CARU vs. UGA
CARU (Max Auto Industry 3X Leveraged ETN) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - CARU is a Leveraged Equities fund tracking the Prime Auto Industry Index - Benchmark TR Net (--300%), while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past 3 years, CARU returned -8.94%/yr vs 16.66%/yr for UGA. Their -0.02 correlation means they have often moved in opposite directions in the past. CARU charges 0.95%/yr vs 1.02%/yr for UGA.
Performance
CARU vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, CARU achieves a -24.98% return, which is significantly lower than UGA's 80.98% return.
CARU
- 1D
- 3.40%
- 1M
- -4.68%
- 6M
- -23.35%
- YTD
- -24.98%
- 1Y
- -12.14%
- 3Y*
- -8.94%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -3.46%
UGA
- 1D
- -5.27%
- 1M
- 8.52%
- 6M
- 69.92%
- YTD
- 80.98%
- 1Y
- 78.20%
- 3Y*
- 16.66%
- 5Y*
- 25.31%
- 10Y*
- 16.82%
- ALL TIME*
- 4.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $54.44K | $33.09K | $19.89K | |
| $8.16M | $5.91M | $4.98M |
CARU vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARU Max Auto Industry 3X Leveraged ETN | -24.98% | 7.29% | 23.44% | -9.74% |
UGA United States Gasoline Fund, LP | 80.98% | -2.00% | 3.77% | 1.81% |
Correlation
The correlation between CARU 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 (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023 | -0.02 |
Over the past year, the inverse relationship between CARU and UGA has strengthened: their correlation has moved from -0.02 to -0.26, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
CARU vs. UGA — Risk / Return Rank
CARU
UGA
CARU vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry 3X Leveraged ETN (CARU) 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.
| CARU | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.33 | ||
| Sortino ratioReturn per unit of downside risk | -2.40 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.35 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 3.87 | -4.11 |
| Martin ratioReturn relative to average drawdown | -0.43 | 10.83 | -11.26 |
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Drawdowns
CARU vs. UGA - Drawdown Comparison
The maximum CARU drawdown since its inception was -66.44%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for CARU and UGA.
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Drawdown Indicators
| CARU | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.44% | -86.59% | +20.15% |
Max Drawdown (1Y)Largest decline over 1 year | -50.87% | -20.32% | -30.55% |
Max Drawdown (3Y)Largest decline over 3 years | -59.03% | -26.68% | -32.35% |
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 | -40.76% | -10.61% | -30.15% |
Average DrawdownAverage peak-to-trough decline | -36.15% | -36.53% | +0.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.31% | 7.25% | +21.06% |
Volatility
CARU vs. UGA - Volatility Comparison
Max Auto Industry 3X Leveraged ETN (CARU) has a higher volatility of 23.85% compared to United States Gasoline Fund, LP (UGA) at 12.68%. This indicates that CARU'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.
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Volatility by Period
| CARU | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.85% | 12.68% | +11.17% |
Volatility (6M)Calculated over the trailing 6-month period | 54.89% | 32.51% | +22.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.88% | 36.42% | +35.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.17% | 34.68% | +45.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.17% | 37.30% | +42.87% |
CARU vs. UGA - Expense Ratio Comparison
CARU has a 0.95% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
CARU vs. UGA - Dividend Comparison
Neither CARU nor UGA has paid dividends to shareholders.
Frequently Asked Questions
CARU 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.
CARU has higher volatility (23.85%) compared to UGA (12.68%). In terms of maximum drawdown, CARU dropped -66.44% vs UGA's -86.59%.
On 3-year performance, UGA leads with 16.66% vs -8.94% for CARU. On fees, CARU is cheaper at 0.95% per year. On volatility, UGA has been the lower-risk option at 12.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UGA has performed better with a 16.66% return vs -8.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CARU is cheaper with a 0.95% expense ratio, compared with 1.02% for UGA.
CARU and UGA have nearly identical dividend yields, around 0.00%.
CARU is categorized as Leveraged Equities, while UGA is Oil & Gas. CARU tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. They also come from different issuers: Max and USCF. Their fees differ too: 0.95% for CARU and 1.02% for UGA.
UGA currently has the higher Sharpe Ratio (2.16 vs -0.17), 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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