APLY vs. UGA

Last updated Jun 24, 2026

APLY (YieldMax AAPL Option Income Strategy ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - APLY is a Options Trading fund actively managed by YieldMax, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. APLY is actively managed, while UGA is passively managed. Over the past 3 years, APLY returned 8.87%/yr vs 18.95%/yr for UGA. At a correlation of -0.04, they often move in opposite directions. APLY charges 0.99%/yr vs 0.75%/yr for UGA.

Performance

APLY vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax AAPL Option Income Strategy ETF (APLY) 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, APLY achieves a 4.06% return, which is significantly lower than UGA's 64.09% return.

APLY

• 1D: -0.56%
• 1M: -4.43%
• YTD: 4.06%
• 6M: 3.68%
• 1Y: 30.98%
• 3Y*: 8.87%
• 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)

APLY vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APLY YieldMax AAPL Option Income Strategy ETF	4.06%	4.69%	18.62%	11.43%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.77%	-3.88%

Correlation

The correlation between APLY and UGA is -0.15, 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	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Apr 18, 2023	-0.04

The correlation between APLY and UGA shifts across timeframes, from -0.15 (1 year) to -0.04 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

APLY vs. UGA — Risk / Return Rank

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

APLY

APLY Risk / Return Rank: 52
APLY Sharpe Ratio Rank: 53
APLY Sortino Ratio Rank: 52
APLY Omega Ratio Rank: 54
APLY Calmar Ratio Rank: 56
APLY Martin Ratio Rank: 43

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.

APLY vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AAPL Option Income Strategy ETF (APLY) 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.

	APLY	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.73	0.00
Sortino ratio: Return per unit of downside risk	2.42	2.25	+0.18
Omega ratio: Gain probability vs. loss probability	1.33	1.30	+0.03
Calmar ratio: Return relative to maximum drawdown	2.65	3.17	-0.52
Martin ratio: Return relative to average drawdown	6.59	9.39	-2.80

APLY vs. UGA - Sharpe Ratio Comparison

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

APLY vs. UGA - Drawdown Comparison

The maximum APLY drawdown since its inception was -30.41%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for APLY and UGA.

Drawdown Indicators

	APLY	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-30.41%	-86.59%	+56.18%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-18.96%	+7.20%
Max Drawdown (3Y) Largest decline over 3 years	-30.41%	-26.68%	-3.73%
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	-5.78%	-18.05%	+12.27%
Average Drawdown Average peak-to-trough decline	-6.88%	-36.69%	+29.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.71%	6.43%	-1.72%

Volatility

APLY vs. UGA - Volatility Comparison

The current volatility for YieldMax AAPL Option Income Strategy ETF (APLY) is 5.60%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that APLY 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

	APLY	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.60%	9.24%	-3.64%
Volatility (6M) Calculated over the trailing 6-month period	13.49%	30.57%	-17.08%
Volatility (1Y) Calculated over the trailing 1-year period	17.97%	35.22%	-17.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.93%	34.45%	-13.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.93%	37.22%	-16.29%

APLY vs. UGA - Expense Ratio Comparison

APLY has a 0.99% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

APLY vs. UGA - Dividend Comparison

APLY's dividend yield for the trailing twelve months is around 36.54%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
APLY YieldMax AAPL Option Income Strategy ETF	36.54%	36.38%	24.95%	14.36%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APLY and UGA in my portfolio?

APLY and UGA have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APLY or UGA?

UGA has higher volatility (9.24%) compared to APLY (5.60%). In terms of maximum drawdown, APLY dropped -30.41% vs UGA's -86.59%.

Which ETF is better, APLY or UGA?

On 3-year performance, UGA leads with 18.95% vs 8.87% for APLY. On fees, UGA is cheaper at 0.75% per year. On volatility, APLY has been the lower-risk option at 5.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APLY or UGA?

Over the 3-year period, UGA has performed better with a 18.95% return vs 8.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APLY or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 0.99% for APLY.

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

APLY has the higher dividend yield at 36.54%, compared with 0.00% for UGA.

What is the main difference between APLY and UGA?

APLY is categorized as Options Trading, while UGA is Oil & Gas. They also come from different issuers: YieldMax and Concierge Technologies. Their fees differ too: 0.99% for APLY and 0.75% for UGA.

Which has better risk-adjusted returns?

APLY currently has the higher Sharpe Ratio (1.73 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.