DHLX vs. UGA

Last updated Jun 5, 2026

DHLX (Diamond Hill Large Cap Concentrated ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - DHLX is a Large Cap Value Equities fund tracking the Actively Managed, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. At a correlation of -0.08, they often move in opposite directions. DHLX charges 0.55%/yr vs 0.75%/yr for UGA.

Performance

DHLX vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Diamond Hill Large Cap Concentrated ETF (DHLX) 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, DHLX achieves a -0.78% return, which is significantly lower than UGA's 70.69% return.

DHLX

• 1D: 0.95%
• 1M: -2.00%
• YTD: -0.78%
• 6M: 1.18%
• 1Y: —
• 3Y*: —
• 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%

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

DHLX vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025
DHLX Diamond Hill Large Cap Concentrated ETF	-0.78%	1.24%
UGA United States Gasoline Fund LP	70.69%	-4.56%

Correlation

The correlation between DHLX and UGA is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 30, 2025	-0.08

Return for Risk

DHLX vs. UGA — Risk / Return Rank

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

UGA

UGA Risk / Return Rank: 70
UGA Sharpe Ratio Rank: 71
UGA Sortino Ratio Rank: 58
UGA Omega Ratio Rank: 62
UGA Calmar Ratio Rank: 89
UGA Martin Ratio Rank: 70

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.

DHLX vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Large Cap Concentrated ETF (DHLX) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	DHLX	UGA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.27	—
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	0.06	0.12	-0.06

Drawdowns

DHLX vs. UGA - Drawdown Comparison

The maximum DHLX drawdown since its inception was -8.40%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for DHLX and UGA.

Drawdown Indicators

	DHLX	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-8.40%	-86.59%	+78.19%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.88%	—
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	-4.66%	-14.75%	+10.09%
Average Drawdown Average peak-to-trough decline	-2.40%	-36.76%	+34.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.20%	—

Volatility

Volatility by Period

	DHLX	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.64%	—
Volatility (6M) Calculated over the trailing 6-month period	—	30.48%	—
Volatility (1Y) Calculated over the trailing 1-year period	11.45%	35.27%	-23.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.45%	34.40%	-22.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.45%	37.27%	-25.82%

DHLX vs. UGA - Expense Ratio Comparison

DHLX has a 0.55% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

DHLX vs. UGA - Dividend Comparison

DHLX's dividend yield for the trailing twelve months is around 0.41%, while UGA has not paid dividends to shareholders.

Position	TTM	2025
DHLX Diamond Hill Large Cap Concentrated ETF	0.41%	0.15%
UGA United States Gasoline Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both DHLX and UGA in my portfolio?

DHLX and UGA have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DHLX or UGA?

On fees, DHLX is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DHLX or UGA?

DHLX is cheaper with a 0.55% expense ratio, compared with 0.75% for UGA.

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

DHLX has the higher dividend yield at 0.41%, compared with 0.00% for UGA.

What is the main difference between DHLX and UGA?

DHLX is categorized as Large Cap Value Equities, while UGA is Oil & Gas. DHLX tracks Actively Managed, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Diamond Hill and Concierge Technologies. Their fees differ too: 0.55% for DHLX and 0.75% for UGA.