FPA vs. UGA
FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FPA is a Asia Pacific Equities fund tracking the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, FPA returned 10.87%/yr vs 14.31%/yr for UGA. At a 0.20 correlation, their price movements are largely independent. FPA charges 0.80%/yr vs 0.75%/yr for UGA.
Performance
FPA vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, FPA achieves a 43.37% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, FPA has underperformed UGA with an annualized return of 10.87%, while UGA has yielded a comparatively higher 14.31% annualized return.
FPA
- 1D
- -6.12%
- 1M
- -0.38%
- YTD
- 43.37%
- 6M
- 43.73%
- 1Y
- 57.04%
- 3Y*
- 30.61%
- 5Y*
- 12.24%
- 10Y*
- 10.87%
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%
FPA vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund | 43.37% | 43.16% | 3.95% | 9.97% | -14.55% | 2.98% | 13.43% | 8.91% | -21.91% | 35.81% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between FPA and UGA is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2011 | 0.20 |
The correlation between FPA and UGA shifts across timeframes, from -0.15 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FPA vs. UGA — Risk / Return Rank
FPA
UGA
FPA vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) 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.
| FPA | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.30 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.73 | 3.17 | +0.56 |
| Martin ratioReturn relative to average drawdown | 12.70 | 9.39 | +3.31 |
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Drawdowns
FPA vs. UGA - Drawdown Comparison
The maximum FPA drawdown since its inception was -52.91%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FPA and UGA.
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Drawdown Indicators
| FPA | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.91% | -86.59% | +33.68% |
Max Drawdown (1Y)Largest decline over 1 year | -15.37% | -18.96% | +3.59% |
Max Drawdown (3Y)Largest decline over 3 years | -20.66% | -26.68% | +6.02% |
Max Drawdown (5Y)Largest decline over 5 years | -34.38% | -38.11% | +3.73% |
Max Drawdown (10Y)Largest decline over 10 years | -52.91% | -75.89% | +22.98% |
Current DrawdownCurrent decline from peak | -9.25% | -18.05% | +8.80% |
Average DrawdownAverage peak-to-trough decline | -13.46% | -36.69% | +23.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.50% | 6.43% | -1.93% |
Volatility
FPA vs. UGA - Volatility Comparison
First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) has a higher volatility of 16.46% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that FPA'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.
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Volatility by Period
| FPA | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.46% | 9.24% | +7.22% |
Volatility (6M)Calculated over the trailing 6-month period | 26.05% | 30.57% | -4.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.94% | 35.22% | -6.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.79% | 34.45% | -9.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.76% | 37.22% | -14.46% |
FPA vs. UGA - Expense Ratio Comparison
FPA has a 0.80% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
FPA vs. UGA - Dividend Comparison
FPA's dividend yield for the trailing twelve months is around 3.72%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund | 3.72% | 4.71% | 3.40% | 3.02% | 4.22% | 5.12% | 1.59% | 3.90% | 2.81% | 3.15% | 2.42% | 1.74% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
FPA and UGA have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FPA has higher volatility (16.46%) compared to UGA (9.24%). In terms of maximum drawdown, FPA dropped -52.91% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 10.87% for FPA. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 9.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGA has performed better with a 14.31% return vs 10.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.80% for FPA.
FPA has the higher dividend yield at 3.72%, compared with 0.00% for UGA.
FPA is categorized as Asia Pacific Equities, while UGA is Oil & Gas. FPA tracks NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: First Trust and Concierge Technologies. Their fees differ too: 0.80% for FPA and 0.75% for UGA.
FPA currently has the higher Sharpe Ratio (1.99 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.
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