FMCX vs. UGA
FMCX (FMC Excelsior Focus Equity ETF) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - FMCX is a Large Cap Blend Equities fund actively managed by First Manhattan, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. FMCX is actively managed, while UGA is passively managed. Over the past 3 years, FMCX returned 13.63%/yr vs 17.55%/yr for UGA. Their 0.01 correlation means their historical movements had little consistent relationship. FMCX charges 0.70%/yr vs 1.02%/yr for UGA.
Performance
FMCX vs. UGA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FMCX achieves a 5.31% return, which is significantly lower than UGA's 91.06% return.
FMCX
- 1D
- 1.75%
- 1M
- -2.27%
- 6M
- 4.73%
- YTD
- 5.31%
- 1Y
- 8.77%
- 3Y*
- 13.63%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.19%
UGA
- 1D
- -0.01%
- 1M
- 14.56%
- 6M
- 70.02%
- YTD
- 91.06%
- 1Y
- 88.12%
- 3Y*
- 17.55%
- 5Y*
- 25.78%
- 10Y*
- 18.03%
- ALL TIME*
- 4.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.95K | $4.71K | $31.84K | |
| $6.47M | $5.01M | $4.85M |
FMCX vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FMCX FMC Excelsior Focus Equity ETF | 5.31% | 11.31% | 19.10% | 21.94% | -11.16% |
UGA United States Gasoline Fund, LP | 91.06% | -2.00% | 3.77% | 1.27% | 2.85% |
Correlation
The correlation between FMCX and UGA is -0.25, 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. | -0.25 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (All Time) Calculated using the full available price history since Apr 25, 2022 | 0.01 |
The correlation between FMCX and UGA shifts across timeframes, from -0.25 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FMCX vs. UGA — Risk / Return Rank
FMCX
UGA
FMCX vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FMC Excelsior Focus Equity ETF (FMCX) 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.
| FMCX | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.37 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.61 | 4.12 | -3.50 |
| Martin ratioReturn relative to average drawdown | 2.04 | 11.57 | -9.53 |
Loading charts...
Drawdowns
FMCX vs. UGA - Drawdown Comparison
The maximum FMCX drawdown since its inception was -17.70%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FMCX and UGA.
Loading charts...
Drawdown Indicators
| FMCX | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.70% | -86.59% | +68.89% |
Max Drawdown (1Y)Largest decline over 1 year | -12.59% | -20.32% | +7.73% |
Max Drawdown (3Y)Largest decline over 3 years | -17.70% | -26.68% | +8.98% |
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 | -2.80% | -5.63% | +2.83% |
Average DrawdownAverage peak-to-trough decline | -4.23% | -36.53% | +32.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.79% | 7.26% | -3.47% |
Volatility
FMCX vs. UGA - Volatility Comparison
The current volatility for FMC Excelsior Focus Equity ETF (FMCX) is 4.34%, while United States Gasoline Fund, LP (UGA) has a volatility of 11.28%. This indicates that FMCX 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.
Loading charts...
Volatility by Period
| FMCX | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.34% | 11.28% | -6.94% |
Volatility (6M)Calculated over the trailing 6-month period | 11.29% | 31.98% | -20.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.87% | 36.11% | -22.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.19% | 34.60% | -18.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.19% | 37.26% | -21.07% |
FMCX vs. UGA - Expense Ratio Comparison
FMCX has a 0.70% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
FMCX vs. UGA - Dividend Comparison
FMCX's dividend yield for the trailing twelve months is around 0.29%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FMCX FMC Excelsior Focus Equity ETF | 0.29% | 0.35% | 2.12% | 1.34% | 1.19% |
UGA United States Gasoline Fund, LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FMCX and UGA have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.28%) compared to FMCX (4.34%). In terms of maximum drawdown, FMCX dropped -17.70% vs UGA's -86.59%.
On 3-year performance, UGA leads with 17.55% vs 13.63% for FMCX. On fees, FMCX is cheaper at 0.70% per year. On volatility, FMCX has been the lower-risk option at 4.34%. 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 17.55% return vs 13.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMCX is cheaper with a 0.70% expense ratio, compared with 1.02% for UGA.
FMCX has the higher dividend yield at 0.29%, compared with 0.00% for UGA.
FMCX is categorized as Large Cap Blend Equities, while UGA is Oil & Gas. They also come from different issuers: First Manhattan and USCF. Their fees differ too: 0.70% for FMCX and 1.02% for UGA.
UGA currently has the higher Sharpe Ratio (2.32 vs 0.56), 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.
Find the right allocation for FMCX and UGA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer