DJUL vs. UGA

Last updated Jun 5, 2026

DJUL (FT Cboe Vest U.S. Equity Deep Buffer ETF - July) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - DJUL is a Options Trading fund tracking the Cboe S&P 500 30% (-5% to -35%) Buffer Protect July Series Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, DJUL returned 8.93%/yr vs 24.41%/yr for UGA. At a 0.08 correlation, their price movements are largely independent. DJUL charges 0.85%/yr vs 0.75%/yr for UGA.

Performance

DJUL vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Deep Buffer ETF - July (DJUL) 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, DJUL achieves a 4.92% return, which is significantly lower than UGA's 70.69% return.

DJUL

• 1D: 0.03%
• 1M: 1.36%
• YTD: 4.92%
• 6M: 5.41%
• 1Y: 16.19%
• 3Y*: 14.11%
• 5Y*: 8.93%
• 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)

DJUL vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DJUL FT Cboe Vest U.S. Equity Deep Buffer ETF - July	4.92%	13.31%	15.02%	18.08%	-8.28%	6.18%	4.51%
UGA United States Gasoline Fund LP	70.69%	-2.00%	3.77%	1.27%	46.34%	68.49%	25.83%

Correlation

The correlation between DJUL and UGA is -0.27, 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	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jul 21, 2020	0.08

The correlation between DJUL and UGA shifts across timeframes, from -0.27 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DJUL vs. UGA — Risk / Return Rank

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

DJUL

DJUL Risk / Return Rank: 88
DJUL Sharpe Ratio Rank: 88
DJUL Sortino Ratio Rank: 92
DJUL Omega Ratio Rank: 92
DJUL Calmar Ratio Rank: 77
DJUL Martin Ratio Rank: 90

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.

DJUL vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Deep Buffer ETF - July (DJUL) 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.

	DJUL	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.90	2.27	+0.63
Sortino ratio: Return per unit of downside risk	4.37	2.71	+1.66
Omega ratio: Gain probability vs. loss probability	1.61	1.37	+0.25
Calmar ratio: Return relative to maximum drawdown	3.82	5.37	-1.54
Martin ratio: Return relative to average drawdown	20.67	12.86	+7.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DJUL vs. UGA - Sharpe Ratio Comparison

The current DJUL Sharpe Ratio is 2.90, which is comparable to the UGA Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of DJUL 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.

Sharpe Ratios by Period

	DJUL	UGA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.90	2.27	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.07	0.71	+0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	0.12	+1.00

Drawdowns

DJUL vs. UGA - Drawdown Comparison

The maximum DJUL drawdown since its inception was -12.54%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for DJUL and UGA.

Drawdown Indicators

	DJUL	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-12.54%	-86.59%	+74.05%
Max Drawdown (1Y) Largest decline over 1 year	-4.25%	-14.88%	+10.63%
Max Drawdown (3Y) Largest decline over 3 years	-11.29%	-26.68%	+15.39%
Max Drawdown (5Y) Largest decline over 5 years	-12.54%	-38.11%	+25.57%
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	0.00%	-14.75%	+14.75%
Average Drawdown Average peak-to-trough decline	-1.99%	-36.76%	+34.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	6.20%	-5.41%

Volatility

DJUL vs. UGA - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Deep Buffer ETF - July (DJUL) is 0.53%, while United States Gasoline Fund LP (UGA) has a volatility of 11.64%. This indicates that DJUL 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

	DJUL	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.53%	11.64%	-11.11%
Volatility (6M) Calculated over the trailing 6-month period	4.16%	30.48%	-26.32%
Volatility (1Y) Calculated over the trailing 1-year period	5.62%	35.27%	-29.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.39%	34.40%	-26.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.94%	37.27%	-29.33%

DJUL vs. UGA - Expense Ratio Comparison

DJUL has a 0.85% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

DJUL vs. UGA - Dividend Comparison

Neither DJUL nor UGA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DJUL and UGA in my portfolio?

DJUL and UGA have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DJUL or UGA?

UGA has higher volatility (11.64%) compared to DJUL (0.53%). In terms of maximum drawdown, DJUL dropped -12.54% vs UGA's -86.59%.

Which ETF is better, DJUL or UGA?

On 5-year performance, UGA leads with 24.41% vs 8.93% for DJUL. On fees, UGA is cheaper at 0.75% per year. On volatility, DJUL has been the lower-risk option at 0.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DJUL or UGA?

Over the 5-year period, UGA has performed better with a 24.41% return vs 8.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DJUL or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 0.85% for DJUL.

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

DJUL and UGA have nearly identical dividend yields, around 0.00%.

What is the main difference between DJUL and UGA?

DJUL is categorized as Options Trading, while UGA is Oil & Gas. DJUL tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect July Series Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: FT Vest and Concierge Technologies. Their fees differ too: 0.85% for DJUL and 0.75% for UGA.

Which has better risk-adjusted returns?

DJUL currently has the higher Sharpe Ratio (2.90 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.