FLEE vs. UGA
FLEE (Franklin FTSE Europe ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FLEE is a Europe Equities fund tracking the FTSE Developed Europe RIC Capped Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, FLEE returned 8.96%/yr vs 22.69%/yr for UGA. At a 0.16 correlation, their price movements are largely independent. FLEE charges 0.09%/yr vs 0.75%/yr for UGA.
Performance
FLEE vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, FLEE achieves a 6.25% return, which is significantly lower than UGA's 64.09% return.
FLEE
- 1D
- -1.18%
- 1M
- -0.09%
- YTD
- 6.25%
- 6M
- 5.83%
- 1Y
- 19.11%
- 3Y*
- 16.65%
- 5Y*
- 8.96%
- 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%
FLEE vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLEE Franklin FTSE Europe ETF | 6.25% | 35.76% | 2.03% | 20.46% | -15.22% | 16.84% | 5.33% | 24.41% | -14.97% | 1.80% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | -1.21% |
Correlation
The correlation between FLEE and UGA is -0.33, 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 | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017 | 0.16 |
The correlation between FLEE and UGA shifts across timeframes, from -0.33 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FLEE vs. UGA — Risk / Return Rank
FLEE
UGA
FLEE vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Europe ETF (FLEE) 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.
| FLEE | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.30 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 3.17 | -1.61 |
| Martin ratioReturn relative to average drawdown | 5.64 | 9.39 | -3.75 |
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Drawdowns
FLEE vs. UGA - Drawdown Comparison
The maximum FLEE drawdown since its inception was -37.27%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FLEE and UGA.
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Drawdown Indicators
| FLEE | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.27% | -86.59% | +49.32% |
Max Drawdown (1Y)Largest decline over 1 year | -12.37% | -18.96% | +6.59% |
Max Drawdown (3Y)Largest decline over 3 years | -14.59% | -26.68% | +12.09% |
Max Drawdown (5Y)Largest decline over 5 years | -31.62% | -38.11% | +6.49% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -2.41% | -18.05% | +15.64% |
Average DrawdownAverage peak-to-trough decline | -7.07% | -36.69% | +29.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.39% | 6.43% | -3.04% |
Volatility
FLEE vs. UGA - Volatility Comparison
The current volatility for Franklin FTSE Europe ETF (FLEE) is 4.94%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that FLEE 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
| FLEE | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.94% | 9.24% | -4.30% |
Volatility (6M)Calculated over the trailing 6-month period | 13.55% | 30.57% | -17.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.97% | 35.22% | -19.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.44% | 34.45% | -17.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.95% | 37.22% | -18.27% |
FLEE vs. UGA - Expense Ratio Comparison
FLEE has a 0.09% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
FLEE vs. UGA - Dividend Comparison
FLEE's dividend yield for the trailing twelve months is around 0.91%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLEE Franklin FTSE Europe ETF | 0.91% | 2.76% | 3.93% | 2.57% | 3.48% | 3.61% | 1.88% | 3.02% | 3.85% | 0.02% |
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% |
Frequently Asked Questions
FLEE and UGA have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to FLEE (4.94%). In terms of maximum drawdown, FLEE dropped -37.27% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.69% vs 8.96% for FLEE. On fees, FLEE is cheaper at 0.09% per year. On volatility, FLEE has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 22.69% return vs 8.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLEE is cheaper with a 0.09% expense ratio, compared with 0.75% for UGA.
FLEE has the higher dividend yield at 0.91%, compared with 0.00% for UGA.
FLEE is categorized as Europe Equities, while UGA is Oil & Gas. FLEE tracks FTSE Developed Europe RIC Capped Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Franklin Templeton and Concierge Technologies. Their fees differ too: 0.09% for FLEE and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 1.20), 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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