FXB vs. UGA
FXB (Invesco CurrencyShares® British Pound Sterling Trust) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FXB is a Currency fund tracking the British Pound, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, FXB returned 0.48%/yr vs 14.31%/yr for UGA. At a 0.16 correlation, their price movements are largely independent. FXB charges 0.40%/yr vs 0.75%/yr for UGA.
Performance
FXB vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, FXB achieves a -1.17% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, FXB has underperformed UGA with an annualized return of 0.48%, while UGA has yielded a comparatively higher 14.31% annualized return.
FXB
- 1D
- -0.37%
- 1M
- -1.63%
- YTD
- -1.17%
- 6M
- -1.24%
- 1Y
- -0.33%
- 3Y*
- 4.05%
- 5Y*
- 0.79%
- 10Y*
- 0.48%
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%
FXB vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | -1.17% | 10.37% | 1.35% | 8.58% | -10.45% | -1.54% | 2.87% | 3.87% | -5.75% | 9.10% |
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 FXB and UGA is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.16 |
The correlation between FXB and UGA shifts across timeframes, from -0.27 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FXB vs. UGA — Risk / Return Rank
FXB
UGA
FXB vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® British Pound Sterling Trust (FXB) 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.
| FXB | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.78 | ||
| Sortino ratioReturn per unit of downside risk | -2.27 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.30 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 3.17 | -3.24 |
| Martin ratioReturn relative to average drawdown | -0.15 | 9.39 | -9.54 |
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Drawdowns
FXB vs. UGA - Drawdown Comparison
The maximum FXB drawdown since its inception was -48.99%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FXB and UGA.
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Drawdown Indicators
| FXB | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.99% | -86.59% | +37.60% |
Max Drawdown (1Y)Largest decline over 1 year | -4.53% | -18.96% | +14.43% |
Max Drawdown (3Y)Largest decline over 3 years | -8.44% | -26.68% | +18.24% |
Max Drawdown (5Y)Largest decline over 5 years | -23.61% | -38.11% | +14.50% |
Max Drawdown (10Y)Largest decline over 10 years | -26.11% | -75.89% | +49.78% |
Current DrawdownCurrent decline from peak | -30.64% | -18.05% | -12.59% |
Average DrawdownAverage peak-to-trough decline | -27.54% | -36.69% | +9.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.25% | 6.43% | -4.18% |
Volatility
FXB vs. UGA - Volatility Comparison
The current volatility for Invesco CurrencyShares® British Pound Sterling Trust (FXB) is 1.62%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that FXB 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
| FXB | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 9.24% | -7.62% |
Volatility (6M)Calculated over the trailing 6-month period | 4.90% | 30.57% | -25.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.57% | 35.22% | -28.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.48% | 34.45% | -25.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.87% | 37.22% | -28.35% |
FXB vs. UGA - Expense Ratio Comparison
FXB has a 0.40% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
FXB vs. UGA - Dividend Comparison
FXB's dividend yield for the trailing twelve months is around 2.24%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | 2.24% | 2.44% | 3.25% | 2.59% | 0.29% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXB and UGA have a correlation of -0.27, 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 FXB (1.62%). In terms of maximum drawdown, FXB dropped -48.99% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 0.48% for FXB. On fees, FXB is cheaper at 0.40% per year. On volatility, FXB has been the lower-risk option at 1.62%. 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 0.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXB is cheaper with a 0.40% expense ratio, compared with 0.75% for UGA.
FXB has the higher dividend yield at 2.24%, compared with 0.00% for UGA.
FXB is categorized as Currency, while UGA is Oil & Gas. FXB tracks British Pound, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.40% for FXB and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs -0.05), 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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