FEMB vs. UGA
FEMB (First Trust Emerging Markets Local Currency Bond ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FEMB is a Emerging Markets Bonds fund actively managed by First Trust, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. FEMB is actively managed, while UGA is passively managed. Over the past 10 years, FEMB returned 1.86%/yr vs 13.99%/yr for UGA. At a 0.10 correlation, their price movements are largely independent. FEMB charges 0.85%/yr vs 0.75%/yr for UGA.
Performance
FEMB vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, FEMB achieves a 0.77% return, which is significantly lower than UGA's 59.54% return. Over the past 10 years, FEMB has underperformed UGA with an annualized return of 1.86%, while UGA has yielded a comparatively higher 13.99% annualized return.
FEMB
- 1D
- 0.19%
- 1M
- 0.72%
- YTD
- 0.77%
- 6M
- 0.67%
- 1Y
- 8.65%
- 3Y*
- 6.83%
- 5Y*
- 2.16%
- 10Y*
- 1.86%
UGA
- 1D
- -2.77%
- 1M
- -14.54%
- YTD
- 59.54%
- 6M
- 55.91%
- 1Y
- 62.68%
- 3Y*
- 17.85%
- 5Y*
- 22.22%
- 10Y*
- 13.99%
FEMB vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FEMB First Trust Emerging Markets Local Currency Bond ETF | 0.77% | 21.77% | -5.61% | 17.12% | -10.50% | -13.40% | 3.16% | 11.52% | -7.19% | 11.92% |
UGA United States Gasoline Fund LP | 59.54% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between FEMB and UGA is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2014 | 0.10 |
The correlation between FEMB and UGA shifts across timeframes, from -0.25 (1 year) to 0.10 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
FEMB vs. UGA — Risk / Return Rank
FEMB
UGA
FEMB vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Emerging Markets Local Currency Bond ETF (FEMB) 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.
| FEMB | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.80 | ||
| Sortino ratioReturn per unit of downside risk | -0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.31 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 3.10 | -1.95 |
| Martin ratioReturn relative to average drawdown | 3.46 | 9.66 | -6.20 |
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Drawdowns
FEMB vs. UGA - Drawdown Comparison
The maximum FEMB drawdown since its inception was -30.44%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FEMB and UGA.
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Drawdown Indicators
| FEMB | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.44% | -86.59% | +56.15% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -20.32% | +12.74% |
Max Drawdown (3Y)Largest decline over 3 years | -10.13% | -26.68% | +16.55% |
Max Drawdown (5Y)Largest decline over 5 years | -25.93% | -38.11% | +12.18% |
Max Drawdown (10Y)Largest decline over 10 years | -30.44% | -75.89% | +45.45% |
Current DrawdownCurrent decline from peak | -3.75% | -20.32% | +16.57% |
Average DrawdownAverage peak-to-trough decline | -9.90% | -36.69% | +26.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 6.51% | -4.01% |
Volatility
FEMB vs. UGA - Volatility Comparison
The current volatility for First Trust Emerging Markets Local Currency Bond ETF (FEMB) is 2.86%, while United States Gasoline Fund LP (UGA) has a volatility of 9.45%. This indicates that FEMB 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
| FEMB | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.86% | 9.45% | -6.59% |
Volatility (6M)Calculated over the trailing 6-month period | 6.90% | 30.74% | -23.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.57% | 34.84% | -26.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.27% | 34.47% | -24.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.85% | 37.22% | -26.37% |
FEMB vs. UGA - Expense Ratio Comparison
FEMB has a 0.85% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
FEMB vs. UGA - Dividend Comparison
FEMB's dividend yield for the trailing twelve months is around 6.05%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FEMB First Trust Emerging Markets Local Currency Bond ETF | 6.05% | 5.67% | 6.09% | 5.15% | 6.35% | 6.12% | 5.29% | 5.40% | 5.86% | 6.38% | 5.83% | 4.89% |
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
FEMB and UGA have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.45%) compared to FEMB (2.86%). In terms of maximum drawdown, FEMB dropped -30.44% vs UGA's -86.59%.
On 10-year performance, UGA leads with 13.99% vs 1.86% for FEMB. On fees, UGA is cheaper at 0.75% per year. On volatility, FEMB has been the lower-risk option at 2.86%. 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 13.99% return vs 1.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.85% for FEMB.
FEMB has the higher dividend yield at 6.05%, compared with 0.00% for UGA.
FEMB is categorized as Emerging Markets Bonds, while UGA is Oil & Gas. They also come from different issuers: First Trust and Concierge Technologies. Their fees differ too: 0.85% for FEMB and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.82 vs 1.03), 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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