BOXA vs. UGA

Last updated Jun 4, 2026

BOXA (Alpha Architect Aggregate Bond ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - BOXA is a Intermediate Core Bond fund actively managed by Alpha Architect, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. BOXA is actively managed, while UGA is passively managed. Over the past year, BOXA returned 3.52% vs 80.94% for UGA. At a correlation of -0.33, they often move in opposite directions. BOXA charges 0.23%/yr vs 0.75%/yr for UGA.

Performance

BOXA vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect Aggregate Bond ETF (BOXA) 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, BOXA achieves a -0.19% return, which is significantly lower than UGA's 75.49% return.

BOXA

• 1D: -0.22%
• 1M: 0.13%
• YTD: -0.19%
• 6M: -0.46%
• 1Y: 3.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UGA

• 1D: -0.19%
• 1M: -12.35%
• YTD: 75.49%
• 6M: 64.35%
• 1Y: 80.94%
• 3Y*: 22.21%
• 5Y*: 25.10%
• 10Y*: 14.43%

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

BOXA vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BOXA Alpha Architect Aggregate Bond ETF	-0.19%	5.41%	0.02%
UGA United States Gasoline Fund LP	75.49%	-2.00%	3.64%

Correlation

The correlation between BOXA and UGA is -0.40, 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	-0.40
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	-0.33

Return for Risk

BOXA vs. UGA — Risk / Return Rank

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

BOXA

BOXA Risk / Return Rank: 25
BOXA Sharpe Ratio Rank: 26
BOXA Sortino Ratio Rank: 25
BOXA Omega Ratio Rank: 24
BOXA Calmar Ratio Rank: 23
BOXA Martin Ratio Rank: 25

UGA

UGA Risk / Return Rank: 69
UGA Sharpe Ratio Rank: 69
UGA Sortino Ratio Rank: 57
UGA Omega Ratio Rank: 60
UGA Calmar Ratio Rank: 89
UGA Martin Ratio Rank: 71

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.

BOXA vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect Aggregate Bond ETF (BOXA) 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.

	BOXA	UGA	Difference
Sharpe ratio: Return per unit of total volatility	0.94	2.32	-1.37
Sortino ratio: Return per unit of downside risk	1.39	2.75	-1.37
Omega ratio: Gain probability vs. loss probability	1.16	1.37	-0.21
Calmar ratio: Return relative to maximum drawdown	1.10	5.47	-4.37
Martin ratio: Return relative to average drawdown	3.36	13.25	-9.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BOXA vs. UGA - Sharpe Ratio Comparison

The current BOXA Sharpe Ratio is 0.94, which is lower than the UGA Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of BOXA 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.

Sharpe Ratios by Period

	BOXA	UGA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	2.32	-1.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.73	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.12	+0.75

Drawdowns

BOXA vs. UGA - Drawdown Comparison

The maximum BOXA drawdown since its inception was -3.22%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for BOXA and UGA.

Drawdown Indicators

	BOXA	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-3.22%	-86.59%	+83.37%
Max Drawdown (1Y) Largest decline over 1 year	-3.22%	-14.88%	+11.66%
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	-2.04%	-12.35%	+10.31%
Average Drawdown Average peak-to-trough decline	-0.75%	-36.76%	+36.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	6.13%	-5.08%

Volatility

BOXA vs. UGA - Volatility Comparison

The current volatility for Alpha Architect Aggregate Bond ETF (BOXA) is 1.36%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that BOXA 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

	BOXA	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	11.66%	-10.30%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	30.41%	-27.79%
Volatility (1Y) Calculated over the trailing 1-year period	3.75%	35.14%	-31.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.15%	34.38%	-30.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.15%	37.27%	-33.12%

BOXA vs. UGA - Expense Ratio Comparison

BOXA has a 0.23% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

BOXA vs. UGA - Dividend Comparison

BOXA's dividend yield for the trailing twelve months is around 0.13%, while UGA has not paid dividends to shareholders.

Position	TTM	2025
BOXA Alpha Architect Aggregate Bond ETF	0.13%	0.13%
UGA United States Gasoline Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both BOXA and UGA in my portfolio?

BOXA 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.

Which is riskier, BOXA or UGA?

UGA has higher volatility (11.66%) compared to BOXA (1.36%). In terms of maximum drawdown, BOXA dropped -3.22% vs UGA's -86.59%.

Which ETF is better, BOXA or UGA?

On 1-year performance, UGA leads with 80.94% vs 3.52% for BOXA. On fees, BOXA is cheaper at 0.23% per year. On volatility, BOXA has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOXA or UGA?

Over the 1-year period, UGA has performed better with a 80.94% return vs 3.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOXA or UGA?

BOXA is cheaper with a 0.23% expense ratio, compared with 0.75% for UGA.

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

BOXA has the higher dividend yield at 0.13%, compared with 0.00% for UGA.

What is the main difference between BOXA and UGA?

BOXA is categorized as Intermediate Core Bond, while UGA is Oil & Gas. They also come from different issuers: Alpha Architect and Concierge Technologies. Their fees differ too: 0.23% for BOXA and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (2.32 vs 0.94), 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.