EVHY vs. UGA
EVHY (Eaton Vance High Yield ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - EVHY is a High Yield Bonds fund actively managed by Eaton Vance, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. EVHY is actively managed, while UGA is passively managed. Over the past year, EVHY returned 6.59% vs 80.94% for UGA. At a correlation of -0.13, they often move in opposite directions. EVHY charges 0.48%/yr vs 0.75%/yr for UGA.
Performance
EVHY vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, EVHY achieves a 1.09% return, which is significantly lower than UGA's 75.49% return.
EVHY
- 1D
- -0.24%
- 1M
- 0.53%
- YTD
- 1.09%
- 6M
- 1.52%
- 1Y
- 6.59%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
EVHY vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
EVHY Eaton Vance High Yield ETF | 1.09% | 9.14% | 6.39% | 8.90% |
UGA United States Gasoline Fund LP | 75.49% | -2.00% | 3.77% | -9.36% |
Correlation
The correlation between EVHY and UGA is -0.36, 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 | -0.36 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2023 | -0.13 |
Over the past year, the inverse relationship between EVHY and UGA has strengthened: their correlation has moved from -0.13 to -0.36, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
EVHY vs. UGA — Risk / Return Rank
EVHY
UGA
EVHY vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance High Yield ETF (EVHY) 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.
| EVHY | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.37 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 5.47 | -2.83 |
| Martin ratioReturn relative to average drawdown | 12.77 | 13.25 | -0.48 |
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
| EVHY | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.96 | 2.32 | -0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.73 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.39 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.19 | 0.12 | +2.07 |
Drawdowns
EVHY vs. UGA - Drawdown Comparison
The maximum EVHY drawdown since its inception was -3.71%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for EVHY and UGA.
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Drawdown Indicators
| EVHY | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.71% | -86.59% | +82.88% |
Max Drawdown (1Y)Largest decline over 1 year | -2.51% | -14.88% | +12.37% |
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 DrawdownCurrent decline from peak | -0.24% | -12.35% | +12.11% |
Average DrawdownAverage peak-to-trough decline | -0.37% | -36.76% | +36.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.52% | 6.13% | -5.61% |
Volatility
EVHY vs. UGA - Volatility Comparison
The current volatility for Eaton Vance High Yield ETF (EVHY) is 1.02%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that EVHY 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
| EVHY | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 11.66% | -10.64% |
Volatility (6M)Calculated over the trailing 6-month period | 2.70% | 30.41% | -27.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.37% | 35.14% | -31.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.52% | 34.38% | -29.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.52% | 37.27% | -32.75% |
EVHY vs. UGA - Expense Ratio Comparison
EVHY has a 0.48% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
EVHY vs. UGA - Dividend Comparison
EVHY's dividend yield for the trailing twelve months is around 7.21%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
EVHY Eaton Vance High Yield ETF | 7.21% | 7.39% | 7.66% | 1.44% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EVHY and UGA have a correlation of -0.36, 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 EVHY (1.02%). In terms of maximum drawdown, EVHY dropped -3.71% vs UGA's -86.59%.
On 1-year performance, UGA leads with 80.94% vs 6.59% for EVHY. On fees, EVHY is cheaper at 0.48% per year. On volatility, EVHY has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, UGA has performed better with a 80.94% return vs 6.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EVHY is cheaper with a 0.48% expense ratio, compared with 0.75% for UGA.
EVHY has the higher dividend yield at 7.21%, compared with 0.00% for UGA.
EVHY is categorized as High Yield Bonds, while UGA is Oil & Gas. They also come from different issuers: Eaton Vance and Concierge Technologies. Their fees differ too: 0.48% for EVHY and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.32 vs 1.96), 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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