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DFJ vs. UGA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DFJ vs. UGA

Last updated Jun 4, 2026

DFJ (WisdomTree Japan SmallCap Dividend Fund) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - DFJ is a Japan Equities fund tracking the WisdomTree Japan SmallCap Dividend Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, DFJ returned 8.70%/yr vs 14.43%/yr for UGA. At a 0.18 correlation, their price movements are largely independent. DFJ charges 0.58%/yr vs 0.75%/yr for UGA.

Performance

DFJ vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Japan SmallCap Dividend Fund (DFJ) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DFJ achieves a 9.06% return, which is significantly lower than UGA's 75.49% return. Over the past 10 years, DFJ has underperformed UGA with an annualized return of 8.70%, while UGA has yielded a comparatively higher 14.43% annualized return.

DFJ

1D
-0.46%
1M
2.01%
YTD
9.06%
6M
12.58%
1Y
26.81%
3Y*
18.99%
5Y*
9.51%
10Y*
8.70%

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)

DFJ vs. UGA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DFJ
WisdomTree Japan SmallCap Dividend Fund		9.06%31.90%2.80%21.81%-9.00%0.38%1.29%16.98%-18.53%32.14%
UGA
United States Gasoline Fund LP		75.49%-2.00%3.77%1.27%46.34%68.49%-24.88%41.25%-28.07%1.69%

Correlation

The correlation between DFJ and UGA is -0.21, 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

-0.21

Correlation (3Y)
Calculated over the trailing 3-year period

-0.06

Correlation (5Y)
Calculated over the trailing 5-year period

0.05

Correlation (10Y)
Calculated over the trailing 10-year period

0.12

Correlation (All Time)
Calculated using the full available price history since Feb 29, 2008

0.18

The correlation between DFJ and UGA shifts across timeframes, from -0.21 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

WisdomTree Japan SmallCap Dividend Fund

United States Gasoline Fund LP

Often compared with DFJ:
DFJ vs. SCJDFJ vs. EWJVDFJ vs. DXJDFJ vs. DXJSDFJ vs. FJSCXDFJ vs. QQQDFJ vs. HJPSX
Often compared with UGA:
UGA vs. URAUGA vs. FCGUGA vs. QQQUGA vs. VOOUGA vs. USOUGA vs. SPYUGA vs. FNGS

Return for Risk

DFJ vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DFJ
DFJ Risk / Return Rank: 4444
Overall Rank
DFJ Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
DFJ Sortino Ratio Rank: 4747
Sortino Ratio Rank
DFJ Omega Ratio Rank: 4545
Omega Ratio Rank
DFJ Calmar Ratio Rank: 4242
Calmar Ratio Rank
DFJ Martin Ratio Rank: 3838
Martin Ratio Rank
UGA
UGA Risk / Return Rank: 6969
Overall Rank
UGA Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
UGA Sortino Ratio Rank: 5757
Sortino Ratio Rank
UGA Omega Ratio Rank: 6060
Omega Ratio Rank
UGA Calmar Ratio Rank: 8989
Calmar Ratio Rank
UGA Martin Ratio Rank: 7171
Martin Ratio Rank
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.

DFJ vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Japan SmallCap Dividend Fund (DFJ) 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.

DFJUGADifference
Sharpe ratioReturn per unit of total volatility
1.65
2.32

-0.67

Sortino ratioReturn per unit of downside risk
2.34
2.75

-0.41

Omega ratioGain probability vs. loss probability

1.29

1.37

-0.09

Calmar ratioReturn relative to maximum drawdown

2.07

5.47

-3.40

Martin ratioReturn relative to average drawdown

6.01

13.25

-7.24

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFJ vs. UGA - Sharpe Ratio Comparison

The current DFJ Sharpe Ratio is 1.65, which is comparable to the UGA Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of DFJ 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.

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Sharpe Ratios by Period

DFJUGADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.65

2.32

-0.67

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.60

0.73

-0.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

0.39

+0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.31

0.12

+0.19

Drawdowns

DFJ vs. UGA - Drawdown Comparison

The maximum DFJ drawdown since its inception was -46.00%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for DFJ and UGA.

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Drawdown Indicators

DFJUGADifference

Max Drawdown

Largest peak-to-trough decline

-46.00%

-86.59%

+40.59%

Max Drawdown (1Y)

Largest decline over 1 year

-13.03%

-14.88%

+1.85%

Max Drawdown (3Y)

Largest decline over 3 years

-13.03%

-26.68%

+13.65%

Max Drawdown (5Y)

Largest decline over 5 years

-29.71%

-38.11%

+8.40%

Max Drawdown (10Y)

Largest decline over 10 years

-40.02%

-75.89%

+35.87%

Current Drawdown

Current decline from peak

-6.92%

-12.35%

+5.43%

Average Drawdown

Average peak-to-trough decline

-11.15%

-36.76%

+25.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.47%

6.13%

-1.66%

Volatility

DFJ vs. UGA - Volatility Comparison

The current volatility for WisdomTree Japan SmallCap Dividend Fund (DFJ) is 4.15%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that DFJ 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

DFJUGADifference

Volatility (1M)

Calculated over the trailing 1-month period

4.15%

11.66%

-7.51%

Volatility (6M)

Calculated over the trailing 6-month period

13.48%

30.41%

-16.93%

Volatility (1Y)

Calculated over the trailing 1-year period

16.39%

35.14%

-18.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.89%

34.38%

-18.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.95%

37.27%

-20.32%

DFJ vs. UGA - Expense Ratio Comparison

DFJ has a 0.58% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

DFJ vs. UGA - Dividend Comparison

DFJ's dividend yield for the trailing twelve months is around 2.44%, while UGA has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
DFJ
WisdomTree Japan SmallCap Dividend Fund		2.44%2.68%2.46%2.43%2.62%2.07%2.59%2.24%1.89%1.60%1.76%1.23%
UGA
United States Gasoline Fund LP		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

DFJ and UGA have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UGA has higher volatility (11.66%) compared to DFJ (4.15%). In terms of maximum drawdown, DFJ dropped -46.00% vs UGA's -86.59%.

On 10-year performance, UGA leads with 14.43% vs 8.70% for DFJ. On fees, DFJ is cheaper at 0.58% per year. On volatility, DFJ has been the lower-risk option at 4.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, UGA has performed better with a 14.43% return vs 8.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DFJ is cheaper with a 0.58% expense ratio, compared with 0.75% for UGA.

DFJ has the higher dividend yield at 2.44%, compared with 0.00% for UGA.

DFJ is categorized as Japan Equities, while UGA is Oil & Gas. DFJ tracks WisdomTree Japan SmallCap Dividend Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: WisdomTree and Concierge Technologies. Their fees differ too: 0.58% for DFJ and 0.75% for UGA.

UGA currently has the higher Sharpe Ratio (2.32 vs 1.65), 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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