FWD vs. UGA
FWD (AB Disruptors ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FWD is a Global Equities fund actively managed by AllianceBernstein, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. FWD is actively managed, while UGA is passively managed. Over the past 3 years, FWD returned 37.74%/yr vs 18.95%/yr for UGA. At a correlation of -0.02, they often move in opposite directions. FWD charges 0.65%/yr vs 0.75%/yr for UGA.
Performance
FWD vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, FWD achieves a 35.59% return, which is significantly lower than UGA's 64.09% return.
FWD
- 1D
- -4.88%
- 1M
- 3.45%
- YTD
- 35.59%
- 6M
- 33.13%
- 1Y
- 66.65%
- 3Y*
- 37.74%
- 5Y*
- —
- 10Y*
- —
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%
FWD vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FWD AB Disruptors ETF | 35.59% | 32.00% | 29.23% | 23.48% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 7.24% |
Correlation
The correlation between FWD and UGA is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2023 | -0.02 |
The correlation between FWD and UGA shifts across timeframes, from -0.19 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FWD vs. UGA — Risk / Return Rank
FWD
UGA
FWD vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AB Disruptors ETF (FWD) 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.
| FWD | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.30 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 5.14 | 3.17 | +1.98 |
| Martin ratioReturn relative to average drawdown | 17.45 | 9.39 | +8.06 |
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Drawdowns
FWD vs. UGA - Drawdown Comparison
The maximum FWD drawdown since its inception was -29.02%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FWD and UGA.
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Drawdown Indicators
| FWD | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.02% | -86.59% | +57.57% |
Max Drawdown (1Y)Largest decline over 1 year | -13.03% | -18.96% | +5.93% |
Max Drawdown (3Y)Largest decline over 3 years | -29.02% | -26.68% | -2.34% |
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 | -4.88% | -18.05% | +13.17% |
Average DrawdownAverage peak-to-trough decline | -4.06% | -36.69% | +32.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.83% | 6.43% | -2.60% |
Volatility
FWD vs. UGA - Volatility Comparison
AB Disruptors ETF (FWD) has a higher volatility of 12.86% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that FWD'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
| FWD | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.86% | 9.24% | +3.62% |
Volatility (6M)Calculated over the trailing 6-month period | 21.86% | 30.57% | -8.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.73% | 35.22% | -8.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.39% | 34.45% | -9.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.39% | 37.22% | -11.83% |
FWD vs. UGA - Expense Ratio Comparison
FWD has a 0.65% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
FWD vs. UGA - Dividend Comparison
FWD's dividend yield for the trailing twelve months is around 0.08%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
FWD AB Disruptors ETF | 0.08% | 0.11% | 1.89% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FWD and UGA have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FWD has higher volatility (12.86%) compared to UGA (9.24%). In terms of maximum drawdown, FWD dropped -29.02% vs UGA's -86.59%.
On 3-year performance, FWD leads with 37.74% vs 18.95% for UGA. On fees, FWD is cheaper at 0.65% 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 3-year period, FWD has performed better with a 37.74% return vs 18.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FWD is cheaper with a 0.65% expense ratio, compared with 0.75% for UGA.
FWD has the higher dividend yield at 0.08%, compared with 0.00% for UGA.
FWD is categorized as Global Equities, while UGA is Oil & Gas. They also come from different issuers: AllianceBernstein and Concierge Technologies. Their fees differ too: 0.65% for FWD and 0.75% for UGA.
FWD currently has the higher Sharpe Ratio (2.51 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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