BTF vs. UGA

Last updated Jun 4, 2026

BTF (Valkyrie Bitcoin and Ether Strategy ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - BTF is a Cryptocurrency fund actively managed by Valkyrie, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. BTF is actively managed, while UGA is passively managed. Over the past 3 years, BTF returned 13.08%/yr vs 22.21%/yr for UGA. At a 0.04 correlation, their price movements are largely independent. BTF charges 1.24%/yr vs 0.75%/yr for UGA.

Performance

BTF vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Valkyrie Bitcoin and Ether Strategy ETF (BTF) 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, BTF achieves a -33.48% return, which is significantly lower than UGA's 75.49% return.

BTF

• 1D: -4.19%
• 1M: -21.21%
• YTD: -33.48%
• 6M: -37.41%
• 1Y: -36.83%
• 3Y*: 13.08%
• 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)

BTF vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BTF Valkyrie Bitcoin and Ether Strategy ETF	-33.48%	-12.44%	67.60%	136.86%	-63.05%	-26.38%
UGA United States Gasoline Fund LP	75.49%	-2.00%	3.77%	1.27%	46.34%	-5.95%

Correlation

The correlation between BTF and UGA is -0.10, 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	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Oct 25, 2021	0.04

The correlation between BTF and UGA shifts across timeframes, from -0.10 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BTF vs. UGA — Risk / Return Rank

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

BTF

BTF Risk / Return Rank: 3
BTF Sharpe Ratio Rank: 3
BTF Sortino Ratio Rank: 3
BTF Omega Ratio Rank: 4
BTF Calmar Ratio Rank: 3
BTF Martin Ratio Rank: 4

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.

BTF vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin and Ether Strategy ETF (BTF) 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.

	BTF	UGA	Difference
Sharpe ratio Return per unit of total volatility	-0.68	2.32	-3.00
Sortino ratio Return per unit of downside risk	-0.80	2.75	-3.55
Omega ratio Gain probability vs. loss probability	0.91	1.37	-0.46
Calmar ratio Return relative to maximum drawdown	-0.65	5.47	-6.12
Martin ratio Return relative to average drawdown	-1.11	13.25	-14.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTF vs. UGA - Sharpe Ratio Comparison

The current BTF Sharpe Ratio is -0.68, which is lower than the UGA Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of BTF 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

	BTF	UGA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.68	2.32	-3.00
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	-0.16	0.12	-0.28

Drawdowns

BTF vs. UGA - Drawdown Comparison

The maximum BTF drawdown since its inception was -77.50%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for BTF and UGA.

Drawdown Indicators

	BTF	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-77.50%	-86.59%	+9.09%
Max Drawdown (1Y) Largest decline over 1 year	-56.49%	-14.88%	-41.61%
Max Drawdown (3Y) Largest decline over 3 years	-56.49%	-26.68%	-29.81%
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	-56.49%	-12.35%	-44.14%
Average Drawdown Average peak-to-trough decline	-39.65%	-36.76%	-2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.32%	6.13%	+27.19%

Volatility

BTF vs. UGA - Volatility Comparison

The current volatility for Valkyrie Bitcoin and Ether Strategy ETF (BTF) is 9.55%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that BTF 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

	BTF	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.55%	11.66%	-2.11%
Volatility (6M) Calculated over the trailing 6-month period	39.47%	30.41%	+9.06%
Volatility (1Y) Calculated over the trailing 1-year period	54.33%	35.14%	+19.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.43%	34.38%	+24.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.43%	37.27%	+21.16%

BTF vs. UGA - Expense Ratio Comparison

BTF has a 1.24% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

BTF vs. UGA - Dividend Comparison

BTF's dividend yield for the trailing twelve months is around 219.12%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BTF Valkyrie Bitcoin and Ether Strategy ETF	219.12%	146.05%	52.96%	15.98%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTF and UGA in my portfolio?

BTF and UGA have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTF or UGA?

UGA has higher volatility (11.66%) compared to BTF (9.55%). In terms of maximum drawdown, BTF dropped -77.50% vs UGA's -86.59%.

Which ETF is better, BTF or UGA?

On 3-year performance, UGA leads with 22.21% vs 13.08% for BTF. On fees, UGA is cheaper at 0.75% per year. On volatility, BTF has been the lower-risk option at 9.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTF or UGA?

Over the 3-year period, UGA has performed better with a 22.21% return vs 13.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTF or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 1.24% for BTF.

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

BTF has the higher dividend yield at 219.12%, compared with 0.00% for UGA.

What is the main difference between BTF and UGA?

BTF is categorized as Cryptocurrency, while UGA is Oil & Gas. They also come from different issuers: Valkyrie and Concierge Technologies. Their fees differ too: 1.24% for BTF and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (2.32 vs -0.68), 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.