ETHE vs. UGA
ETHE (Grayscale Ethereum Trust ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - ETHE is a Cryptocurrency fund tracking the CoinDesk Ether Price Index , while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, ETHE returned -11.85%/yr vs 24.41%/yr for UGA. At a 0.07 correlation, their price movements are largely independent. ETHE charges 2.50%/yr vs 0.75%/yr for UGA.
Performance
ETHE vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, ETHE achieves a -40.50% return, which is significantly lower than UGA's 70.69% return.
ETHE
- 1D
- -1.44%
- 1M
- -25.23%
- YTD
- -40.50%
- 6M
- -43.78%
- 1Y
- -33.45%
- 3Y*
- 21.42%
- 5Y*
- -11.85%
- 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%
ETHE vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -40.50% | -13.03% | 44.14% | 308.40% | -85.29% | 108.77% | 441.75% | -57.08% |
UGA United States Gasoline Fund LP | 70.69% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 16.16% |
Correlation
The correlation between ETHE and UGA is -0.09, 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 (1Y) Calculated over the trailing 1-year period | -0.09 |
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 Jun 17, 2019 | 0.07 |
The correlation between ETHE and UGA shifts across timeframes, from -0.09 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ETHE vs. UGA — Risk / Return Rank
ETHE
UGA
ETHE vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) 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.
| ETHE | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.76 | ||
| Sortino ratioReturn per unit of downside risk | -3.08 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.37 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 5.37 | -5.90 |
| Martin ratioReturn relative to average drawdown | -0.88 | 12.86 | -13.74 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ETHE | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.49 | 2.27 | -2.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.71 | -0.86 |
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 | -0.05 |
Drawdowns
ETHE vs. UGA - Drawdown Comparison
The maximum ETHE drawdown since its inception was -96.26%, which is greater than UGA's maximum drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for ETHE and UGA.
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Drawdown Indicators
| ETHE | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -86.59% | -9.67% |
Max Drawdown (1Y)Largest decline over 1 year | -63.69% | -14.88% | -48.81% |
Max Drawdown (3Y)Largest decline over 3 years | -66.12% | -26.68% | -39.44% |
Max Drawdown (5Y)Largest decline over 5 years | -89.85% | -38.11% | -51.74% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -77.50% | -14.75% | -62.75% |
Average DrawdownAverage peak-to-trough decline | -72.23% | -36.76% | -35.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.19% | 6.20% | +31.99% |
Volatility
ETHE vs. UGA - Volatility Comparison
The current volatility for Grayscale Ethereum Trust ETF (ETHE) is 9.65%, while United States Gasoline Fund LP (UGA) has a volatility of 11.64%. This indicates that ETHE 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
| ETHE | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.65% | 11.64% | -1.99% |
Volatility (6M)Calculated over the trailing 6-month period | 45.28% | 30.48% | +14.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.22% | 35.27% | +32.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.25% | 34.40% | +47.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 191.78% | 37.27% | +154.51% |
ETHE vs. UGA - Expense Ratio Comparison
ETHE has a 2.50% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
ETHE vs. UGA - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.37%, while UGA has not paid dividends to shareholders.
| Position | TTM |
|---|---|
ETHE Grayscale Ethereum Trust ETF | 1.37% |
UGA United States Gasoline Fund LP | 0.00% |
Frequently Asked Questions
ETHE and UGA have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.64%) compared to ETHE (9.65%). In terms of maximum drawdown, ETHE dropped -96.26% vs UGA's -86.59%.
On 5-year performance, UGA leads with 24.41% vs -11.85% for ETHE. On fees, UGA is cheaper at 0.75% per year. On volatility, ETHE has been the lower-risk option at 9.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 24.41% return vs -11.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 2.50% for ETHE.
ETHE has the higher dividend yield at 1.37%, compared with 0.00% for UGA.
ETHE is categorized as Cryptocurrency, while UGA is Oil & Gas. ETHE tracks CoinDesk Ether Price Index , while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Grayscale and Concierge Technologies. Their fees differ too: 2.50% for ETHE and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.27 vs -0.49), 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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