FAS vs. UGA
FAS (Direxion Daily Financial Bull 3X Shares) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FAS is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (300%), while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, FAS returned 22.50%/yr vs 14.31%/yr for UGA. At a 0.24 correlation, their price movements are largely independent. FAS charges 1.00%/yr vs 0.75%/yr for UGA.
Performance
FAS vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, FAS achieves a -10.50% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, FAS has outperformed UGA with an annualized return of 22.50%, while UGA has yielded a comparatively lower 14.31% annualized return.
FAS
- 1D
- 0.67%
- 1M
- 11.10%
- YTD
- -10.50%
- 6M
- -13.84%
- 1Y
- 5.47%
- 3Y*
- 41.93%
- 5Y*
- 9.82%
- 10Y*
- 22.50%
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%
FAS vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X Shares | -10.50% | 21.48% | 84.47% | 14.92% | -43.19% | 116.59% | -34.97% | 113.04% | -33.84% | 67.37% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between FAS and UGA is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
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 Nov 19, 2008 | 0.24 |
The correlation between FAS and UGA shifts across timeframes, from -0.19 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FAS vs. UGA — Risk / Return Rank
FAS
UGA
FAS vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bull 3X Shares (FAS) 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.
| FAS | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.60 | ||
| Sortino ratioReturn per unit of downside risk | -1.78 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.30 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.13 | 3.17 | -3.03 |
| Martin ratioReturn relative to average drawdown | 0.30 | 9.39 | -9.09 |
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Drawdowns
FAS vs. UGA - Drawdown Comparison
The maximum FAS drawdown since its inception was -91.61%, which is greater than UGA's maximum drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FAS and UGA.
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Drawdown Indicators
| FAS | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.61% | -86.59% | -5.02% |
Max Drawdown (1Y)Largest decline over 1 year | -40.88% | -18.96% | -21.92% |
Max Drawdown (3Y)Largest decline over 3 years | -43.10% | -26.68% | -16.42% |
Max Drawdown (5Y)Largest decline over 5 years | -66.88% | -38.11% | -28.77% |
Max Drawdown (10Y)Largest decline over 10 years | -85.99% | -75.89% | -10.10% |
Current DrawdownCurrent decline from peak | -17.88% | -18.05% | +0.17% |
Average DrawdownAverage peak-to-trough decline | -31.10% | -36.69% | +5.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.17% | 6.43% | +11.74% |
Volatility
FAS vs. UGA - Volatility Comparison
Direxion Daily Financial Bull 3X Shares (FAS) has a higher volatility of 12.26% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that FAS'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.
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Volatility by Period
| FAS | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.26% | 9.24% | +3.02% |
Volatility (6M)Calculated over the trailing 6-month period | 33.44% | 30.57% | +2.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.36% | 35.22% | +8.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.35% | 34.45% | +20.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.18% | 37.22% | +23.96% |
FAS vs. UGA - Expense Ratio Comparison
FAS has a 1.00% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
FAS vs. UGA - Dividend Comparison
FAS's dividend yield for the trailing twelve months is around 9.32%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X Shares | 9.32% | 8.21% | 0.76% | 1.77% | 0.91% | 0.60% | 0.47% | 0.62% | 1.43% | 0.11% |
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% |
Frequently Asked Questions
FAS and UGA have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FAS has higher volatility (12.26%) compared to UGA (9.24%). In terms of maximum drawdown, FAS dropped -91.61% vs UGA's -86.59%.
On 10-year performance, FAS leads with 22.50% vs 14.31% for UGA. On fees, UGA is cheaper at 0.75% 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.
Over the 10-year period, FAS has performed better with a 22.50% return vs 14.31%. 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 1.00% for FAS.
FAS has the higher dividend yield at 9.32%, compared with 0.00% for UGA.
FAS is categorized as Leveraged Equities, while UGA is Oil & Gas. FAS tracks Russell 1000 Financial Services Index (300%), while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Direxion and Concierge Technologies. Their fees differ too: 1.00% for FAS and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 0.13), 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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