FBT vs. UGA
FBT (First Trust Amex Biotechnology Index) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - FBT is a Health & Biotech Equities fund tracking the NYSE Arca Biotechnology Index, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past 10 years, FBT returned 9.38%/yr vs 16.82%/yr for UGA. Their 0.14 correlation means their historical movements had little consistent relationship. FBT charges 0.57%/yr vs 1.02%/yr for UGA.
Performance
FBT vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, FBT achieves a 18.87% return, which is significantly lower than UGA's 80.98% return. Over the past 10 years, FBT has underperformed UGA with an annualized return of 9.38%, while UGA has yielded a comparatively higher 16.82% annualized return.
FBT
- 1D
- 0.18%
- 1M
- -3.86%
- 6M
- 14.47%
- YTD
- 18.87%
- 1Y
- 49.37%
- 3Y*
- 17.79%
- 5Y*
- 7.63%
- 10Y*
- 9.38%
- ALL TIME*
- 13.47%
UGA
- 1D
- -5.27%
- 1M
- 8.52%
- 6M
- 69.92%
- YTD
- 80.98%
- 1Y
- 78.20%
- 3Y*
- 16.66%
- 5Y*
- 25.31%
- 10Y*
- 16.82%
- ALL TIME*
- 4.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $41.76M | $24.66M | $18.95M | |
| $8.16M | $5.91M | $4.98M |
FBT vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FBT First Trust Amex Biotechnology Index | 18.87% | 24.25% | 5.88% | 2.55% | -4.83% | -2.26% | 12.96% | 19.74% | -0.30% | 37.07% |
UGA United States Gasoline Fund, LP | 80.98% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between FBT and UGA is -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.28 |
Correlation (3Y) Balances recent behavior with more history. | -0.13 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.02 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.08 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.14 |
The correlation between FBT and UGA shifts across timeframes, from -0.28 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FBT vs. UGA — Risk / Return Rank
FBT
UGA
FBT vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Amex Biotechnology Index (FBT) 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.
| FBT | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.35 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.48 | 3.87 | -0.39 |
| Martin ratioReturn relative to average drawdown | 10.27 | 10.83 | -0.56 |
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Drawdowns
FBT vs. UGA - Drawdown Comparison
The maximum FBT drawdown since its inception was -40.51%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FBT and UGA.
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Drawdown Indicators
| FBT | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.51% | -86.59% | +46.08% |
Max Drawdown (1Y)Largest decline over 1 year | -14.26% | -20.32% | +6.06% |
Max Drawdown (3Y)Largest decline over 3 years | -20.05% | -26.68% | +6.63% |
Max Drawdown (5Y)Largest decline over 5 years | -28.98% | -38.11% | +9.13% |
Max Drawdown (10Y)Largest decline over 10 years | -32.37% | -75.89% | +43.52% |
Current DrawdownCurrent decline from peak | -4.17% | -10.61% | +6.44% |
Average DrawdownAverage peak-to-trough decline | -11.09% | -36.53% | +25.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.82% | 7.25% | -2.43% |
Volatility
FBT vs. UGA - Volatility Comparison
The current volatility for First Trust Amex Biotechnology Index (FBT) is 5.73%, while United States Gasoline Fund, LP (UGA) has a volatility of 12.68%. This indicates that FBT 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
| FBT | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.73% | 12.68% | -6.95% |
Volatility (6M)Calculated over the trailing 6-month period | 15.96% | 32.51% | -16.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.42% | 36.42% | -15.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.01% | 34.68% | -12.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.77% | 37.30% | -13.53% |
FBT vs. UGA - Expense Ratio Comparison
FBT has a 0.57% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
FBT vs. UGA - Dividend Comparison
Neither FBT nor UGA has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBT First Trust Amex Biotechnology Index | 0.00% | 0.00% | 0.71% | 0.00% | 0.00% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.12% |
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
FBT and UGA have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (12.68%) compared to FBT (5.73%). In terms of maximum drawdown, FBT dropped -40.51% vs UGA's -86.59%.
On 10-year performance, UGA leads with 16.82% vs 9.38% for FBT. On fees, FBT is cheaper at 0.57% per year. On volatility, FBT has been the lower-risk option at 5.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGA has performed better with a 16.82% return vs 9.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FBT is cheaper with a 0.57% expense ratio, compared with 1.02% for UGA.
FBT and UGA have nearly identical dividend yields, around 0.00%.
FBT is categorized as Health & Biotech Equities, while UGA is Oil & Gas. FBT tracks NYSE Arca Biotechnology Index, while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. They also come from different issuers: First Trust and USCF. Their fees differ too: 0.57% for FBT and 1.02% for UGA.
FBT currently has the higher Sharpe Ratio (2.32 vs 2.16), 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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