FREL vs. UGA
FREL (Fidelity MSCI Real Estate Index ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FREL is a REIT fund tracking the MSCI USA IMI Real Estate Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, FREL returned 5.67%/yr vs 14.43%/yr for UGA. At a 0.09 correlation, their price movements are largely independent. FREL charges 0.08%/yr vs 0.75%/yr for UGA.
Performance
FREL vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, FREL achieves a 7.59% return, which is significantly lower than UGA's 75.49% return. Over the past 10 years, FREL has underperformed UGA with an annualized return of 5.67%, while UGA has yielded a comparatively higher 14.43% annualized return.
FREL
- 1D
- -0.14%
- 1M
- -1.00%
- YTD
- 7.59%
- 6M
- 6.51%
- 1Y
- 9.81%
- 3Y*
- 9.05%
- 5Y*
- 2.09%
- 10Y*
- 5.67%
UGA
- 1D
- -0.19%
- 1M
- -12.35%
- YTD
- 75.49%
- 6M
- 64.35%
- 1Y
- 80.94%
- 3Y*
- 22.21%
- 5Y*
- 25.10%
- 10Y*
- 14.43%
FREL vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 7.59% | 3.09% | 5.05% | 11.74% | -26.21% | 40.46% | -4.99% | 28.78% | -4.52% | 8.86% |
UGA United States Gasoline Fund LP | 75.49% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between FREL and UGA is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2015 | 0.09 |
The correlation between FREL and UGA shifts across timeframes, from -0.16 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FREL vs. UGA — Risk / Return Rank
FREL
UGA
FREL vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Real Estate Index ETF (FREL) 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.
| FREL | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.57 | ||
| Sortino ratioReturn per unit of downside risk | -1.66 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.37 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | 5.47 | -4.30 |
| Martin ratioReturn relative to average drawdown | 3.67 | 13.25 | -9.58 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FREL | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.75 | 2.32 | -1.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.11 | 0.73 | -0.62 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | 0.39 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.12 | +0.13 |
Drawdowns
FREL vs. UGA - Drawdown Comparison
The maximum FREL drawdown since its inception was -42.61%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FREL and UGA.
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Drawdown Indicators
| FREL | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.61% | -86.59% | +43.98% |
Max Drawdown (1Y)Largest decline over 1 year | -8.45% | -14.88% | +6.43% |
Max Drawdown (3Y)Largest decline over 3 years | -17.54% | -26.68% | +9.14% |
Max Drawdown (5Y)Largest decline over 5 years | -34.40% | -38.11% | +3.71% |
Max Drawdown (10Y)Largest decline over 10 years | -42.61% | -75.89% | +33.28% |
Current DrawdownCurrent decline from peak | -3.93% | -12.35% | +8.42% |
Average DrawdownAverage peak-to-trough decline | -9.95% | -36.76% | +26.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.68% | 6.13% | -3.45% |
Volatility
FREL vs. UGA - Volatility Comparison
The current volatility for Fidelity MSCI Real Estate Index ETF (FREL) is 3.75%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that FREL 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
| FREL | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.75% | 11.66% | -7.91% |
Volatility (6M)Calculated over the trailing 6-month period | 9.27% | 30.41% | -21.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.17% | 35.14% | -21.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.84% | 34.38% | -15.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.67% | 37.27% | -16.60% |
FREL vs. UGA - Expense Ratio Comparison
FREL has a 0.08% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
FREL vs. UGA - Dividend Comparison
FREL's dividend yield for the trailing twelve months is around 3.34%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 3.34% | 3.59% | 3.48% | 3.73% | 3.57% | 2.34% | 3.77% | 3.32% | 5.54% | 3.27% | 4.01% | 3.80% |
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
FREL and UGA have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.66%) compared to FREL (3.75%). In terms of maximum drawdown, FREL dropped -42.61% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.43% vs 5.67% for FREL. On fees, FREL is cheaper at 0.08% per year. On volatility, FREL has been the lower-risk option at 3.75%. 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 14.43% return vs 5.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FREL is cheaper with a 0.08% expense ratio, compared with 0.75% for UGA.
FREL has the higher dividend yield at 3.34%, compared with 0.00% for UGA.
FREL is categorized as REIT, while UGA is Oil & Gas. FREL tracks MSCI USA IMI Real Estate Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Fidelity and Concierge Technologies. Their fees differ too: 0.08% for FREL and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.32 vs 0.75), 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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