CA vs. UGA
CA (Xtrackers California Municipal Bond ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - CA is a Municipal Bonds fund tracking the ICE AMT-Free Broad Liquid California Municipal Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past year, CA returned 6.72% vs 94.84% for UGA. Their -0.15 correlation means they have often moved in opposite directions in the past. CA charges 0.20%/yr vs 0.75%/yr for UGA.
Performance
CA vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, CA achieves a 1.20% return, which is significantly lower than UGA's 93.12% return.
CA
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.89%
- YTD
- 1.20%
- 1Y
- 6.72%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.51%
UGA
- 1D
- -3.26%
- 1M
- 18.59%
- 6M
- 82.28%
- YTD
- 93.12%
- 1Y
- 94.84%
- 3Y*
- 17.87%
- 5Y*
- 26.58%
- 10Y*
- 18.10%
- ALL TIME*
- 4.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $4.72K | |
| $4.73M | $4.69M | $4.99M |
CA vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CA Xtrackers California Municipal Bond ETF | 1.20% | 3.05% | 1.51% | 0.79% |
UGA United States Gasoline Fund LP | 93.12% | -2.00% | 3.77% | 3.46% |
Correlation
The correlation between CA and UGA is -0.26, 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. | -0.26 |
Correlation (All Time) Calculated using the full available price history since Dec 14, 2023 | -0.15 |
The correlation between CA and UGA shifts across timeframes, from -0.26 (1 year) to -0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CA vs. UGA — Risk / Return Rank
CA
UGA
CA vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers California Municipal Bond ETF (CA) 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.
| CA | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.75 | 1.40 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 4.69 | -2.07 |
| Martin ratioReturn relative to average drawdown | 9.55 | 13.03 | -3.47 |
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Drawdowns
CA vs. UGA - Drawdown Comparison
The maximum CA drawdown since its inception was -5.24%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for CA and UGA.
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Drawdown Indicators
| CA | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.24% | -86.59% | +81.35% |
Max Drawdown (1Y)Largest decline over 1 year | -2.57% | -20.32% | +17.75% |
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 DrawdownCurrent decline from peak | -0.75% | -4.62% | +3.87% |
Average DrawdownAverage peak-to-trough decline | -1.24% | -36.56% | +35.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 7.31% | -6.61% |
Volatility
CA vs. UGA - Volatility Comparison
The current volatility for Xtrackers California Municipal Bond ETF (CA) is 0.00%, while United States Gasoline Fund LP (UGA) has a volatility of 10.79%. This indicates that CA 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
| CA | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 10.79% | -10.79% |
Volatility (6M)Calculated over the trailing 6-month period | 1.73% | 31.83% | -30.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.38% | 36.16% | -33.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.87% | 34.58% | -30.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.87% | 37.26% | -33.39% |
CA vs. UGA - Expense Ratio Comparison
CA has a 0.20% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
CA vs. UGA - Dividend Comparison
CA's dividend yield for the trailing twelve months is around 2.69%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CA Xtrackers California Municipal Bond ETF | 2.69% | 3.14% | 3.03% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CA and UGA have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (10.79%) compared to CA (0.00%). In terms of maximum drawdown, CA dropped -5.24% vs UGA's -86.59%.
On 1-year performance, UGA leads with 94.84% vs 6.72% for CA. On fees, CA is cheaper at 0.20% per year. On volatility, CA has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, UGA has performed better with a 94.84% return vs 6.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CA is cheaper with a 0.20% expense ratio, compared with 0.75% for UGA.
CA has the higher dividend yield at 2.69%, compared with 0.00% for UGA.
CA is categorized as Municipal Bonds, while UGA is Oil & Gas. CA tracks ICE AMT-Free Broad Liquid California Municipal Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Xtrackers and Concierge Technologies. Their fees differ too: 0.20% for CA and 0.75% for UGA.
CA currently has the higher Sharpe Ratio (2.84 vs 2.64), 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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