FCG vs. UGA
FCG (First Trust Natural Gas ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FCG is a Energy Equities fund tracking the ISE-Revere Natural Gas Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, FCG returned 3.88%/yr vs 14.44%/yr for UGA. A 0.55 correlation means they provide meaningful diversification when combined. FCG charges 0.60%/yr vs 0.75%/yr for UGA.
Performance
FCG vs. UGA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FCG achieves a 17.24% return, which is significantly lower than UGA's 65.95% return. Over the past 10 years, FCG has underperformed UGA with an annualized return of 3.88%, while UGA has yielded a comparatively higher 14.44% annualized return.
FCG
- 1D
- 1.64%
- 1M
- -9.95%
- YTD
- 17.24%
- 6M
- 18.20%
- 1Y
- 12.39%
- 3Y*
- 10.11%
- 5Y*
- 14.16%
- 10Y*
- 3.88%
UGA
- 1D
- 0.15%
- 1M
- -11.11%
- YTD
- 65.95%
- 6M
- 62.61%
- 1Y
- 52.27%
- 3Y*
- 19.40%
- 5Y*
- 23.05%
- 10Y*
- 14.44%
FCG vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCG First Trust Natural Gas ETF | 17.24% | -2.28% | 4.16% | 2.55% | 47.24% | 98.49% | -23.20% | -15.76% | -34.81% | -11.38% |
UGA United States Gasoline Fund LP | 65.95% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between FCG and UGA is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.55 |
The correlation between FCG and UGA has been stable across timeframes, ranging from 0.54 to 0.62 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FCG vs. UGA — Risk / Return Rank
FCG
UGA
FCG vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Natural Gas ETF (FCG) 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.
| FCG | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.26 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.70 | 2.77 | -2.07 |
| Martin ratioReturn relative to average drawdown | 2.05 | 8.29 | -6.24 |
Loading charts...
Drawdowns
FCG vs. UGA - Drawdown Comparison
The maximum FCG drawdown since its inception was -97.20%, which is greater than UGA's maximum drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FCG and UGA.
Loading charts...
Drawdown Indicators
| FCG | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.20% | -86.59% | -10.61% |
Max Drawdown (1Y)Largest decline over 1 year | -17.90% | -18.96% | +1.06% |
Max Drawdown (3Y)Largest decline over 3 years | -29.44% | -26.68% | -2.76% |
Max Drawdown (5Y)Largest decline over 5 years | -33.33% | -38.11% | +4.78% |
Max Drawdown (10Y)Largest decline over 10 years | -85.04% | -75.89% | -9.15% |
Current DrawdownCurrent decline from peak | -76.36% | -17.12% | -59.24% |
Average DrawdownAverage peak-to-trough decline | -65.39% | -36.70% | -28.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.68% | 7.05% | -0.37% |
Volatility
FCG vs. UGA - Volatility Comparison
First Trust Natural Gas ETF (FCG) and United States Gasoline Fund LP (UGA) have volatilities of 9.37% and 9.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FCG | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.37% | 9.26% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 20.54% | 30.54% | -10.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.35% | 35.27% | -7.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.43% | 34.45% | -1.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.32% | 37.25% | +1.07% |
FCG vs. UGA - Expense Ratio Comparison
FCG has a 0.60% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
FCG vs. UGA - Dividend Comparison
FCG's dividend yield for the trailing twelve months is around 2.34%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCG First Trust Natural Gas ETF | 2.34% | 2.86% | 2.76% | 3.25% | 3.04% | 1.73% | 3.82% | 2.87% | 1.46% | 1.56% | 1.70% | 4.79% |
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
FCG and UGA have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FCG has higher volatility (9.37%) compared to UGA (9.26%). In terms of maximum drawdown, FCG dropped -97.20% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.44% vs 3.88% for FCG. On fees, FCG is cheaper at 0.60% per year. On volatility, UGA has been the lower-risk option at 9.26%. 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 14.44% return vs 3.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FCG is cheaper with a 0.60% expense ratio, compared with 0.75% for UGA.
FCG has the higher dividend yield at 2.34%, compared with 0.00% for UGA.
FCG is categorized as Energy Equities, while UGA is Oil & Gas. FCG tracks ISE-Revere Natural Gas Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: First Trust and Concierge Technologies. Their fees differ too: 0.60% for FCG and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.49 vs 0.46), 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.
Find the right allocation for FCG and UGA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer