EVNT vs. UGA
EVNT (AltShares Event-Driven ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - EVNT is a Event Driven fund actively managed by AltShares, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. EVNT is actively managed, while UGA is passively managed. Over the past 3 years, EVNT returned 9.96%/yr vs 20.28%/yr for UGA. At a 0.08 correlation, their price movements are largely independent. EVNT charges 1.30%/yr vs 0.75%/yr for UGA.
Performance
EVNT vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, EVNT achieves a 3.29% return, which is significantly lower than UGA's 70.24% return.
EVNT
- 1D
- 0.04%
- 1M
- -0.22%
- YTD
- 3.29%
- 6M
- 3.36%
- 1Y
- 11.44%
- 3Y*
- 9.96%
- 5Y*
- —
- 10Y*
- —
UGA
- 1D
- -0.27%
- 1M
- -8.27%
- YTD
- 70.24%
- 6M
- 58.79%
- 1Y
- 76.65%
- 3Y*
- 20.28%
- 5Y*
- 24.35%
- 10Y*
- 14.20%
EVNT vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EVNT AltShares Event-Driven ETF | 3.29% | 13.72% | 5.13% | 13.28% | -8.62% | -3.22% |
UGA United States Gasoline Fund LP | 70.24% | -2.00% | 3.77% | 1.27% | 46.34% | 12.78% |
Correlation
The correlation between EVNT and UGA is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2021 | 0.08 |
The correlation between EVNT and UGA shifts across timeframes, from -0.30 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EVNT vs. UGA — Risk / Return Rank
EVNT
UGA
EVNT vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AltShares Event-Driven ETF (EVNT) 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.
| EVNT | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.36 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.43 | 5.15 | -1.71 |
| Martin ratioReturn relative to average drawdown | 10.96 | 12.26 | -1.30 |
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
| EVNT | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.50 | 2.19 | -0.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.71 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.12 | +0.39 |
Drawdowns
EVNT vs. UGA - Drawdown Comparison
The maximum EVNT drawdown since its inception was -13.85%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for EVNT and UGA.
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Drawdown Indicators
| EVNT | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.85% | -86.59% | +72.74% |
Max Drawdown (1Y)Largest decline over 1 year | -3.35% | -14.98% | +11.63% |
Max Drawdown (3Y)Largest decline over 3 years | -5.15% | -26.68% | +21.53% |
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 | -0.63% | -14.98% | +14.35% |
Average DrawdownAverage peak-to-trough decline | -3.79% | -36.75% | +32.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 6.27% | -5.22% |
Volatility
EVNT vs. UGA - Volatility Comparison
The current volatility for AltShares Event-Driven ETF (EVNT) is 1.15%, while United States Gasoline Fund LP (UGA) has a volatility of 10.83%. This indicates that EVNT 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
| EVNT | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 10.83% | -9.68% |
Volatility (6M)Calculated over the trailing 6-month period | 3.66% | 30.48% | -26.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.64% | 35.21% | -27.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.25% | 34.39% | -25.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.25% | 37.27% | -28.02% |
EVNT vs. UGA - Expense Ratio Comparison
EVNT has a 1.30% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
EVNT vs. UGA - Dividend Comparison
EVNT's dividend yield for the trailing twelve months is around 4.63%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
EVNT AltShares Event-Driven ETF | 4.63% | 4.78% | 0.66% | 0.59% | 2.61% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EVNT and UGA have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (10.83%) compared to EVNT (1.15%). In terms of maximum drawdown, EVNT dropped -13.85% vs UGA's -86.59%.
On 3-year performance, UGA leads with 20.28% vs 9.96% for EVNT. On fees, UGA is cheaper at 0.75% per year. On volatility, EVNT has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UGA has performed better with a 20.28% return vs 9.96%. 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 1.30% for EVNT.
EVNT has the higher dividend yield at 4.63%, compared with 0.00% for UGA.
EVNT is categorized as Event Driven, while UGA is Oil & Gas. They also come from different issuers: AltShares and Concierge Technologies. Their fees differ too: 1.30% for EVNT and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.19 vs 1.50), 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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