DMAR vs. UGA

Last updated Jun 24, 2026

DMAR (FT Cboe Vest U.S. Equity Deep Buffer ETF - March) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - DMAR is a Options Trading fund actively managed by FT Vest, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. DMAR is actively managed, while UGA is passively managed. Over the past 5 years, DMAR returned 7.52%/yr vs 22.69%/yr for UGA. At a 0.05 correlation, their price movements are largely independent. DMAR charges 0.85%/yr vs 0.75%/yr for UGA.

Performance

DMAR 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 - March (DMAR) 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, DMAR achieves a 6.84% return, which is significantly lower than UGA's 64.09% return.

DMAR

• 1D: -0.31%
• 1M: -0.06%
• YTD: 6.84%
• 6M: 6.93%
• 1Y: 13.82%
• 3Y*: 11.70%
• 5Y*: 7.52%
• 10Y*: —

UGA

• 1D: -1.12%
• 1M: -12.11%
• YTD: 64.09%
• 6M: 60.42%
• 1Y: 59.74%
• 3Y*: 18.95%
• 5Y*: 22.69%
• 10Y*: 14.31%

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

DMAR vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DMAR FT Cboe Vest U.S. Equity Deep Buffer ETF - March	6.84%	9.13%	12.74%	12.25%	-5.48%	7.37%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.77%	1.27%	46.34%	31.41%

Correlation

The correlation between DMAR and UGA is -0.20, 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	-0.20
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (All Time) Calculated using the full available price history since Mar 22, 2021	0.05

The correlation between DMAR and UGA shifts across timeframes, from -0.20 (1 year) to 0.05 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

DMAR vs. UGA — Risk / Return Rank

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

DMAR

DMAR Risk / Return Rank: 97
DMAR Sharpe Ratio Rank: 96
DMAR Sortino Ratio Rank: 97
DMAR Omega Ratio Rank: 97
DMAR Calmar Ratio Rank: 97
DMAR Martin Ratio Rank: 98

UGA

UGA Risk / Return Rank: 55
UGA Sharpe Ratio Rank: 53
UGA Sortino Ratio Rank: 48
UGA Omega Ratio Rank: 49
UGA Calmar Ratio Rank: 67
UGA Martin Ratio Rank: 56

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.

DMAR 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 - March (DMAR) 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.

	DMAR	UGA	Difference
Sharpe ratio: Return per unit of total volatility	3.71	1.73	+1.98
Sortino ratio: Return per unit of downside risk	6.08	2.25	+3.83
Omega ratio: Gain probability vs. loss probability	1.92	1.30	+0.62
Calmar ratio: Return relative to maximum drawdown	9.06	3.17	+5.90
Martin ratio: Return relative to average drawdown	53.38	9.39	+43.99

DMAR vs. UGA - Sharpe Ratio Comparison

The current DMAR Sharpe Ratio is 3.71, which is higher than the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of DMAR 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

DMAR vs. UGA - Drawdown Comparison

The maximum DMAR drawdown since its inception was -9.84%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for DMAR and UGA.

Drawdown Indicators

	DMAR	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-9.84%	-86.59%	+76.75%
Max Drawdown (1Y) Largest decline over 1 year	-1.53%	-18.96%	+17.43%
Max Drawdown (3Y) Largest decline over 3 years	-9.16%	-26.68%	+17.52%
Max Drawdown (5Y) Largest decline over 5 years	-9.84%	-38.11%	+28.27%
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	-0.50%	-18.05%	+17.55%
Average Drawdown Average peak-to-trough decline	-1.83%	-36.69%	+34.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	6.43%	-6.17%

Volatility

DMAR vs. UGA - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Deep Buffer ETF - March (DMAR) is 1.42%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that DMAR 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

	DMAR	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	9.24%	-7.82%
Volatility (6M) Calculated over the trailing 6-month period	3.04%	30.57%	-27.53%
Volatility (1Y) Calculated over the trailing 1-year period	3.77%	35.22%	-31.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.06%	34.45%	-27.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.96%	37.22%	-30.26%

DMAR vs. UGA - Expense Ratio Comparison

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

Dividends

DMAR vs. UGA - Dividend Comparison

Neither DMAR nor UGA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DMAR and UGA in my portfolio?

DMAR and UGA have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DMAR or UGA?

UGA has higher volatility (9.24%) compared to DMAR (1.42%). In terms of maximum drawdown, DMAR dropped -9.84% vs UGA's -86.59%.

Which ETF is better, DMAR or UGA?

On 5-year performance, UGA leads with 22.69% vs 7.52% for DMAR. On fees, UGA is cheaper at 0.75% per year. On volatility, DMAR has been the lower-risk option at 1.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DMAR or UGA?

Over the 5-year period, UGA has performed better with a 22.69% return vs 7.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DMAR or UGA?

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

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

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

What is the main difference between DMAR and UGA?

DMAR is categorized as Options Trading, while UGA is Oil & Gas. They also come from different issuers: FT Vest and Concierge Technologies. Their fees differ too: 0.85% for DMAR and 0.75% for UGA.

Which has better risk-adjusted returns?

DMAR currently has the higher Sharpe Ratio (3.71 vs 1.73), 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.