FDLS vs. UGA
FDLS (Inspire Fidelis Multi Factor ETF) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - FDLS is a Mid Cap Blend Equities fund tracking the WI Fidelis Multi-Cap, Multi-Factor Index - Benchmark TR Gross, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past 3 years, FDLS returned 18.87%/yr vs 14.87%/yr for UGA. Their 0.08 correlation means their historical movements had little consistent relationship. FDLS charges 0.76%/yr vs 1.02%/yr for UGA.
Performance
FDLS vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, FDLS achieves a 20.96% return, which is significantly lower than UGA's 72.77% return.
FDLS
- 1D
- -0.74%
- 1M
- 2.23%
- 6M
- 14.07%
- YTD
- 20.96%
- 1Y
- 34.94%
- 3Y*
- 18.87%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 17.47%
UGA
- 1D
- -0.56%
- 1M
- 0.07%
- 6M
- 54.03%
- YTD
- 72.77%
- 1Y
- 71.49%
- 3Y*
- 14.87%
- 5Y*
- 24.07%
- 10Y*
- 16.28%
- ALL TIME*
- 4.25%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.17M | $1.57M | $1.61M | |
| $8.67M | $6.11M | $4.99M |
FDLS vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FDLS Inspire Fidelis Multi Factor ETF | 20.96% | 22.47% | 7.41% | 20.70% | -1.68% |
UGA United States Gasoline Fund, LP | 72.77% | -2.00% | 3.77% | 1.27% | 0.10% |
Correlation
The correlation between FDLS and UGA is -0.19, 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. | -0.19 |
Correlation (3Y) Balances recent behavior with more history. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Aug 24, 2022 | 0.08 |
The correlation between FDLS and UGA shifts across timeframes, from -0.19 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FDLS vs. UGA — Risk / Return Rank
FDLS
UGA
FDLS vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Inspire Fidelis Multi Factor ETF (FDLS) 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.
| FDLS | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.32 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.68 | 3.54 | +0.14 |
| Martin ratioReturn relative to average drawdown | 14.57 | 9.75 | +4.82 |
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Drawdowns
FDLS vs. UGA - Drawdown Comparison
The maximum FDLS drawdown since its inception was -23.32%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FDLS and UGA.
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Drawdown Indicators
| FDLS | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.32% | -86.59% | +63.27% |
Max Drawdown (1Y)Largest decline over 1 year | -9.55% | -20.32% | +10.77% |
Max Drawdown (3Y)Largest decline over 3 years | -23.32% | -26.68% | +3.36% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -0.74% | -14.67% | +13.93% |
Average DrawdownAverage peak-to-trough decline | -3.75% | -36.52% | +32.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.40% | 7.36% | -4.96% |
Volatility
FDLS vs. UGA - Volatility Comparison
The current volatility for Inspire Fidelis Multi Factor ETF (FDLS) is 3.83%, while United States Gasoline Fund, LP (UGA) has a volatility of 13.00%. This indicates that FDLS 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
| FDLS | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.83% | 13.00% | -9.17% |
Volatility (6M)Calculated over the trailing 6-month period | 12.46% | 32.16% | -19.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.03% | 36.60% | -19.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.90% | 34.71% | -15.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.90% | 37.31% | -18.41% |
FDLS vs. UGA - Expense Ratio Comparison
FDLS has a 0.76% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
FDLS vs. UGA - Dividend Comparison
FDLS's dividend yield for the trailing twelve months is around 0.79%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FDLS Inspire Fidelis Multi Factor ETF | 0.79% | 0.86% | 7.26% | 0.97% | 0.31% |
UGA United States Gasoline Fund, LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FDLS 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.
UGA has higher volatility (13.00%) compared to FDLS (3.83%). In terms of maximum drawdown, FDLS dropped -23.32% vs UGA's -86.59%.
On 3-year performance, FDLS leads with 18.87% vs 14.87% for UGA. On fees, FDLS is cheaper at 0.76% per year. On volatility, FDLS has been the lower-risk option at 3.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FDLS has performed better with a 18.87% return vs 14.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDLS is cheaper with a 0.76% expense ratio, compared with 1.02% for UGA.
FDLS has the higher dividend yield at 0.79%, compared with 0.00% for UGA.
FDLS is categorized as Mid Cap Blend Equities, while UGA is Oil & Gas. FDLS tracks WI Fidelis Multi-Cap, Multi-Factor Index - Benchmark TR Gross, while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. They also come from different issuers: Inspire and USCF. Their fees differ too: 0.76% for FDLS and 1.02% for UGA.
FDLS currently has the higher Sharpe Ratio (2.06 vs 1.96), 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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