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DXJS vs. UGA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DXJS vs. UGA

Last updated Jun 4, 2026

DXJS (WisdomTree Japan Hedged SmallCap Equity Fund) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - DXJS is a Japan Equities fund tracking the WisdomTree Japan Hedged SmallCap Equity Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, DXJS returned 17.36%/yr vs 14.43%/yr for UGA. At a 0.14 correlation, their price movements are largely independent. DXJS charges 0.58%/yr vs 0.75%/yr for UGA.

Performance

DXJS vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) 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, DXJS achieves a 26.16% return, which is significantly lower than UGA's 75.49% return. Over the past 10 years, DXJS has outperformed UGA with an annualized return of 17.36%, while UGA has yielded a comparatively lower 14.43% annualized return.

DXJS

1D
-0.02%
1M
2.99%
YTD
26.16%
6M
32.96%
1Y
64.97%
3Y*
34.91%
5Y*
25.18%
10Y*
17.36%

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)

DXJS vs. UGA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DXJS
WisdomTree Japan Hedged SmallCap Equity Fund		26.16%37.08%20.70%38.96%5.02%11.66%-3.22%18.24%-18.69%29.56%
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 DXJS and UGA is -0.17, 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

-0.17

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

-0.03

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

0.07

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

0.13

Correlation (All Time)
Calculated using the full available price history since Jul 1, 2013

0.14

The correlation between DXJS and UGA shifts across timeframes, from -0.17 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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WisdomTree Japan Hedged SmallCap Equity Fund

United States Gasoline Fund LP

Often compared with DXJS:
DXJS vs. DXJDXJS vs. DFJDXJS vs. FXYDXJS vs. FJSCXDXJS vs. GSJYDXJS vs. SHDXJS vs. PRIJ.L
Often compared with UGA:
UGA vs. URAUGA vs. FCGUGA vs. QQQUGA vs. VOOUGA vs. USOUGA vs. SPYUGA vs. FNGS

Return for Risk

DXJS vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DXJS
DXJS Risk / Return Rank: 9191
Overall Rank
DXJS Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
DXJS Sortino Ratio Rank: 9191
Sortino Ratio Rank
DXJS Omega Ratio Rank: 8787
Omega Ratio Rank
DXJS Calmar Ratio Rank: 9393
Calmar Ratio Rank
DXJS Martin Ratio Rank: 9292
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.

DXJS vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) 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.

DXJSUGADifference
Sharpe ratioReturn per unit of total volatility
3.33
2.32

+1.01

Sortino ratioReturn per unit of downside risk
4.34
2.75

+1.59

Omega ratioGain probability vs. loss probability

1.55

1.37

+0.18

Calmar ratioReturn relative to maximum drawdown

6.65

5.47

+1.18

Martin ratioReturn relative to average drawdown

23.90

13.25

+10.65

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

DXJS vs. UGA - Sharpe Ratio Comparison

The current DXJS Sharpe Ratio is 3.33, which is higher than the UGA Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of DXJS 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

DXJSUGADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.33

2.32

+1.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.40

0.73

+0.67

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.88

0.39

+0.50

Sharpe Ratio (All Time)

Calculated using the full available price history

0.76

0.12

+0.64

Drawdowns

DXJS vs. UGA - Drawdown Comparison

The maximum DXJS drawdown since its inception was -39.30%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for DXJS and UGA.

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Drawdown Indicators

DXJSUGADifference

Max Drawdown

Largest peak-to-trough decline

-39.30%

-86.59%

+47.29%

Max Drawdown (1Y)

Largest decline over 1 year

-9.82%

-14.88%

+5.06%

Max Drawdown (3Y)

Largest decline over 3 years

-16.49%

-26.68%

+10.19%

Max Drawdown (5Y)

Largest decline over 5 years

-16.49%

-38.11%

+21.62%

Max Drawdown (10Y)

Largest decline over 10 years

-39.30%

-75.89%

+36.59%

Current Drawdown

Current decline from peak

-4.27%

-12.35%

+8.08%

Average Drawdown

Average peak-to-trough decline

-6.49%

-36.76%

+30.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.73%

6.13%

-3.40%

Volatility

DXJS vs. UGA - Volatility Comparison

The current volatility for WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) is 5.08%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that DXJS 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

DXJSUGADifference

Volatility (1M)

Calculated over the trailing 1-month period

5.08%

11.66%

-6.58%

Volatility (6M)

Calculated over the trailing 6-month period

15.39%

30.41%

-15.02%

Volatility (1Y)

Calculated over the trailing 1-year period

19.64%

35.14%

-15.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.05%

34.38%

-16.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.71%

37.27%

-17.56%

DXJS vs. UGA - Expense Ratio Comparison

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

Dividends

DXJS vs. UGA - Dividend Comparison

DXJS's dividend yield for the trailing twelve months is around 1.50%, while UGA has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
DXJS
WisdomTree Japan Hedged SmallCap Equity Fund		1.50%1.78%4.02%2.71%2.63%2.96%3.04%2.17%2.06%1.53%1.66%3.61%
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

DXJS and UGA have a correlation of -0.17, 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 DXJS (5.08%). In terms of maximum drawdown, DXJS dropped -39.30% vs UGA's -86.59%.

On 10-year performance, DXJS leads with 17.36% vs 14.43% for UGA. On fees, DXJS is cheaper at 0.58% per year. On volatility, DXJS has been the lower-risk option at 5.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DXJS has performed better with a 17.36% return vs 14.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

DXJS has the higher dividend yield at 1.50%, compared with 0.00% for UGA.

DXJS is categorized as Japan Equities, while UGA is Oil & Gas. DXJS tracks WisdomTree Japan Hedged SmallCap Equity 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 DXJS and 0.75% for UGA.

DXJS currently has the higher Sharpe Ratio (3.33 vs 2.32), 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.

Portfolio Optimizer

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