FPX vs. UGA
FPX (First Trust US Equity Opportunities ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FPX is a Large Cap Growth Equities fund tracking the IPOX-100 U.S. Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, FPX returned 15.44%/yr vs 14.31%/yr for UGA. At a 0.23 correlation, their price movements are largely independent. FPX charges 0.57%/yr vs 0.75%/yr for UGA.
Performance
FPX vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, FPX achieves a 19.68% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, FPX has outperformed UGA with an annualized return of 15.44%, while UGA has yielded a comparatively lower 14.31% annualized return.
FPX
- 1D
- -3.29%
- 1M
- 3.59%
- YTD
- 19.68%
- 6M
- 15.47%
- 1Y
- 39.59%
- 3Y*
- 32.36%
- 5Y*
- 9.53%
- 10Y*
- 15.44%
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%
FPX vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FPX First Trust US Equity Opportunities ETF | 19.68% | 37.62% | 24.75% | 22.26% | -35.11% | 3.69% | 47.89% | 30.37% | -8.35% | 27.03% |
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 FPX 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 | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.23 |
The correlation between FPX and UGA shifts across timeframes, from -0.15 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FPX vs. UGA — Risk / Return Rank
FPX
UGA
FPX vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust US Equity Opportunities ETF (FPX) 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.
| FPX | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.30 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.24 | 3.17 | +0.07 |
| Martin ratioReturn relative to average drawdown | 10.30 | 9.39 | +0.91 |
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Drawdowns
FPX vs. UGA - Drawdown Comparison
The maximum FPX drawdown since its inception was -56.29%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FPX and UGA.
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Drawdown Indicators
| FPX | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.29% | -86.59% | +30.30% |
Max Drawdown (1Y)Largest decline over 1 year | -12.28% | -18.96% | +6.68% |
Max Drawdown (3Y)Largest decline over 3 years | -30.88% | -26.68% | -4.20% |
Max Drawdown (5Y)Largest decline over 5 years | -43.14% | -38.11% | -5.03% |
Max Drawdown (10Y)Largest decline over 10 years | -43.14% | -75.89% | +32.75% |
Current DrawdownCurrent decline from peak | -3.29% | -18.05% | +14.76% |
Average DrawdownAverage peak-to-trough decline | -11.31% | -36.69% | +25.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.85% | 6.43% | -2.58% |
Volatility
FPX vs. UGA - Volatility Comparison
First Trust US Equity Opportunities ETF (FPX) and United States Gasoline Fund LP (UGA) have volatilities of 9.07% and 9.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPX | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | 9.24% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 18.03% | 30.57% | -12.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.36% | 35.22% | -10.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.74% | 34.45% | -7.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.39% | 37.22% | -12.83% |
FPX vs. UGA - Expense Ratio Comparison
FPX has a 0.57% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
FPX vs. UGA - Dividend Comparison
FPX's dividend yield for the trailing twelve months is around 0.48%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPX First Trust US Equity Opportunities ETF | 0.48% | 0.53% | 0.09% | 0.27% | 1.08% | 0.14% | 0.28% | 0.67% | 0.88% | 0.68% | 0.77% | 0.62% |
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
FPX 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.
UGA has higher volatility (9.24%) compared to FPX (9.07%). In terms of maximum drawdown, FPX dropped -56.29% vs UGA's -86.59%.
On 10-year performance, FPX leads with 15.44% vs 14.31% for UGA. On fees, FPX is cheaper at 0.57% per year. On volatility, FPX has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FPX has performed better with a 15.44% return vs 14.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FPX is cheaper with a 0.57% expense ratio, compared with 0.75% for UGA.
FPX has the higher dividend yield at 0.48%, compared with 0.00% for UGA.
FPX is categorized as Large Cap Growth Equities, while UGA is Oil & Gas. FPX tracks IPOX-100 U.S. Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: First Trust and Concierge Technologies. Their fees differ too: 0.57% for FPX and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 1.64), 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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