FFLS vs. UGA
FFLS (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 Future Fund, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. FFLS is actively managed, while UGA is passively managed. Over the past 3 years, FFLS returned 10.27%/yr vs 16.66%/yr for UGA. Their -0.05 correlation means they have often moved in opposite directions in the past. FFLS charges 1.75%/yr vs 1.02%/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 0.09% return, which is significantly lower than UGA's 80.98% return.
FFLS
- 1D
- 1.47%
- 1M
- -0.49%
- 6M
- -0.32%
- YTD
- 0.09%
- 1Y
- -2.14%
- 3Y*
- 10.27%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 8.14%
UGA
- 1D
- -5.27%
- 1M
- 8.52%
- 6M
- 69.92%
- YTD
- 80.98%
- 1Y
- 78.20%
- 3Y*
- 16.66%
- 5Y*
- 25.31%
- 10Y*
- 16.82%
- ALL TIME*
- 4.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $154.32K | $128.25K | $158.86K | |
| $8.16M | $5.91M | $4.98M |
FFLS vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FFLS Future Fund Long/Short ETF | 0.09% | 7.49% | 17.71% | 0.79% |
UGA United States Gasoline Fund, LP | 80.98% | -2.00% | 3.77% | -2.18% |
Correlation
The correlation between FFLS and UGA is -0.21, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.21 |
Correlation (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023 | -0.05 |
The correlation between FFLS and UGA shifts across timeframes, from -0.21 (1 year) to -0.04 (3 years), reflecting how their relationship changes across market environments.
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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 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.
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.
| FFLS | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.37 | ||
| Sortino ratioReturn per unit of downside risk | -2.88 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.35 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.19 | 3.87 | -4.06 |
| Martin ratioReturn relative to average drawdown | -0.38 | 10.83 | -11.21 |
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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% | -20.32% | +9.27% |
Max Drawdown (3Y)Largest decline over 3 years | -11.05% | -26.68% | +15.63% |
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 | -4.62% | -10.61% | +5.99% |
Average DrawdownAverage peak-to-trough decline | -3.27% | -36.53% | +33.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.68% | 7.25% | -1.57% |
Volatility
FFLS vs. UGA - Volatility Comparison
The current volatility for Future Fund Long/Short ETF (FFLS) is 4.41%, while United States Gasoline Fund, LP (UGA) has a volatility of 12.68%. 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 | 4.41% | 12.68% | -8.27% |
Volatility (6M)Calculated over the trailing 6-month period | 8.88% | 32.51% | -23.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.47% | 36.42% | -25.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.50% | 34.68% | -23.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.50% | 37.30% | -25.80% |
FFLS vs. UGA - Expense Ratio Comparison
FFLS has a 1.75% expense ratio, which is higher than UGA's 1.02% expense ratio.
Dividends
FFLS vs. UGA - Dividend Comparison
FFLS's dividend yield for the trailing twelve months is around 6.57%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
FFLS Future Fund Long/Short ETF | 6.57% | 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 -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (12.68%) compared to FFLS (4.41%). In terms of maximum drawdown, FFLS dropped -11.05% vs UGA's -86.59%.
On 3-year performance, UGA leads with 16.66% vs 10.27% for FFLS. On fees, UGA is cheaper at 1.02% per year. On volatility, FFLS has been the lower-risk option at 4.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UGA has performed better with a 16.66% return vs 10.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 1.02% expense ratio, compared with 1.75% for FFLS.
FFLS has the higher dividend yield at 6.57%, compared with 0.00% for UGA.
FFLS is categorized as Long-Short, while UGA is Oil & Gas. They also come from different issuers: Future Fund and USCF. Their fees differ too: 1.75% for FFLS and 1.02% for UGA.
UGA currently has the higher Sharpe Ratio (2.16 vs -0.21), 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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