FBY vs. UGA

Last updated Jun 24, 2026

FBY (YieldMax META Option Income ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FBY is a Derivative Income fund actively managed by YieldMax, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. FBY is actively managed, while UGA is passively managed. Over the past year, FBY returned -17.63% vs 59.74% for UGA. At a correlation of -0.05, they often move in opposite directions. FBY charges 0.99%/yr vs 0.75%/yr for UGA.

Performance

FBY vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax META Option Income ETF (FBY) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBY achieves a -13.50% return, which is significantly lower than UGA's 64.09% return.

FBY

• 1D: -0.06%
• 1M: -7.14%
• YTD: -13.50%
• 6M: -13.67%
• 1Y: -17.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

FBY vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FBY YieldMax META Option Income ETF	-13.50%	1.98%	44.42%	17.68%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.77%	-16.48%

Correlation

The correlation between FBY and UGA is -0.16, 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	-0.16
Correlation (All Time) Calculated using the full available price history since Jul 28, 2023	-0.05

The correlation between FBY and UGA shifts across timeframes, from -0.16 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FBY vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FBY

FBY Risk / Return Rank: 4
FBY Sharpe Ratio Rank: 4
FBY Sortino Ratio Rank: 4
FBY Omega Ratio Rank: 4
FBY Calmar Ratio Rank: 4
FBY Martin Ratio Rank: 3

UGA

UGA Risk / Return Rank: 55
UGA Sharpe Ratio Rank: 53
UGA Sortino Ratio Rank: 48
UGA Omega Ratio Rank: 49
UGA Calmar Ratio Rank: 67
UGA Martin Ratio Rank: 56

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.

FBY vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax META Option Income ETF (FBY) 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.

	FBY	UGA	Difference
Sharpe ratio: Return per unit of total volatility	-0.60	1.73	-2.33
Sortino ratio: Return per unit of downside risk	-0.68	2.25	-2.93
Omega ratio: Gain probability vs. loss probability	0.91	1.30	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.60	3.17	-3.77
Martin ratio: Return relative to average drawdown	-1.22	9.39	-10.61

FBY vs. UGA - Sharpe Ratio Comparison

The current FBY Sharpe Ratio is -0.60, which is lower than the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of FBY 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.

Drawdowns

FBY vs. UGA - Drawdown Comparison

The maximum FBY drawdown since its inception was -31.53%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FBY and UGA.

Drawdown Indicators

	FBY	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-31.53%	-86.59%	+55.06%
Max Drawdown (1Y) Largest decline over 1 year	-29.50%	-18.96%	-10.54%
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 Drawdown Current decline from peak	-25.66%	-18.05%	-7.61%
Average Drawdown Average peak-to-trough decline	-8.09%	-36.69%	+28.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.46%	6.43%	+8.03%

Volatility

FBY vs. UGA - Volatility Comparison

YieldMax META Option Income ETF (FBY) has a higher volatility of 10.24% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that FBY'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.

Volatility by Period

	FBY	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.24%	9.24%	+1.00%
Volatility (6M) Calculated over the trailing 6-month period	23.30%	30.57%	-7.27%
Volatility (1Y) Calculated over the trailing 1-year period	29.60%	35.22%	-5.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.65%	34.45%	-5.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.65%	37.22%	-8.57%

FBY vs. UGA - Expense Ratio Comparison

FBY has a 0.99% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

FBY vs. UGA - Dividend Comparison

FBY's dividend yield for the trailing twelve months is around 57.98%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
FBY YieldMax META Option Income ETF	57.98%	55.43%	53.89%	8.31%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FBY and UGA in my portfolio?

FBY and UGA have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBY or UGA?

FBY has higher volatility (10.24%) compared to UGA (9.24%). In terms of maximum drawdown, FBY dropped -31.53% vs UGA's -86.59%.

Which ETF is better, FBY or UGA?

On 1-year performance, UGA leads with 59.74% vs -17.63% for FBY. 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.

Which ETF has performed better, FBY or UGA?

Over the 1-year period, UGA has performed better with a 59.74% return vs -17.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBY or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 0.99% for FBY.

Which ETF pays a higher dividend yield, FBY or UGA?

FBY has the higher dividend yield at 57.98%, compared with 0.00% for UGA.

What is the main difference between FBY and UGA?

FBY is categorized as Derivative Income, while UGA is Oil & Gas. They also come from different issuers: YieldMax and Concierge Technologies. Their fees differ too: 0.99% for FBY and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.73 vs -0.60), 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.