BBLB vs. UGA
BBLB (JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - BBLB is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past 3 years, BBLB returned -0.80%/yr vs 15.08%/yr for UGA. Their -0.21 correlation means they have often moved in opposite directions in the past. BBLB charges 0.04%/yr vs 1.02%/yr for UGA.
Performance
BBLB vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, BBLB achieves a -2.53% return, which is significantly lower than UGA's 73.74% return.
BBLB
- 1D
- 0.72%
- 1M
- -2.86%
- 6M
- -2.32%
- YTD
- -2.53%
- 1Y
- -1.51%
- 3Y*
- -0.80%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -2.81%
UGA
- 1D
- -4.00%
- 1M
- 4.18%
- 6M
- 57.40%
- YTD
- 73.74%
- 1Y
- 71.86%
- 3Y*
- 15.08%
- 5Y*
- 23.69%
- 10Y*
- 16.34%
- ALL TIME*
- 4.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $43.45K | $41.67K | $60.66K | |
| $8.76M | $6.07M | $5.03M |
BBLB vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BBLB JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF | -2.53% | 4.26% | -7.84% | -2.80% |
UGA United States Gasoline Fund, LP | 73.74% | -2.00% | 3.77% | 0.65% |
Correlation
The correlation between BBLB and UGA is -0.40, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.40 |
Correlation (3Y) Balances recent behavior with more history. | -0.23 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2023 | -0.21 |
The correlation between BBLB and UGA shifts across timeframes, from -0.40 (1 year) to -0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BBLB vs. UGA — Risk / Return Rank
BBLB
UGA
BBLB vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (BBLB) 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.
| BBLB | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.14 | ||
| Sortino ratioReturn per unit of downside risk | -2.64 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.32 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 3.56 | -3.75 |
| Martin ratioReturn relative to average drawdown | -0.42 | 9.88 | -10.30 |
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Drawdowns
BBLB vs. UGA - Drawdown Comparison
The maximum BBLB drawdown since its inception was -21.06%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for BBLB and UGA.
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Drawdown Indicators
| BBLB | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.06% | -86.59% | +65.53% |
Max Drawdown (1Y)Largest decline over 1 year | -7.76% | -20.32% | +12.56% |
Max Drawdown (3Y)Largest decline over 3 years | -14.67% | -26.68% | +12.01% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -10.92% | -14.19% | +3.27% |
Average DrawdownAverage peak-to-trough decline | -8.94% | -36.52% | +27.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.58% | 7.30% | -3.72% |
Volatility
BBLB vs. UGA - Volatility Comparison
The current volatility for JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (BBLB) is 2.67%, while United States Gasoline Fund, LP (UGA) has a volatility of 13.00%. This indicates that BBLB 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.
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Volatility by Period
| BBLB | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.67% | 13.00% | -10.33% |
Volatility (6M)Calculated over the trailing 6-month period | 6.95% | 32.31% | -25.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.26% | 36.60% | -27.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.62% | 34.73% | -21.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.62% | 37.32% | -23.70% |
BBLB vs. UGA - Expense Ratio Comparison
BBLB has a 0.04% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
BBLB vs. UGA - Dividend Comparison
BBLB's dividend yield for the trailing twelve months is around 4.99%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BBLB JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF | 4.99% | 5.03% | 5.34% | 2.82% |
UGA United States Gasoline Fund, LP | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BBLB and UGA have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (13.00%) compared to BBLB (2.67%). In terms of maximum drawdown, BBLB dropped -21.06% vs UGA's -86.59%.
On 3-year performance, UGA leads with 15.08% vs -0.80% for BBLB. On fees, BBLB is cheaper at 0.04% per year. On volatility, BBLB has been the lower-risk option at 2.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UGA has performed better with a 15.08% return vs -0.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BBLB is cheaper with a 0.04% expense ratio, compared with 1.02% for UGA.
BBLB has the higher dividend yield at 4.99%, compared with 0.00% for UGA.
BBLB is categorized as Government Bonds, while UGA is Oil & Gas. BBLB tracks ICE U.S. Treasury 20+ Year Bond Index, while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. They also come from different issuers: JPMorgan and USCF. Their fees differ too: 0.04% for BBLB and 1.02% for UGA.
UGA currently has the higher Sharpe Ratio (1.97 vs -0.16), 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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