FMAR vs. UGA

Last updated Jun 24, 2026

FMAR (FT Vest U.S. Equity Buffer ETF - March) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FMAR is a Defined Outcome fund actively managed by FT Vest, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. FMAR is actively managed, while UGA is passively managed. Over the past 5 years, FMAR returned 10.43%/yr vs 22.69%/yr for UGA. At a 0.07 correlation, their price movements are largely independent. FMAR charges 0.85%/yr vs 0.75%/yr for UGA.

Performance

FMAR vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Buffer ETF - March (FMAR) 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, FMAR achieves a 9.35% return, which is significantly lower than UGA's 64.09% return.

FMAR

• 1D: -0.47%
• 1M: -0.11%
• YTD: 9.35%
• 6M: 9.37%
• 1Y: 17.54%
• 3Y*: 13.85%
• 5Y*: 10.43%
• 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%

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

FMAR vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FMAR FT Vest U.S. Equity Buffer ETF - March	9.35%	9.69%	14.61%	20.39%	-5.51%	11.71%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.77%	1.27%	46.34%	31.41%

Correlation

The correlation between FMAR and UGA is -0.23, 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	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (All Time) Calculated using the full available price history since Mar 22, 2021	0.07

The correlation between FMAR and UGA shifts across timeframes, from -0.23 (1 year) to 0.07 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FMAR vs. UGA — Risk / Return Rank

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

FMAR

FMAR Risk / Return Rank: 96
FMAR Sharpe Ratio Rank: 95
FMAR Sortino Ratio Rank: 96
FMAR Omega Ratio Rank: 97
FMAR Calmar Ratio Rank: 95
FMAR Martin Ratio Rank: 98

UGA

UGA Risk / Return Rank: 55
UGA Sharpe Ratio Rank: 53
UGA Sortino Ratio Rank: 48
UGA Omega Ratio Rank: 49
UGA Calmar Ratio Rank: 67
UGA Martin Ratio Rank: 56

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.

FMAR vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Buffer ETF - March (FMAR) 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.

	FMAR	UGA	Difference
Sharpe ratio: Return per unit of total volatility	3.43	1.73	+1.70
Sortino ratio: Return per unit of downside risk	5.44	2.25	+3.20
Omega ratio: Gain probability vs. loss probability	1.84	1.30	+0.54
Calmar ratio: Return relative to maximum drawdown	7.46	3.17	+4.30
Martin ratio: Return relative to average drawdown	46.64	9.39	+37.25

FMAR vs. UGA - Sharpe Ratio Comparison

The current FMAR Sharpe Ratio is 3.43, which is higher than the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of FMAR 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

FMAR vs. UGA - Drawdown Comparison

The maximum FMAR drawdown since its inception was -14.36%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FMAR and UGA.

Drawdown Indicators

	FMAR	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-14.36%	-86.59%	+72.23%
Max Drawdown (1Y) Largest decline over 1 year	-2.36%	-18.96%	+16.60%
Max Drawdown (3Y) Largest decline over 3 years	-12.37%	-26.68%	+14.31%
Max Drawdown (5Y) Largest decline over 5 years	-14.36%	-38.11%	+23.75%
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	-0.81%	-18.05%	+17.24%
Average Drawdown Average peak-to-trough decline	-2.12%	-36.69%	+34.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	6.43%	-6.05%

Volatility

FMAR vs. UGA - Volatility Comparison

The current volatility for FT Vest U.S. Equity Buffer ETF - March (FMAR) is 1.76%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that FMAR 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

	FMAR	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.76%	9.24%	-7.48%
Volatility (6M) Calculated over the trailing 6-month period	4.27%	30.57%	-26.30%
Volatility (1Y) Calculated over the trailing 1-year period	5.16%	35.22%	-30.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.47%	34.45%	-23.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.32%	37.22%	-26.90%

FMAR vs. UGA - Expense Ratio Comparison

FMAR has a 0.85% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

FMAR vs. UGA - Dividend Comparison

Neither FMAR nor UGA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FMAR and UGA in my portfolio?

FMAR and UGA have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMAR or UGA?

UGA has higher volatility (9.24%) compared to FMAR (1.76%). In terms of maximum drawdown, FMAR dropped -14.36% vs UGA's -86.59%.

Which ETF is better, FMAR or UGA?

On 5-year performance, UGA leads with 22.69% vs 10.43% for FMAR. On fees, UGA is cheaper at 0.75% per year. On volatility, FMAR has been the lower-risk option at 1.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMAR or UGA?

Over the 5-year period, UGA has performed better with a 22.69% return vs 10.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMAR or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 0.85% for FMAR.

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

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

What is the main difference between FMAR and UGA?

FMAR is categorized as Defined Outcome, while UGA is Oil & Gas. They also come from different issuers: FT Vest and Concierge Technologies. Their fees differ too: 0.85% for FMAR and 0.75% for UGA.

Which has better risk-adjusted returns?

FMAR currently has the higher Sharpe Ratio (3.43 vs 1.73), 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.