FIAX vs. UGA

Last updated Jun 25, 2026

FIAX (Nicholas Fixed Income Alternative ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FIAX is a Nontraditional Bonds fund actively managed by Nicholas, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. FIAX is actively managed, while UGA is passively managed. Over the past 3 years, FIAX returned 3.41%/yr vs 17.85%/yr for UGA. At a correlation of -0.07, they often move in opposite directions. FIAX charges 1.04%/yr vs 0.75%/yr for UGA.

Performance

FIAX vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Fixed Income Alternative ETF (FIAX) 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, FIAX achieves a 1.52% return, which is significantly lower than UGA's 59.54% return.

FIAX

• 1D: 0.14%
• 1M: 0.73%
• YTD: 1.52%
• 6M: 1.41%
• 1Y: 4.10%
• 3Y*: 3.41%
• 5Y*: —
• 10Y*: —

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FIAX vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FIAX Nicholas Fixed Income Alternative ETF	1.52%	2.33%	4.67%	3.44%	-0.37%
UGA United States Gasoline Fund LP	59.54%	-2.00%	3.77%	1.27%	8.27%

Correlation

The correlation between FIAX and UGA is -0.26, 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	-0.26
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Nov 30, 2022	-0.07

The correlation between FIAX and UGA shifts across timeframes, from -0.26 (1 year) to -0.06 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FIAX vs. UGA — Risk / Return Rank

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

FIAX

FIAX Risk / Return Rank: 34
FIAX Sharpe Ratio Rank: 30
FIAX Sortino Ratio Rank: 29
FIAX Omega Ratio Rank: 29
FIAX Calmar Ratio Rank: 38
FIAX Martin Ratio Rank: 43

UGA

UGA Risk / Return Rank: 60
UGA Sharpe Ratio Rank: 62
UGA Sortino Ratio Rank: 54
UGA Omega Ratio Rank: 55
UGA Calmar Ratio Rank: 69
UGA Martin Ratio Rank: 60

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.

FIAX vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Fixed Income Alternative ETF (FIAX) 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.

	FIAX	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.00	1.83	-0.82
Sortino ratio: Return per unit of downside risk	1.47	2.35	-0.88
Omega ratio: Gain probability vs. loss probability	1.18	1.31	-0.12
Calmar ratio: Return relative to maximum drawdown	1.72	3.10	-1.39
Martin ratio: Return relative to average drawdown	6.24	9.66	-3.42

FIAX vs. UGA - Sharpe Ratio Comparison

The current FIAX Sharpe Ratio is 1.00, which is lower than the UGA Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of FIAX 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

FIAX vs. UGA - Drawdown Comparison

The maximum FIAX drawdown since its inception was -6.26%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FIAX and UGA.

Drawdown Indicators

	FIAX	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-6.26%	-86.59%	+80.33%
Max Drawdown (1Y) Largest decline over 1 year	-2.40%	-20.32%	+17.92%
Max Drawdown (3Y) Largest decline over 3 years	-6.26%	-26.68%	+20.42%
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	-0.09%	-20.32%	+20.23%
Average Drawdown Average peak-to-trough decline	-0.84%	-36.69%	+35.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	6.51%	-5.85%

Volatility

FIAX vs. UGA - Volatility Comparison

The current volatility for Nicholas Fixed Income Alternative ETF (FIAX) is 0.84%, while United States Gasoline Fund LP (UGA) has a volatility of 9.45%. This indicates that FIAX 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

	FIAX	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	9.45%	-8.61%
Volatility (6M) Calculated over the trailing 6-month period	3.39%	30.74%	-27.35%
Volatility (1Y) Calculated over the trailing 1-year period	4.12%	34.84%	-30.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.03%	34.47%	-30.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.03%	37.22%	-33.19%

FIAX vs. UGA - Expense Ratio Comparison

FIAX has a 1.04% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

FIAX vs. UGA - Dividend Comparison

FIAX's dividend yield for the trailing twelve months is around 8.20%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
FIAX Nicholas Fixed Income Alternative ETF	8.20%	8.17%	8.11%	4.81%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIAX and UGA in my portfolio?

FIAX and UGA have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIAX or UGA?

UGA has higher volatility (9.45%) compared to FIAX (0.84%). In terms of maximum drawdown, FIAX dropped -6.26% vs UGA's -86.59%.

Which ETF is better, FIAX or UGA?

On 3-year performance, UGA leads with 17.85% vs 3.41% for FIAX. On fees, UGA is cheaper at 0.75% per year. On volatility, FIAX has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIAX or UGA?

Over the 3-year period, UGA has performed better with a 17.85% return vs 3.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIAX or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 1.04% for FIAX.

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

FIAX has the higher dividend yield at 8.20%, compared with 0.00% for UGA.

What is the main difference between FIAX and UGA?

FIAX is categorized as Nontraditional Bonds, while UGA is Oil & Gas. They also come from different issuers: Nicholas and Concierge Technologies. Their fees differ too: 1.04% for FIAX and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.82 vs 1.00), 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.