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FAD vs. UGA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FAD vs. UGA

Last updated Jun 4, 2026

FAD (First Trust Multi Cap Growth AlphaDEX Fund) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FAD is a Mid Cap Growth Equities fund tracking the NASDAQ AlphaDEX Multi Cap Growth Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, FAD returned 14.53%/yr vs 14.43%/yr for UGA. At a 0.22 correlation, their price movements are largely independent. FAD charges 0.63%/yr vs 0.75%/yr for UGA.

Performance

FAD vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Multi Cap Growth AlphaDEX Fund (FAD) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FAD achieves a 17.25% return, which is significantly lower than UGA's 75.49% return. Both investments have delivered pretty close results over the past 10 years, with FAD having a 14.53% annualized return and UGA not far behind at 14.43%.

FAD

1D
-0.15%
1M
6.70%
YTD
17.25%
6M
17.16%
1Y
34.52%
3Y*
24.16%
5Y*
11.25%
10Y*
14.53%

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

FAD vs. UGA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FAD
First Trust Multi Cap Growth AlphaDEX Fund		17.25%17.23%23.85%19.07%-24.06%21.17%34.92%26.66%-6.45%25.75%
UGA
United States Gasoline Fund LP		75.49%-2.00%3.77%1.27%46.34%68.49%-24.88%41.25%-28.07%1.69%

Correlation

The correlation between FAD and UGA is -0.27, 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

-0.27

Correlation (3Y)
Calculated over the trailing 3-year period

-0.04

Correlation (5Y)
Calculated over the trailing 5-year period

0.10

Correlation (10Y)
Calculated over the trailing 10-year period

0.17

Correlation (All Time)
Calculated using the full available price history since Feb 29, 2008

0.22

The correlation between FAD and UGA shifts across timeframes, from -0.27 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Multi Cap Growth AlphaDEX Fund

United States Gasoline Fund LP

Often compared with FAD:
FAD vs. PEXLFAD vs. SPYFAD vs. IUSGFAD vs. XMMOFAD vs. IMCGFAD vs. XMHQFAD vs. VDIGX
Often compared with UGA:
UGA vs. URAUGA vs. FCGUGA vs. QQQUGA vs. VOOUGA vs. USOUGA vs. SPYUGA vs. FNGS

Return for Risk

FAD vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FAD
FAD Risk / Return Rank: 5959
Overall Rank
FAD Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
FAD Sortino Ratio Rank: 5353
Sortino Ratio Rank
FAD Omega Ratio Rank: 5151
Omega Ratio Rank
FAD Calmar Ratio Rank: 6666
Calmar Ratio Rank
FAD Martin Ratio Rank: 6868
Martin Ratio Rank
UGA
UGA Risk / Return Rank: 6969
Overall Rank
UGA Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
UGA Sortino Ratio Rank: 5757
Sortino Ratio Rank
UGA Omega Ratio Rank: 6060
Omega Ratio Rank
UGA Calmar Ratio Rank: 8989
Calmar Ratio Rank
UGA Martin Ratio Rank: 7171
Martin Ratio Rank
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.

FAD vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Multi Cap Growth AlphaDEX Fund (FAD) 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.

FADUGADifference
Sharpe ratioReturn per unit of total volatility
1.88
2.32

-0.44

Sortino ratioReturn per unit of downside risk
2.59
2.75

-0.16

Omega ratioGain probability vs. loss probability

1.32

1.37

-0.05

Calmar ratioReturn relative to maximum drawdown

3.25

5.47

-2.22

Martin ratioReturn relative to average drawdown

12.54

13.25

-0.70

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FAD vs. UGA - Sharpe Ratio Comparison

The current FAD Sharpe Ratio is 1.88, which is comparable to the UGA Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of FAD 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.

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Sharpe Ratios by Period

FADUGADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.88

2.32

-0.44

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.55

0.73

-0.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.69

0.39

+0.30

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

0.12

+0.38

Drawdowns

FAD vs. UGA - Drawdown Comparison

The maximum FAD drawdown since its inception was -54.33%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FAD and UGA.

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Drawdown Indicators

FADUGADifference

Max Drawdown

Largest peak-to-trough decline

-54.33%

-86.59%

+32.26%

Max Drawdown (1Y)

Largest decline over 1 year

-10.66%

-14.88%

+4.22%

Max Drawdown (3Y)

Largest decline over 3 years

-23.55%

-26.68%

+3.13%

Max Drawdown (5Y)

Largest decline over 5 years

-31.99%

-38.11%

+6.12%

Max Drawdown (10Y)

Largest decline over 10 years

-37.25%

-75.89%

+38.64%

Current Drawdown

Current decline from peak

-0.15%

-12.35%

+12.20%

Average Drawdown

Average peak-to-trough decline

-9.64%

-36.76%

+27.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.76%

6.13%

-3.37%

Volatility

FAD vs. UGA - Volatility Comparison

The current volatility for First Trust Multi Cap Growth AlphaDEX Fund (FAD) is 6.01%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that FAD 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

FADUGADifference

Volatility (1M)

Calculated over the trailing 1-month period

6.01%

11.66%

-5.65%

Volatility (6M)

Calculated over the trailing 6-month period

14.14%

30.41%

-16.27%

Volatility (1Y)

Calculated over the trailing 1-year period

18.50%

35.14%

-16.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.53%

34.38%

-13.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.18%

37.27%

-16.09%

FAD vs. UGA - Expense Ratio Comparison

FAD has a 0.63% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

FAD vs. UGA - Dividend Comparison

FAD's dividend yield for the trailing twelve months is around 0.09%, while UGA has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
FAD
First Trust Multi Cap Growth AlphaDEX Fund		0.09%0.09%0.59%0.51%0.60%0.09%0.32%0.48%0.20%0.22%0.64%0.41%
UGA
United States Gasoline Fund LP		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FAD and UGA have a correlation of -0.27, 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 FAD (6.01%). In terms of maximum drawdown, FAD dropped -54.33% vs UGA's -86.59%.

On 10-year performance, FAD leads with 14.53% vs 14.43% for UGA. On fees, FAD is cheaper at 0.63% per year. On volatility, FAD has been the lower-risk option at 6.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FAD has performed better with a 14.53% return vs 14.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FAD is cheaper with a 0.63% expense ratio, compared with 0.75% for UGA.

FAD has the higher dividend yield at 0.09%, compared with 0.00% for UGA.

FAD is categorized as Mid Cap Growth Equities, while UGA is Oil & Gas. FAD tracks NASDAQ AlphaDEX Multi Cap Growth Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: First Trust and Concierge Technologies. Their fees differ too: 0.63% for FAD and 0.75% for UGA.

UGA currently has the higher Sharpe Ratio (2.32 vs 1.88), 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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