FXF vs. UGA
FXF (Invesco CurrencyShares® Swiss Franc Trust) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FXF is a Currency fund tracking the Swiss Franc, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, FXF returned 0.94%/yr vs 13.99%/yr for UGA. At a 0.07 correlation, their price movements are largely independent. FXF charges 0.40%/yr vs 0.75%/yr for UGA.
Performance
FXF vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, FXF achieves a -2.83% return, which is significantly lower than UGA's 59.54% return. Over the past 10 years, FXF has underperformed UGA with an annualized return of 0.94%, while UGA has yielded a comparatively higher 13.99% annualized return.
FXF
- 1D
- -0.40%
- 1M
- -3.52%
- YTD
- -2.83%
- 6M
- -3.28%
- 1Y
- -1.53%
- 3Y*
- 3.01%
- 5Y*
- 1.88%
- 10Y*
- 0.94%
UGA
- 1D
- -2.77%
- 1M
- -14.54%
- YTD
- 59.54%
- 6M
- 55.91%
- 1Y
- 62.68%
- 3Y*
- 17.85%
- 5Y*
- 22.22%
- 10Y*
- 13.99%
FXF vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | -2.83% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
UGA United States Gasoline Fund LP | 59.54% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between FXF and UGA is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.07 |
The correlation between FXF and UGA shifts across timeframes, from -0.23 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FXF vs. UGA — Risk / Return Rank
FXF
UGA
FXF vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) 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.
| FXF | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.03 | ||
| Sortino ratioReturn per unit of downside risk | -2.60 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.31 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 3.10 | -3.34 |
| Martin ratioReturn relative to average drawdown | -0.62 | 9.66 | -10.29 |
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Drawdowns
FXF vs. UGA - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FXF and UGA.
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Drawdown Indicators
| FXF | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -86.59% | +51.01% |
Max Drawdown (1Y)Largest decline over 1 year | -6.50% | -20.32% | +13.82% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -26.68% | +18.16% |
Max Drawdown (5Y)Largest decline over 5 years | -11.99% | -38.11% | +26.12% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -75.89% | +60.85% |
Current DrawdownCurrent decline from peak | -20.68% | -20.32% | -0.36% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -36.69% | +15.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.45% | 6.51% | -4.06% |
Volatility
FXF vs. UGA - Volatility Comparison
The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 1.96%, while United States Gasoline Fund LP (UGA) has a volatility of 9.45%. This indicates that FXF 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
| FXF | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | 9.45% | -7.49% |
Volatility (6M)Calculated over the trailing 6-month period | 5.66% | 30.74% | -25.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.44% | 34.84% | -27.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.32% | 34.47% | -26.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 37.22% | -29.65% |
FXF vs. UGA - Expense Ratio Comparison
FXF has a 0.40% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
FXF vs. UGA - Dividend Comparison
Neither FXF nor UGA has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.00% | 0.00% | 0.03% | 0.02% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXF and UGA have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.45%) compared to FXF (1.96%). In terms of maximum drawdown, FXF dropped -35.58% vs UGA's -86.59%.
On 10-year performance, UGA leads with 13.99% vs 0.94% for FXF. On fees, FXF is cheaper at 0.40% per year. On volatility, FXF has been the lower-risk option at 1.96%. 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 13.99% return vs 0.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXF is cheaper with a 0.40% expense ratio, compared with 0.75% for UGA.
FXF and UGA have nearly identical dividend yields, around 0.00%.
FXF is categorized as Currency, while UGA is Oil & Gas. FXF tracks Swiss Franc, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.40% for FXF and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.82 vs -0.21), 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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