BLSG vs. UGA

Last updated Jul 17, 2026

BLSG (Leverage Shares 2X Long BLSH Daily ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - BLSG is a Leveraged Equities fund actively managed by Leverage Shares, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. BLSG is actively managed, while UGA is passively managed. At a correlation of -0.08, they often move in opposite directions. Both charge a 0.75% expense ratio.

Performance

BLSG vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long BLSH Daily ETF (BLSG) 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, BLSG achieves a -74.44% return, which is significantly lower than UGA's 88.71% return.

BLSG

• 1D: -13.69%
• 1M: -24.02%
• 6M: -73.74%
• YTD: -74.44%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UGA

• 1D: -0.85%
• 1M: 16.18%
• 6M: 81.39%
• YTD: 88.71%
• 1Y: 85.57%
• 3Y*: 21.50%
• 5Y*: 26.58%
• 10Y*: 17.13%

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

BLSG vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025
BLSG Leverage Shares 2X Long BLSH Daily ETF	-74.44%	-58.81%
UGA United States Gasoline Fund LP	88.71%	-4.20%

Correlation

The correlation between BLSG and UGA is -0.08, 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 (All Time) Calculated using the full available price history since Oct 27, 2025	-0.08

Return for Risk

BLSG vs. UGA — Risk / Return Rank

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

BLSG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

UGA

UGA Risk / Return Rank: 84
UGA Sharpe Ratio Rank: 90
UGA Sortino Ratio Rank: 81
UGA Omega Ratio Rank: 80
UGA Calmar Ratio Rank: 89
UGA Martin Ratio Rank: 79

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.

BLSG vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long BLSH Daily ETF (BLSG) 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.

	BLSG	UGA	Difference
Sharpe ratio: Return per unit of total volatility	—	2.40	—
Sortino ratio: Return per unit of downside risk	—	2.90	—
Omega ratio: Gain probability vs. loss probability	—	1.38	—
Calmar ratio: Return relative to maximum drawdown	—	4.23	—
Martin ratio: Return relative to average drawdown	—	11.76	—

Drawdowns

BLSG vs. UGA - Drawdown Comparison

The maximum BLSG drawdown since its inception was -90.65%, roughly equal to the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for BLSG and UGA.

Drawdown Indicators

	BLSG	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-90.65%	-86.59%	-4.06%
Max Drawdown (1Y) Largest decline over 1 year	—	-20.32%	—
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	-89.78%	-5.75%	-84.03%
Average Drawdown Average peak-to-trough decline	-64.18%	-36.61%	-27.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.30%	—

Volatility

Volatility by Period

	BLSG	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	31.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	147.24%	35.83%	+111.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	147.24%	34.67%	+112.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	147.24%	37.23%	+110.01%

BLSG vs. UGA - Expense Ratio Comparison

Both BLSG and UGA have an expense ratio of 0.75%.

Dividends

BLSG vs. UGA - Dividend Comparison

Neither BLSG nor UGA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BLSG and UGA in my portfolio?

BLSG and UGA have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BLSG or UGA?

Both ETFs have the same 0.75% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BLSG or UGA?

BLSG and UGA have the same expense ratio: 0.75% per year.

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

BLSG and UGA have nearly identical dividend yields, around 0.00%.

What is the main difference between BLSG and UGA?

BLSG is categorized as Leveraged Equities, while UGA is Oil & Gas. They also come from different issuers: Leverage Shares and Concierge Technologies.