BETE vs. UGA

Last updated Jun 26, 2026

BETE (Proshares Bitcoin & Ether Equal Weight Strategy ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - BETE is a Cryptocurrency fund managed by ProShares, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Over the past year, BETE returned -41.25% vs 70.24% for UGA. At a correlation of -0.02, they often move in opposite directions. BETE charges 0.95%/yr vs 0.75%/yr for UGA.

Performance

BETE vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE) 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, BETE achieves a -41.67% return, which is significantly lower than UGA's 66.14% return.

BETE

• 1D: -1.16%
• 1M: -23.42%
• YTD: -41.67%
• 6M: -41.18%
• 1Y: -41.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UGA

• 1D: 4.14%
• 1M: -5.40%
• YTD: 66.14%
• 6M: 62.36%
• 1Y: 70.24%
• 3Y*: 19.22%
• 5Y*: 23.21%
• 10Y*: 14.74%

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

BETE vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF	-41.67%	-8.17%	66.02%	36.61%
UGA United States Gasoline Fund LP	66.14%	-2.00%	3.77%	-10.29%

Correlation

The correlation between BETE and UGA is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	-0.02

Return for Risk

BETE vs. UGA — Risk / Return Rank

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

BETE

BETE Risk / Return Rank: 4
BETE Sharpe Ratio Rank: 4
BETE Sortino Ratio Rank: 4
BETE Omega Ratio Rank: 4
BETE Calmar Ratio Rank: 4
BETE Martin Ratio Rank: 4

UGA

UGA Risk / Return Rank: 69
UGA Sharpe Ratio Rank: 73
UGA Sortino Ratio Rank: 63
UGA Omega Ratio Rank: 64
UGA Calmar Ratio Rank: 77
UGA Martin Ratio Rank: 67

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.

BETE vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE) 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.

	BETE	UGA	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	2.03	-2.77
Sortino ratio: Return per unit of downside risk	-0.94	2.55	-3.49
Omega ratio: Gain probability vs. loss probability	0.90	1.34	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.67	3.47	-4.14
Martin ratio: Return relative to average drawdown	-1.14	10.69	-11.82

BETE vs. UGA - Sharpe Ratio Comparison

The current BETE Sharpe Ratio is -0.74, which is lower than the UGA Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of BETE 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

BETE vs. UGA - Drawdown Comparison

The maximum BETE drawdown since its inception was -61.75%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for BETE and UGA.

Drawdown Indicators

	BETE	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-61.75%	-86.59%	+24.84%
Max Drawdown (1Y) Largest decline over 1 year	-61.75%	-20.32%	-41.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.68%	—
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	-61.75%	-17.02%	-44.73%
Average Drawdown Average peak-to-trough decline	-22.21%	-36.69%	+14.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.38%	6.59%	+29.79%

Volatility

BETE vs. UGA - Volatility Comparison

Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE) has a higher volatility of 16.09% compared to United States Gasoline Fund LP (UGA) at 8.84%. This indicates that BETE'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

	BETE	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.09%	8.84%	+7.25%
Volatility (6M) Calculated over the trailing 6-month period	40.25%	30.92%	+9.33%
Volatility (1Y) Calculated over the trailing 1-year period	55.79%	34.74%	+21.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.57%	34.52%	+22.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.57%	37.24%	+19.33%

BETE vs. UGA - Expense Ratio Comparison

BETE has a 0.95% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

BETE vs. UGA - Dividend Comparison

BETE's dividend yield for the trailing twelve months is around 94.76%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF	94.76%	68.22%	15.22%	0.78%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BETE and UGA in my portfolio?

BETE and UGA have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BETE or UGA?

BETE has higher volatility (16.09%) compared to UGA (8.84%). In terms of maximum drawdown, BETE dropped -61.75% vs UGA's -86.59%.

Which ETF is better, BETE or UGA?

On 1-year performance, UGA leads with 70.24% vs -41.25% for BETE. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 8.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BETE or UGA?

Over the 1-year period, UGA has performed better with a 70.24% return vs -41.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BETE or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 0.95% for BETE.

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

BETE has the higher dividend yield at 94.76%, compared with 0.00% for UGA.

What is the main difference between BETE and UGA?

BETE is categorized as Cryptocurrency, while UGA is Oil & Gas. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for BETE and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (2.03 vs -0.74), 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.