FDM vs. UGA
FDM (First Trust Dow Jones Select MicroCap Index Fund) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FDM is a Small Cap Blend Equities fund tracking the Dow Jones Select Microcap Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, FDM returned 12.29%/yr vs 14.31%/yr for UGA. At a 0.24 correlation, their price movements are largely independent. FDM charges 0.60%/yr vs 0.75%/yr for UGA.
Performance
FDM vs. UGA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FDM achieves a 13.86% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, FDM has underperformed UGA with an annualized return of 12.29%, while UGA has yielded a comparatively higher 14.31% annualized return.
FDM
- 1D
- 0.76%
- 1M
- 4.64%
- YTD
- 13.86%
- 6M
- 12.43%
- 1Y
- 30.56%
- 3Y*
- 19.96%
- 5Y*
- 9.37%
- 10Y*
- 12.29%
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%
FDM vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FDM First Trust Dow Jones Select MicroCap Index Fund | 13.86% | 18.64% | 13.00% | 12.76% | -11.61% | 35.08% | -4.04% | 27.45% | -13.53% | 8.72% |
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 FDM 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 | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.24 |
The correlation between FDM and UGA shifts across timeframes, from -0.19 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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
FDM vs. UGA — Risk / Return Rank
FDM
UGA
FDM vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Dow Jones Select MicroCap Index Fund (FDM) 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.
| FDM | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.30 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.30 | 3.17 | +0.14 |
| Martin ratioReturn relative to average drawdown | 9.96 | 9.39 | +0.57 |
Loading charts...
Drawdowns
FDM vs. UGA - Drawdown Comparison
The maximum FDM drawdown since its inception was -63.45%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FDM and UGA.
Loading charts...
Drawdown Indicators
| FDM | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.45% | -86.59% | +23.14% |
Max Drawdown (1Y)Largest decline over 1 year | -9.30% | -18.96% | +9.66% |
Max Drawdown (3Y)Largest decline over 3 years | -23.47% | -26.68% | +3.21% |
Max Drawdown (5Y)Largest decline over 5 years | -23.74% | -38.11% | +14.37% |
Max Drawdown (10Y)Largest decline over 10 years | -47.76% | -75.89% | +28.13% |
Current DrawdownCurrent decline from peak | 0.00% | -18.05% | +18.05% |
Average DrawdownAverage peak-to-trough decline | -11.32% | -36.69% | +25.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.08% | 6.43% | -3.35% |
Volatility
FDM vs. UGA - Volatility Comparison
The current volatility for First Trust Dow Jones Select MicroCap Index Fund (FDM) is 4.79%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that FDM 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.
Loading charts...
Volatility by Period
| FDM | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.79% | 9.24% | -4.45% |
Volatility (6M)Calculated over the trailing 6-month period | 13.23% | 30.57% | -17.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.84% | 35.22% | -16.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.40% | 34.45% | -13.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.36% | 37.22% | -13.86% |
FDM vs. UGA - Expense Ratio Comparison
FDM has a 0.60% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
FDM vs. UGA - Dividend Comparison
FDM's dividend yield for the trailing twelve months is around 1.21%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDM First Trust Dow Jones Select MicroCap Index Fund | 1.21% | 1.43% | 1.56% | 1.81% | 1.80% | 1.08% | 1.68% | 1.37% | 1.26% | 0.97% | 1.13% | 1.45% |
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
FDM 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 (9.24%) compared to FDM (4.79%). In terms of maximum drawdown, FDM dropped -63.45% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 12.29% for FDM. On fees, FDM is cheaper at 0.60% per year. On volatility, FDM has been the lower-risk option at 4.79%. 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 14.31% return vs 12.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDM is cheaper with a 0.60% expense ratio, compared with 0.75% for UGA.
FDM has the higher dividend yield at 1.21%, compared with 0.00% for UGA.
FDM is categorized as Small Cap Blend Equities, while UGA is Oil & Gas. FDM tracks Dow Jones Select Microcap 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 FDM and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 1.63), 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 FDM 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