FEGE vs. UGA

Last updated Jun 24, 2026

FEGE (First Eagle Global Equity ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FEGE is a Large Cap Value Equities fund actively managed by First Eagle, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. FEGE is actively managed, while UGA is passively managed. Over the past year, FEGE returned 23.54% vs 59.74% for UGA. At a correlation of -0.11, they often move in opposite directions. FEGE charges 0.50%/yr vs 0.75%/yr for UGA.

Performance

FEGE vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Eagle Global Equity ETF (FEGE) 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, FEGE achieves a 5.24% return, which is significantly lower than UGA's 64.09% return.

FEGE

• 1D: -0.82%
• 1M: -2.96%
• YTD: 5.24%
• 6M: 4.76%
• 1Y: 23.54%
• 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)

FEGE vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FEGE First Eagle Global Equity ETF	5.24%	34.19%	-1.43%
UGA United States Gasoline Fund LP	64.09%	-2.00%	4.65%

Correlation

The correlation between FEGE 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 (All Time) Calculated using the full available price history since Dec 20, 2024	-0.11

Return for Risk

FEGE vs. UGA — Risk / Return Rank

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

FEGE

FEGE Risk / Return Rank: 52
FEGE Sharpe Ratio Rank: 60
FEGE Sortino Ratio Rank: 56
FEGE Omega Ratio Rank: 54
FEGE Calmar Ratio Rank: 46
FEGE Martin Ratio Rank: 46

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.

FEGE vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Eagle Global Equity ETF (FEGE) 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.

	FEGE	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.73	+0.13
Sortino ratio: Return per unit of downside risk	2.51	2.25	+0.26
Omega ratio: Gain probability vs. loss probability	1.32	1.30	+0.02
Calmar ratio: Return relative to maximum drawdown	2.16	3.17	-1.01
Martin ratio: Return relative to average drawdown	7.24	9.39	-2.15

FEGE vs. UGA - Sharpe Ratio Comparison

The current FEGE Sharpe Ratio is 1.86, which is comparable to the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of FEGE 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

FEGE vs. UGA - Drawdown Comparison

The maximum FEGE drawdown since its inception was -11.13%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FEGE and UGA.

Drawdown Indicators

	FEGE	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-11.13%	-86.59%	+75.46%
Max Drawdown (1Y) Largest decline over 1 year	-10.96%	-18.96%	+8.00%
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	-5.89%	-18.05%	+12.16%
Average Drawdown Average peak-to-trough decline	-1.79%	-36.69%	+34.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	6.43%	-3.17%

Volatility

FEGE vs. UGA - Volatility Comparison

The current volatility for First Eagle Global Equity ETF (FEGE) is 3.95%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that FEGE 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.

Volatility by Period

	FEGE	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	9.24%	-5.29%
Volatility (6M) Calculated over the trailing 6-month period	10.57%	30.57%	-20.00%
Volatility (1Y) Calculated over the trailing 1-year period	12.70%	35.22%	-22.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.69%	34.45%	-19.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.69%	37.22%	-22.53%

FEGE vs. UGA - Expense Ratio Comparison

FEGE has a 0.50% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

FEGE vs. UGA - Dividend Comparison

FEGE's dividend yield for the trailing twelve months is around 1.22%, while UGA has not paid dividends to shareholders.

Position	TTM	2025
FEGE First Eagle Global Equity ETF	1.22%	1.28%
UGA United States Gasoline Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEGE and UGA in my portfolio?

FEGE 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.

Which is riskier, FEGE or UGA?

UGA has higher volatility (9.24%) compared to FEGE (3.95%). In terms of maximum drawdown, FEGE dropped -11.13% vs UGA's -86.59%.

Which ETF is better, FEGE or UGA?

On 1-year performance, UGA leads with 59.74% vs 23.54% for FEGE. On fees, FEGE is cheaper at 0.50% per year. On volatility, FEGE has been the lower-risk option at 3.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEGE or UGA?

Over the 1-year period, UGA has performed better with a 59.74% return vs 23.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEGE or UGA?

FEGE is cheaper with a 0.50% expense ratio, compared with 0.75% for UGA.

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

FEGE has the higher dividend yield at 1.22%, compared with 0.00% for UGA.

What is the main difference between FEGE and UGA?

FEGE is categorized as Large Cap Value Equities, while UGA is Oil & Gas. They also come from different issuers: First Eagle and Concierge Technologies. Their fees differ too: 0.50% for FEGE and 0.75% for UGA.

Which has better risk-adjusted returns?

FEGE currently has the higher Sharpe Ratio (1.86 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.