ETHV vs. UGA

Last updated Aug 4, 2026

ETHV (VanEck Ethereum ETF) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - ETHV is a Cryptocurrency fund tracking the MarketVector Ethereum Benchmark Rate, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past year, ETHV returned -46.88% vs 78.20% for UGA. Their -0.03 correlation means they have often moved in opposite directions in the past. ETHV charges 0.20%/yr vs 1.02%/yr for UGA.

Performance

ETHV vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Ethereum ETF (ETHV) 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, ETHV achieves a -37.18% return, which is significantly lower than UGA's 80.98% return.

ETHV

• 1D: 0.07%
• 1M: 9.95%
• 6M: -19.62%
• YTD: -37.18%
• 1Y: -46.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.99%

UGA

• 1D: -5.27%
• 1M: 8.52%
• 6M: 69.92%
• YTD: 80.98%
• 1Y: 78.20%
• 3Y*: 16.66%
• 5Y*: 25.31%
• 10Y*: 16.82%
• ALL TIME*: 4.51%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ETHV VanEck Ethereum ETF	$515.18K	$688.78K	$1.40M
UGA United States Gasoline Fund, LP	$8.16M	$5.91M	$4.98M

ETHV vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHV VanEck Ethereum ETF	-37.18%	-11.02%	-5.50%
UGA United States Gasoline Fund, LP	80.98%	-2.00%	-5.23%

Correlation

The correlation between ETHV and UGA is -0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.09
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	-0.03

Return for Risk

ETHV vs. UGA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ETHV

ETHV Risk / Return Rank: 4
ETHV Sharpe Ratio Rank: 3
ETHV Sortino Ratio Rank: 4
ETHV Omega Ratio Rank: 4
ETHV Calmar Ratio Rank: 4
ETHV Martin Ratio Rank: 4

UGA

UGA Risk / Return Rank: 83
UGA Sharpe Ratio Rank: 88
UGA Sortino Ratio Rank: 79
UGA Omega Ratio Rank: 80
UGA Calmar Ratio Rank: 90
UGA Martin Ratio Rank: 80

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ETHV vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Ethereum ETF (ETHV) 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.

	ETHV	UGA	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	2.16	-2.87
Sortino ratio: Return per unit of downside risk	-0.86	2.66	-3.52
Omega ratio: Gain probability vs. loss probability	0.90	1.35	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.69	3.87	-4.56
Martin ratio: Return relative to average drawdown	-1.03	10.83	-11.86

ETHV vs. UGA - Sharpe Ratio Comparison

The current ETHV Sharpe Ratio is -0.70, which is lower than the UGA Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of ETHV 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

ETHV vs. UGA - Drawdown Comparison

The maximum ETHV drawdown since its inception was -67.88%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for ETHV and UGA.

Drawdown Indicators

	ETHV	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-67.88%	-86.59%	+18.71%
Max Drawdown (1Y) Largest decline over 1 year	-67.88%	-20.32%	-47.56%
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	-61.49%	-10.61%	-50.88%
Average Drawdown Average peak-to-trough decline	-35.33%	-36.53%	+1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.53%	7.25%	+38.28%

Volatility

ETHV vs. UGA - Volatility Comparison

VanEck Ethereum ETF (ETHV) and United States Gasoline Fund, LP (UGA) have volatilities of 12.12% and 12.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHV	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.12%	12.68%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	45.60%	32.51%	+13.09%
Volatility (1Y) Calculated over the trailing 1-year period	66.95%	36.42%	+30.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.17%	34.68%	+36.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.17%	37.30%	+33.87%

ETHV vs. UGA - Expense Ratio Comparison

ETHV has a 0.20% expense ratio, which is lower than UGA's 1.02% expense ratio.

Dividends

ETHV vs. UGA - Dividend Comparison

Neither ETHV nor UGA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETHV and UGA in my portfolio?

ETHV 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.

Which is riskier, ETHV or UGA?

UGA has higher volatility (12.68%) compared to ETHV (12.12%). In terms of maximum drawdown, ETHV dropped -67.88% vs UGA's -86.59%.

Which ETF is better, ETHV or UGA?

On 1-year performance, UGA leads with 78.20% vs -46.88% for ETHV. On fees, ETHV is cheaper at 0.20% per year. On volatility, ETHV has been the lower-risk option at 12.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHV or UGA?

Over the 1-year period, UGA has performed better with a 78.20% return vs -46.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHV or UGA?

ETHV is cheaper with a 0.20% expense ratio, compared with 1.02% for UGA.

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

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

What is the main difference between ETHV and UGA?

ETHV is categorized as Cryptocurrency, while UGA is Oil & Gas. ETHV tracks MarketVector Ethereum Benchmark Rate, while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. They also come from different issuers: VanEck and USCF. Their fees differ too: 0.20% for ETHV and 1.02% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (2.16 vs -0.70), 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.