FFGX vs. UGA

Last updated Jun 24, 2026

FFGX (Fidelity Fundamental Global ex-U.S. ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FFGX is a Foreign Large Cap Equities fund actively managed by Fidelity, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. FFGX is actively managed, while UGA is passively managed. Over the past year, FFGX returned 24.66% vs 59.74% for UGA. At a correlation of -0.15, they often move in opposite directions. FFGX charges 0.55%/yr vs 0.75%/yr for UGA.

Performance

FFGX vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Fundamental Global ex-U.S. ETF (FFGX) 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, FFGX achieves a 13.21% return, which is significantly lower than UGA's 64.09% return.

FFGX

• 1D: -3.80%
• 1M: 1.83%
• YTD: 13.21%
• 6M: 13.36%
• 1Y: 24.66%
• 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)

FFGX vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FFGX Fidelity Fundamental Global ex-U.S. ETF	13.21%	27.85%	-9.98%
UGA United States Gasoline Fund LP	64.09%	-2.00%	0.64%

Correlation

The correlation between FFGX and UGA is -0.28, 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	-0.28
Correlation (All Time) Calculated using the full available price history since Nov 21, 2024	-0.15

The correlation between FFGX and UGA shifts across timeframes, from -0.28 (1 year) to -0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FFGX vs. UGA — Risk / Return Rank

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

FFGX

FFGX Risk / Return Rank: 41
FFGX Sharpe Ratio Rank: 39
FFGX Sortino Ratio Rank: 38
FFGX Omega Ratio Rank: 40
FFGX Calmar Ratio Rank: 41
FFGX Martin Ratio Rank: 48

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.

FFGX vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Global ex-U.S. ETF (FFGX) 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.

	FFGX	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.73	-0.44
Sortino ratio: Return per unit of downside risk	1.84	2.25	-0.41
Omega ratio: Gain probability vs. loss probability	1.25	1.30	-0.05
Calmar ratio: Return relative to maximum drawdown	1.93	3.17	-1.24
Martin ratio: Return relative to average drawdown	7.46	9.39	-1.93

FFGX vs. UGA - Sharpe Ratio Comparison

The current FFGX Sharpe Ratio is 1.29, which is comparable to the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of FFGX 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

FFGX vs. UGA - Drawdown Comparison

The maximum FFGX drawdown since its inception was -14.95%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FFGX and UGA.

Drawdown Indicators

	FFGX	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-14.95%	-86.59%	+71.64%
Max Drawdown (1Y) Largest decline over 1 year	-12.86%	-18.96%	+6.10%
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	-3.80%	-18.05%	+14.25%
Average Drawdown Average peak-to-trough decline	-2.87%	-36.69%	+33.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	6.43%	-3.12%

Volatility

FFGX vs. UGA - Volatility Comparison

The current volatility for Fidelity Fundamental Global ex-U.S. ETF (FFGX) is 8.62%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that FFGX 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

	FFGX	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.62%	9.24%	-0.62%
Volatility (6M) Calculated over the trailing 6-month period	17.43%	30.57%	-13.14%
Volatility (1Y) Calculated over the trailing 1-year period	19.28%	35.22%	-15.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.64%	34.45%	-13.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.64%	37.22%	-16.58%

FFGX vs. UGA - Expense Ratio Comparison

FFGX has a 0.55% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

FFGX vs. UGA - Dividend Comparison

FFGX's dividend yield for the trailing twelve months is around 1.53%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024
FFGX Fidelity Fundamental Global ex-U.S. ETF	1.53%	1.62%	0.40%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FFGX and UGA in my portfolio?

FFGX and UGA have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFGX or UGA?

UGA has higher volatility (9.24%) compared to FFGX (8.62%). In terms of maximum drawdown, FFGX dropped -14.95% vs UGA's -86.59%.

Which ETF is better, FFGX or UGA?

On 1-year performance, UGA leads with 59.74% vs 24.66% for FFGX. On fees, FFGX is cheaper at 0.55% per year. On volatility, FFGX has been the lower-risk option at 8.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFGX or UGA?

Over the 1-year period, UGA has performed better with a 59.74% return vs 24.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFGX or UGA?

FFGX is cheaper with a 0.55% expense ratio, compared with 0.75% for UGA.

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

FFGX has the higher dividend yield at 1.53%, compared with 0.00% for UGA.

What is the main difference between FFGX and UGA?

FFGX is categorized as Foreign Large Cap Equities, while UGA is Oil & Gas. They also come from different issuers: Fidelity and Concierge Technologies. Their fees differ too: 0.55% for FFGX and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.73 vs 1.28), 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.