CPAI vs. UGA

Last updated Jun 25, 2026

CPAI (Counterpoint Quantitative Equity ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - CPAI is a Mid Cap Blend Equities fund actively managed by Counterpoint Funds, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. CPAI is actively managed, while UGA is passively managed. Over the past year, CPAI returned 38.76% vs 62.68% for UGA. At a 0.02 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.

Performance

CPAI vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Counterpoint Quantitative Equity ETF (CPAI) 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, CPAI achieves a 25.76% return, which is significantly lower than UGA's 59.54% return.

CPAI

• 1D: -0.02%
• 1M: 2.38%
• YTD: 25.76%
• 6M: 24.09%
• 1Y: 38.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UGA

• 1D: -2.77%
• 1M: -14.54%
• YTD: 59.54%
• 6M: 55.91%
• 1Y: 62.68%
• 3Y*: 17.85%
• 5Y*: 22.22%
• 10Y*: 13.99%

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

CPAI vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CPAI Counterpoint Quantitative Equity ETF	25.76%	17.79%	28.37%	5.67%
UGA United States Gasoline Fund LP	59.54%	-2.00%	3.77%	-4.05%

Correlation

The correlation between CPAI and UGA is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Nov 29, 2023	0.02

The correlation between CPAI and UGA shifts across timeframes, from -0.11 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CPAI vs. UGA — Risk / Return Rank

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

CPAI

CPAI Risk / Return Rank: 72
CPAI Sharpe Ratio Rank: 72
CPAI Sortino Ratio Rank: 67
CPAI Omega Ratio Rank: 66
CPAI Calmar Ratio Rank: 80
CPAI Martin Ratio Rank: 77

UGA

UGA Risk / Return Rank: 60
UGA Sharpe Ratio Rank: 62
UGA Sortino Ratio Rank: 54
UGA Omega Ratio Rank: 55
UGA Calmar Ratio Rank: 69
UGA Martin Ratio Rank: 60

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.

CPAI vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Counterpoint Quantitative Equity ETF (CPAI) 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.

	CPAI	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.83	+0.21
Sortino ratio: Return per unit of downside risk	2.69	2.35	+0.34
Omega ratio: Gain probability vs. loss probability	1.35	1.31	+0.04
Calmar ratio: Return relative to maximum drawdown	3.72	3.10	+0.62
Martin ratio: Return relative to average drawdown	13.04	9.66	+3.38

CPAI vs. UGA - Sharpe Ratio Comparison

The current CPAI Sharpe Ratio is 2.04, which is comparable to the UGA Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of CPAI 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.

Drawdowns

CPAI vs. UGA - Drawdown Comparison

The maximum CPAI drawdown since its inception was -21.46%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for CPAI and UGA.

Drawdown Indicators

	CPAI	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-21.46%	-86.59%	+65.13%
Max Drawdown (1Y) Largest decline over 1 year	-10.48%	-20.32%	+9.84%
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	-3.11%	-20.32%	+17.21%
Average Drawdown Average peak-to-trough decline	-2.98%	-36.69%	+33.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	6.51%	-3.53%

Volatility

CPAI vs. UGA - Volatility Comparison

The current volatility for Counterpoint Quantitative Equity ETF (CPAI) is 7.86%, while United States Gasoline Fund LP (UGA) has a volatility of 9.45%. This indicates that CPAI 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

	CPAI	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.86%	9.45%	-1.59%
Volatility (6M) Calculated over the trailing 6-month period	15.79%	30.74%	-14.95%
Volatility (1Y) Calculated over the trailing 1-year period	19.17%	34.84%	-15.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.46%	34.47%	-15.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.46%	37.22%	-17.76%

CPAI vs. UGA - Expense Ratio Comparison

Both CPAI and UGA have an expense ratio of 0.75%.

Dividends

CPAI vs. UGA - Dividend Comparison

CPAI's dividend yield for the trailing twelve months is around 0.71%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CPAI Counterpoint Quantitative Equity ETF	0.71%	0.89%	0.41%	0.06%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPAI and UGA in my portfolio?

CPAI and UGA have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPAI or UGA?

UGA has higher volatility (9.45%) compared to CPAI (7.86%). In terms of maximum drawdown, CPAI dropped -21.46% vs UGA's -86.59%.

Which ETF is better, CPAI or UGA?

On 1-year performance, UGA leads with 62.68% vs 38.76% for CPAI. Both ETFs have the same 0.75% expense ratio. On volatility, CPAI has been the lower-risk option at 7.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPAI or UGA?

Over the 1-year period, UGA has performed better with a 62.68% return vs 38.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPAI or UGA?

CPAI and UGA have the same expense ratio: 0.75% per year.

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

CPAI has the higher dividend yield at 0.71%, compared with 0.00% for UGA.

What is the main difference between CPAI and UGA?

CPAI is categorized as Mid Cap Blend Equities, while UGA is Oil & Gas. They also come from different issuers: Counterpoint Funds and Concierge Technologies.

Which has better risk-adjusted returns?

CPAI currently has the higher Sharpe Ratio (2.04 vs 1.82), 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.