ETHW vs. UGA

Last updated Jun 24, 2026

ETHW (Bitwise Ethereum ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - ETHW is a Cryptocurrency fund actively managed by Bitwise, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. ETHW is actively managed, while UGA is passively managed. Over the past year, ETHW returned -28.49% vs 59.74% for UGA. At a correlation of -0.03, they often move in opposite directions. ETHW charges 0.20%/yr vs 0.75%/yr for UGA.

Performance

ETHW vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum ETF (ETHW) 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, ETHW achieves a -44.19% return, which is significantly lower than UGA's 64.09% return.

ETHW

• 1D: -4.27%
• 1M: -19.58%
• YTD: -44.19%
• 6M: -44.14%
• 1Y: -28.49%
• 3Y*: —
• 5Y*: —
• 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)

ETHW vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHW Bitwise Ethereum ETF	-44.19%	-11.26%	-4.77%
UGA United States Gasoline Fund LP	64.09%	-2.00%	-5.23%

Correlation

The correlation between ETHW and UGA is -0.08, 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	-0.08
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	-0.03

Return for Risk

ETHW vs. UGA — Risk / Return Rank

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

ETHW

ETHW Risk / Return Rank: 6
ETHW Sharpe Ratio Rank: 5
ETHW Sortino Ratio Rank: 6
ETHW Omega Ratio Rank: 6
ETHW Calmar Ratio Rank: 6
ETHW Martin Ratio Rank: 6

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.

ETHW vs. UGA - Risk-Adjusted Trends Comparison

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

	ETHW	UGA	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	1.73	-2.14
Sortino ratio: Return per unit of downside risk	-0.21	2.25	-2.45
Omega ratio: Gain probability vs. loss probability	0.98	1.30	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.42	3.17	-3.59
Martin ratio: Return relative to average drawdown	-0.71	9.39	-10.10

ETHW vs. UGA - Sharpe Ratio Comparison

The current ETHW Sharpe Ratio is -0.41, which is lower than the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of ETHW 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

ETHW vs. UGA - Drawdown Comparison

The maximum ETHW drawdown since its inception was -67.57%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for ETHW and UGA.

Drawdown Indicators

	ETHW	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-67.57%	-86.59%	+19.02%
Max Drawdown (1Y) Largest decline over 1 year	-67.57%	-18.96%	-48.61%
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	-65.78%	-18.05%	-47.73%
Average Drawdown Average peak-to-trough decline	-33.64%	-36.69%	+3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.41%	6.43%	+33.98%

Volatility

ETHW vs. UGA - Volatility Comparison

Bitwise Ethereum ETF (ETHW) has a higher volatility of 20.02% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that ETHW's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHW	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.02%	9.24%	+10.78%
Volatility (6M) Calculated over the trailing 6-month period	47.05%	30.57%	+16.48%
Volatility (1Y) Calculated over the trailing 1-year period	69.07%	35.22%	+33.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.28%	34.45%	+37.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.28%	37.22%	+35.06%

ETHW vs. UGA - Expense Ratio Comparison

ETHW has a 0.20% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

ETHW vs. UGA - Dividend Comparison

Neither ETHW nor UGA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETHW and UGA in my portfolio?

ETHW and UGA have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHW or UGA?

ETHW has higher volatility (20.02%) compared to UGA (9.24%). In terms of maximum drawdown, ETHW dropped -67.57% vs UGA's -86.59%.

Which ETF is better, ETHW or UGA?

On 1-year performance, UGA leads with 59.74% vs -28.49% for ETHW. On fees, ETHW is cheaper at 0.20% per year. On volatility, UGA has been the lower-risk option at 9.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHW or UGA?

Over the 1-year period, UGA has performed better with a 59.74% return vs -28.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHW or UGA?

ETHW is cheaper with a 0.20% expense ratio, compared with 0.75% for UGA.

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

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

What is the main difference between ETHW and UGA?

ETHW is categorized as Cryptocurrency, while UGA is Oil & Gas. They also come from different issuers: Bitwise and Concierge Technologies. Their fees differ too: 0.20% for ETHW and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.73 vs -0.41), 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.