FLYU vs. UGA

Last updated Jun 25, 2026

FLYU (MicroSectors Travel 3X Leveraged ETNs) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FLYU is a Leveraged Equities fund tracking the MerQube MicroSectors U.S. Travel Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 3 years, FLYU returned 12.63%/yr vs 17.85%/yr for UGA. At a 0.00 correlation, their price movements are largely independent. FLYU charges 0.95%/yr vs 0.75%/yr for UGA.

Performance

FLYU vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Travel 3X Leveraged ETNs (FLYU) 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, FLYU achieves a -3.43% return, which is significantly lower than UGA's 59.54% return.

FLYU

• 1D: 9.25%
• 1M: 34.50%
• YTD: -3.43%
• 6M: -8.68%
• 1Y: 11.60%
• 3Y*: 12.63%
• 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)

FLYU vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FLYU MicroSectors Travel 3X Leveraged ETNs	-3.43%	-2.29%	33.00%	111.16%	-19.09%
UGA United States Gasoline Fund LP	59.54%	-2.00%	3.77%	1.27%	-15.59%

Correlation

The correlation between FLYU 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 (All Time) Calculated using the full available price history since Jun 22, 2022	0.00

The correlation between FLYU and UGA shifts across timeframes, from -0.33 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FLYU vs. UGA — Risk / Return Rank

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

FLYU

FLYU Risk / Return Rank: 13
FLYU Sharpe Ratio Rank: 11
FLYU Sortino Ratio Rank: 16
FLYU Omega Ratio Rank: 15
FLYU Calmar Ratio Rank: 11
FLYU Martin Ratio Rank: 11

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.

FLYU vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Travel 3X Leveraged ETNs (FLYU) 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.

	FLYU	UGA	Difference
Sharpe ratio: Return per unit of total volatility	0.16	1.83	-1.67
Sortino ratio: Return per unit of downside risk	0.79	2.35	-1.56
Omega ratio: Gain probability vs. loss probability	1.09	1.31	-0.22
Calmar ratio: Return relative to maximum drawdown	0.22	3.10	-2.88
Martin ratio: Return relative to average drawdown	0.46	9.66	-9.20

FLYU vs. UGA - Sharpe Ratio Comparison

The current FLYU Sharpe Ratio is 0.16, which is lower than the UGA Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of FLYU 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

FLYU vs. UGA - Drawdown Comparison

The maximum FLYU drawdown since its inception was -69.00%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FLYU and UGA.

Drawdown Indicators

	FLYU	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-69.00%	-86.59%	+17.59%
Max Drawdown (1Y) Largest decline over 1 year	-52.33%	-20.32%	-32.01%
Max Drawdown (3Y) Largest decline over 3 years	-69.00%	-26.68%	-42.32%
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	-23.40%	-20.32%	-3.08%
Average Drawdown Average peak-to-trough decline	-26.54%	-36.69%	+10.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.29%	6.51%	+18.78%

Volatility

FLYU vs. UGA - Volatility Comparison

MicroSectors Travel 3X Leveraged ETNs (FLYU) has a higher volatility of 24.87% compared to United States Gasoline Fund LP (UGA) at 9.45%. This indicates that FLYU's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLYU	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.87%	9.45%	+15.42%
Volatility (6M) Calculated over the trailing 6-month period	60.56%	30.74%	+29.82%
Volatility (1Y) Calculated over the trailing 1-year period	75.41%	34.84%	+40.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.30%	34.47%	+48.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.30%	37.22%	+46.08%

FLYU vs. UGA - Expense Ratio Comparison

FLYU has a 0.95% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

FLYU vs. UGA - Dividend Comparison

Neither FLYU nor UGA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FLYU and UGA in my portfolio?

FLYU 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.

Which is riskier, FLYU or UGA?

FLYU has higher volatility (24.87%) compared to UGA (9.45%). In terms of maximum drawdown, FLYU dropped -69.00% vs UGA's -86.59%.

Which ETF is better, FLYU or UGA?

On 3-year performance, UGA leads with 17.85% vs 12.63% for FLYU. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 9.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLYU or UGA?

Over the 3-year period, UGA has performed better with a 17.85% return vs 12.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLYU or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 0.95% for FLYU.

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

FLYU and UGA have nearly identical dividend yields, around 0.00%.

What is the main difference between FLYU and UGA?

FLYU is categorized as Leveraged Equities, while UGA is Oil & Gas. FLYU tracks MerQube MicroSectors U.S. Travel Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: REX and Concierge Technologies. Their fees differ too: 0.95% for FLYU and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.82 vs 0.16), 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.