FMNY vs. UGA
FMNY (First Trust New York High Income Municipal ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FMNY is a Municipal Bonds fund actively managed by First Trust, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. FMNY is actively managed, while UGA is passively managed. Over the past 5 years, FMNY returned 0.48%/yr vs 23.72%/yr for UGA. At a correlation of -0.08, they often move in opposite directions. FMNY charges 0.65%/yr vs 0.75%/yr for UGA.
Performance
FMNY vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, FMNY achieves a 2.36% return, which is significantly lower than UGA's 71.80% return.
FMNY
- 1D
- 0.01%
- 1M
- 0.44%
- 6M
- 1.63%
- YTD
- 2.36%
- 1Y
- 7.27%
- 3Y*
- 4.06%
- 5Y*
- 0.48%
- 10Y*
- —
UGA
- 1D
- -1.13%
- 1M
- 0.87%
- 6M
- 65.75%
- YTD
- 71.80%
- 1Y
- 66.14%
- 3Y*
- 17.96%
- 5Y*
- 23.72%
- 10Y*
- 15.78%
FMNY vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FMNY First Trust New York High Income Municipal ETF | 2.36% | 3.94% | 1.74% | 6.14% | -10.65% | 1.67% |
UGA United States Gasoline Fund LP | 71.80% | -2.00% | 3.77% | 1.27% | 46.34% | 18.01% |
Correlation
The correlation between FMNY and UGA is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since May 13, 2021 | -0.08 |
The correlation between FMNY and UGA shifts across timeframes, from -0.25 (1 year) to -0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FMNY vs. UGA — Risk / Return Rank
FMNY
UGA
FMNY vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust New York High Income Municipal ETF (FMNY) 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.
| FMNY | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.32 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.49 | 3.41 | -0.92 |
| Martin ratioReturn relative to average drawdown | 8.06 | 9.53 | -1.47 |
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Drawdowns
FMNY vs. UGA - Drawdown Comparison
The maximum FMNY drawdown since its inception was -15.90%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FMNY and UGA.
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Drawdown Indicators
| FMNY | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.90% | -86.59% | +70.69% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -20.32% | +17.49% |
Max Drawdown (3Y)Largest decline over 3 years | -5.88% | -26.68% | +20.80% |
Max Drawdown (5Y)Largest decline over 5 years | -15.90% | -38.11% | +22.21% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -0.32% | -14.20% | +13.88% |
Average DrawdownAverage peak-to-trough decline | -5.58% | -36.64% | +31.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 7.26% | -6.38% |
Volatility
FMNY vs. UGA - Volatility Comparison
The current volatility for First Trust New York High Income Municipal ETF (FMNY) is 0.41%, while United States Gasoline Fund LP (UGA) has a volatility of 10.45%. This indicates that FMNY 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
| FMNY | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.41% | 10.45% | -10.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.28% | 31.50% | -29.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.25% | 35.39% | -32.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.99% | 34.57% | -30.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.95% | 37.20% | -33.25% |
FMNY vs. UGA - Expense Ratio Comparison
FMNY has a 0.65% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
FMNY vs. UGA - Dividend Comparison
FMNY's dividend yield for the trailing twelve months is around 3.69%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
FMNY First Trust New York High Income Municipal ETF | 3.69% | 3.64% | 3.56% | 3.25% | 2.34% | 0.72% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FMNY 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 (10.45%) compared to FMNY (0.41%). In terms of maximum drawdown, FMNY dropped -15.90% vs UGA's -86.59%.
On 5-year performance, UGA leads with 23.72% vs 0.48% for FMNY. On fees, FMNY is cheaper at 0.65% per year. On volatility, FMNY has been the lower-risk option at 0.41%. 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 23.72% return vs 0.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMNY is cheaper with a 0.65% expense ratio, compared with 0.75% for UGA.
FMNY has the higher dividend yield at 3.69%, compared with 0.00% for UGA.
FMNY is categorized as Municipal Bonds, while UGA is Oil & Gas. They also come from different issuers: First Trust and Concierge Technologies. Their fees differ too: 0.65% for FMNY and 0.75% for UGA.
FMNY currently has the higher Sharpe Ratio (2.17 vs 1.96), 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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