FFLS vs. UGA
FFLS (The Future Fund Long/Short ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FFLS is a Long-Short fund actively managed by The Future Fund, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. FFLS is actively managed, while UGA is passively managed. Over the past year, FFLS returned -0.45% vs 79.48% for UGA. At a correlation of -0.04, they often move in opposite directions. FFLS charges 1.75%/yr vs 0.75%/yr for UGA.
Performance
FFLS vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, FFLS achieves a -0.26% return, which is significantly lower than UGA's 70.69% return.
FFLS
- 1D
- -0.63%
- 1M
- 2.89%
- YTD
- -0.26%
- 6M
- -0.66%
- 1Y
- -0.45%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UGA
- 1D
- -2.73%
- 1M
- -12.25%
- YTD
- 70.69%
- 6M
- 59.72%
- 1Y
- 79.48%
- 3Y*
- 20.80%
- 5Y*
- 24.41%
- 10Y*
- 14.27%
FFLS vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FFLS The Future Fund Long/Short ETF | -0.26% | 7.49% | 17.71% | 2.03% |
UGA United States Gasoline Fund LP | 70.69% | -2.00% | 3.77% | -2.45% |
Correlation
The correlation between FFLS 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 (All Time) Calculated using the full available price history since Jun 22, 2023 | -0.04 |
Over the past year, the inverse relationship between FFLS and UGA has strengthened: their correlation has moved from -0.04 to -0.25, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FFLS vs. UGA — Risk / Return Rank
FFLS
UGA
FFLS vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Future Fund Long/Short ETF (FFLS) 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.
| FFLS | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.32 | ||
| Sortino ratioReturn per unit of downside risk | -2.72 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.37 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 5.37 | -5.41 |
| Martin ratioReturn relative to average drawdown | -0.09 | 12.86 | -12.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FFLS | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.05 | 2.27 | -2.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.71 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.80 | 0.12 | +0.68 |
Drawdowns
FFLS vs. UGA - Drawdown Comparison
The maximum FFLS drawdown since its inception was -11.05%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FFLS and UGA.
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Drawdown Indicators
| FFLS | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.05% | -86.59% | +75.54% |
Max Drawdown (1Y)Largest decline over 1 year | -11.05% | -14.88% | +3.83% |
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 DrawdownCurrent decline from peak | -4.96% | -14.75% | +9.79% |
Average DrawdownAverage peak-to-trough decline | -3.09% | -36.76% | +33.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.07% | 6.20% | -1.13% |
Volatility
FFLS vs. UGA - Volatility Comparison
The current volatility for The Future Fund Long/Short ETF (FFLS) is 3.54%, while United States Gasoline Fund LP (UGA) has a volatility of 11.64%. This indicates that FFLS 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
| FFLS | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.54% | 11.64% | -8.10% |
Volatility (6M)Calculated over the trailing 6-month period | 6.92% | 30.48% | -23.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.94% | 35.27% | -26.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.23% | 34.40% | -23.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.23% | 37.27% | -26.04% |
FFLS vs. UGA - Expense Ratio Comparison
FFLS has a 1.75% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
FFLS vs. UGA - Dividend Comparison
FFLS's dividend yield for the trailing twelve months is around 6.59%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
FFLS The Future Fund Long/Short ETF | 6.59% | 6.58% | 3.34% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FFLS 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 (11.64%) compared to FFLS (3.54%). In terms of maximum drawdown, FFLS dropped -11.05% vs UGA's -86.59%.
On 1-year performance, UGA leads with 79.48% vs -0.45% for FFLS. On fees, UGA is cheaper at 0.75% per year. On volatility, FFLS has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, UGA has performed better with a 79.48% return vs -0.45%. 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 1.75% for FFLS.
FFLS has the higher dividend yield at 6.59%, compared with 0.00% for UGA.
FFLS is categorized as Long-Short, while UGA is Oil & Gas. They also come from different issuers: The Future Fund and Concierge Technologies. Their fees differ too: 1.75% for FFLS and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.27 vs -0.05), 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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