FXED vs. UGA
FXED (Sound Enhanced Fixed Income ETF) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - FXED is a Diversified Portfolio fund actively managed by Sound Income Strategies, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. FXED is actively managed, while UGA is passively managed. Over the past 5 years, FXED returned 2.38%/yr vs 23.69%/yr for UGA. Their 0.09 correlation means their historical movements had little consistent relationship. FXED charges 2.33%/yr vs 1.02%/yr for UGA.
Performance
FXED vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, FXED achieves a 0.97% return, which is significantly lower than UGA's 73.74% return.
FXED
- 1D
- 0.51%
- 1M
- -0.23%
- 6M
- 1.21%
- YTD
- 0.97%
- 1Y
- 2.51%
- 3Y*
- 6.30%
- 5Y*
- 2.38%
- 10Y*
- —
- ALL TIME*
- 3.45%
UGA
- 1D
- -4.00%
- 1M
- 4.18%
- 6M
- 57.40%
- YTD
- 73.74%
- 1Y
- 71.86%
- 3Y*
- 15.08%
- 5Y*
- 23.69%
- 10Y*
- 16.34%
- ALL TIME*
- 4.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $66.86K | $85.67K | $142.15K | |
| $8.76M | $6.07M | $5.03M |
FXED vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FXED Sound Enhanced Fixed Income ETF | 0.97% | 5.77% | 5.18% | 15.09% | -14.68% | 9.75% | -0.17% |
UGA United States Gasoline Fund, LP | 73.74% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | 0.96% |
Correlation
The correlation between FXED and UGA is -0.13, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.13 |
Correlation (3Y) Balances recent behavior with more history. | 0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.09 |
Correlation (All Time) Calculated using the full available price history since Dec 31, 2020 | 0.09 |
The correlation between FXED and UGA shifts across timeframes, from -0.13 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FXED vs. UGA — Risk / Return Rank
FXED
UGA
FXED vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sound Enhanced Fixed Income ETF (FXED) 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.
| FXED | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.61 | ||
| Sortino ratioReturn per unit of downside risk | -1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.32 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.47 | 3.56 | -3.09 |
| Martin ratioReturn relative to average drawdown | 1.20 | 9.88 | -8.68 |
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Drawdowns
FXED vs. UGA - Drawdown Comparison
The maximum FXED drawdown since its inception was -19.70%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FXED and UGA.
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Drawdown Indicators
| FXED | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.70% | -86.59% | +66.89% |
Max Drawdown (1Y)Largest decline over 1 year | -5.36% | -20.32% | +14.96% |
Max Drawdown (3Y)Largest decline over 3 years | -8.96% | -26.68% | +17.72% |
Max Drawdown (5Y)Largest decline over 5 years | -19.70% | -38.11% | +18.41% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -0.91% | -14.19% | +13.28% |
Average DrawdownAverage peak-to-trough decline | -4.68% | -36.52% | +31.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 7.30% | -5.20% |
Volatility
FXED vs. UGA - Volatility Comparison
The current volatility for Sound Enhanced Fixed Income ETF (FXED) is 2.02%, while United States Gasoline Fund, LP (UGA) has a volatility of 13.00%. This indicates that FXED 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
| FXED | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.02% | 13.00% | -10.98% |
Volatility (6M)Calculated over the trailing 6-month period | 5.61% | 32.31% | -26.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.92% | 36.60% | -29.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.79% | 34.73% | -25.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.54% | 37.32% | -28.78% |
FXED vs. UGA - Expense Ratio Comparison
FXED has a 2.33% expense ratio, which is higher than UGA's 1.02% expense ratio.
Dividends
FXED vs. UGA - Dividend Comparison
FXED's dividend yield for the trailing twelve months is around 7.11%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
FXED Sound Enhanced Fixed Income ETF | 7.11% | 6.96% | 6.70% | 5.65% | 5.94% | 4.59% |
UGA United States Gasoline Fund, LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXED and UGA have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (13.00%) compared to FXED (2.02%). In terms of maximum drawdown, FXED dropped -19.70% vs UGA's -86.59%.
On 5-year performance, UGA leads with 23.69% vs 2.38% for FXED. On fees, UGA is cheaper at 1.02% per year. On volatility, FXED has been the lower-risk option at 2.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 23.69% return vs 2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 1.02% expense ratio, compared with 2.33% for FXED.
FXED has the higher dividend yield at 7.11%, compared with 0.00% for UGA.
FXED is categorized as Diversified Portfolio, while UGA is Oil & Gas. They also come from different issuers: Sound Income Strategies and USCF. Their fees differ too: 2.33% for FXED and 1.02% for UGA.
UGA currently has the higher Sharpe Ratio (1.97 vs 0.36), 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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