FDMO vs. UGA
FDMO (Fidelity Momentum Factor ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FDMO is a Momentum fund tracking the Fidelity U.S. Momentum Factor Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, FDMO returned 15.71%/yr vs 22.69%/yr for UGA. At a 0.16 correlation, their price movements are largely independent. FDMO charges 0.29%/yr vs 0.75%/yr for UGA.
Performance
FDMO vs. UGA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FDMO achieves a 14.45% return, which is significantly lower than UGA's 64.09% return.
FDMO
- 1D
- -2.80%
- 1M
- 2.15%
- YTD
- 14.45%
- 6M
- 12.49%
- 1Y
- 31.10%
- 3Y*
- 27.66%
- 5Y*
- 15.71%
- 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%
FDMO vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FDMO Fidelity Momentum Factor ETF | 14.45% | 21.43% | 32.78% | 24.79% | -19.32% | 22.23% | 21.71% | 25.29% | -4.13% | 23.93% |
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 FDMO and UGA is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016 | 0.16 |
The correlation between FDMO and UGA shifts across timeframes, from -0.21 (1 year) to 0.16 (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
FDMO vs. UGA — Risk / Return Rank
FDMO
UGA
FDMO vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Momentum Factor ETF (FDMO) 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.
| FDMO | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.30 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 3.17 | -0.61 |
| Martin ratioReturn relative to average drawdown | 9.99 | 9.39 | +0.59 |
Loading charts...
Drawdowns
FDMO vs. UGA - Drawdown Comparison
The maximum FDMO drawdown since its inception was -33.94%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FDMO and UGA.
Loading charts...
Drawdown Indicators
| FDMO | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.94% | -86.59% | +52.65% |
Max Drawdown (1Y)Largest decline over 1 year | -12.22% | -18.96% | +6.74% |
Max Drawdown (3Y)Largest decline over 3 years | -21.88% | -26.68% | +4.80% |
Max Drawdown (5Y)Largest decline over 5 years | -25.44% | -38.11% | +12.67% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -2.80% | -18.05% | +15.25% |
Average DrawdownAverage peak-to-trough decline | -5.40% | -36.69% | +31.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.12% | 6.43% | -3.31% |
Volatility
FDMO vs. UGA - Volatility Comparison
The current volatility for Fidelity Momentum Factor ETF (FDMO) is 7.76%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that FDMO 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
| FDMO | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.76% | 9.24% | -1.48% |
Volatility (6M)Calculated over the trailing 6-month period | 14.60% | 30.57% | -15.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.88% | 35.22% | -17.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.25% | 34.45% | -15.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.59% | 37.22% | -17.63% |
FDMO vs. UGA - Expense Ratio Comparison
FDMO has a 0.29% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
FDMO vs. UGA - Dividend Comparison
FDMO's dividend yield for the trailing twelve months is around 0.59%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
FDMO Fidelity Momentum Factor ETF | 0.59% | 0.61% | 0.90% | 0.87% | 1.19% | 0.60% | 0.77% | 1.23% | 1.22% | 1.09% | 0.45% |
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% |
Frequently Asked Questions
FDMO and UGA have a correlation of -0.21, 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 FDMO (7.76%). In terms of maximum drawdown, FDMO dropped -33.94% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.69% vs 15.71% for FDMO. On fees, FDMO is cheaper at 0.29% per year. On volatility, FDMO has been the lower-risk option at 7.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 22.69% return vs 15.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDMO is cheaper with a 0.29% expense ratio, compared with 0.75% for UGA.
FDMO has the higher dividend yield at 0.59%, compared with 0.00% for UGA.
FDMO is categorized as Momentum, while UGA is Oil & Gas. FDMO tracks Fidelity U.S. Momentum Factor Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Fidelity and Concierge Technologies. Their fees differ too: 0.29% for FDMO and 0.75% for UGA.
FDMO currently has the higher Sharpe Ratio (1.75 vs 1.73), 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 FDMO 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