COPJ vs. UGA
COPJ (Sprott Junior Copper Miners ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - COPJ is a Commodity Producers Equities fund tracking the Nasdaq Sprott Junior Copper Miners Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 3 years, COPJ returned 46.22%/yr vs 20.80%/yr for UGA. At a 0.12 correlation, their price movements are largely independent. COPJ charges 0.78%/yr vs 0.75%/yr for UGA.
Performance
COPJ vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, COPJ achieves a 15.47% return, which is significantly lower than UGA's 70.69% return.
COPJ
- 1D
- 0.22%
- 1M
- 14.83%
- YTD
- 15.47%
- 6M
- 29.69%
- 1Y
- 121.26%
- 3Y*
- 46.22%
- 5Y*
- —
- 10Y*
- —
UGA
- 1D
- -2.73%
- 1M
- -12.25%
- YTD
- 70.69%
- 6M
- 59.72%
- 1Y
- 79.48%
- 3Y*
- 20.80%
- 5Y*
- 24.41%
- 10Y*
- 14.27%
COPJ vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
COPJ Sprott Junior Copper Miners ETF | 15.47% | 140.63% | 11.07% | -5.30% |
UGA United States Gasoline Fund LP | 70.69% | -2.00% | 3.77% | 2.93% |
Correlation
The correlation between COPJ and UGA is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2023 | 0.12 |
The correlation between COPJ and UGA shifts across timeframes, from -0.12 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
COPJ vs. UGA — Risk / Return Rank
COPJ
UGA
COPJ vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Junior Copper Miners ETF (COPJ) 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.
| COPJ | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.37 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.78 | 5.37 | -1.59 |
| Martin ratioReturn relative to average drawdown | 11.02 | 12.86 | -1.84 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| COPJ | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.89 | 2.27 | +0.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.71 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.10 | 0.12 | +0.98 |
Drawdowns
COPJ vs. UGA - Drawdown Comparison
The maximum COPJ drawdown since its inception was -32.28%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for COPJ and UGA.
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Drawdown Indicators
| COPJ | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.28% | -86.59% | +54.31% |
Max Drawdown (1Y)Largest decline over 1 year | -32.28% | -14.88% | -17.40% |
Max Drawdown (3Y)Largest decline over 3 years | -32.28% | -26.68% | -5.60% |
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 | -11.73% | -14.75% | +3.02% |
Average DrawdownAverage peak-to-trough decline | -11.86% | -36.76% | +24.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.05% | 6.20% | +4.85% |
Volatility
COPJ vs. UGA - Volatility Comparison
Sprott Junior Copper Miners ETF (COPJ) has a higher volatility of 15.38% compared to United States Gasoline Fund LP (UGA) at 11.64%. This indicates that COPJ'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
| COPJ | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.38% | 11.64% | +3.74% |
Volatility (6M)Calculated over the trailing 6-month period | 35.19% | 30.48% | +4.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.15% | 35.27% | +6.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.76% | 34.40% | +0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.76% | 37.27% | -2.51% |
COPJ vs. UGA - Expense Ratio Comparison
COPJ has a 0.78% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
COPJ vs. UGA - Dividend Comparison
COPJ's dividend yield for the trailing twelve months is around 10.02%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
COPJ Sprott Junior Copper Miners ETF | 10.02% | 11.57% | 11.64% | 2.48% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
COPJ and UGA have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
COPJ has higher volatility (15.38%) compared to UGA (11.64%). In terms of maximum drawdown, COPJ dropped -32.28% vs UGA's -86.59%.
On 3-year performance, COPJ leads with 46.22% vs 20.80% for UGA. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 11.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, COPJ has performed better with a 46.22% return vs 20.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.78% for COPJ.
COPJ has the higher dividend yield at 10.02%, compared with 0.00% for UGA.
COPJ is categorized as Commodity Producers Equities, while UGA is Oil & Gas. COPJ tracks Nasdaq Sprott Junior Copper Miners Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Sprott and Concierge Technologies. Their fees differ too: 0.78% for COPJ and 0.75% for UGA.
COPJ currently has the higher Sharpe Ratio (2.89 vs 2.27), 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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