% vs 17.37% for APIE. On fees, APIE is cheaper at 0.45% per year. On volatility, APIE has been the lower-risk option at 6.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APIE or UGA?

Over the 3-year period, UGA has performed better with a 17.85% return vs 17.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APIE or UGA?

APIE is cheaper with a 0.45% expense ratio, compared with 0.75% for UGA.

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

APIE has the higher dividend yield at 3.48%, compared with 0.00% for UGA.

What is the main difference between APIE and UGA?

APIE is categorized as Foreign Large Cap Equities, while UGA is Oil & Gas. They also come from different issuers: ActivePassive and Concierge Technologies. Their fees differ too: 0.45% for APIE and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.82 vs 1.23), 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.