FXL vs. UGA
FXL (First Trust Technology AlphaDEX Fund) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FXL is a Technology Equities fund tracking the StrataQuant Technology Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, FXL returned 20.80%/yr vs 14.31%/yr for UGA. At a 0.21 correlation, their price movements are largely independent. FXL charges 0.61%/yr vs 0.75%/yr for UGA.
Performance
FXL vs. UGA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FXL achieves a 23.89% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, FXL has outperformed UGA with an annualized return of 20.80%, while UGA has yielded a comparatively lower 14.31% annualized return.
FXL
- 1D
- -3.19%
- 1M
- 3.12%
- YTD
- 23.89%
- 6M
- 21.72%
- 1Y
- 37.39%
- 3Y*
- 23.75%
- 5Y*
- 11.32%
- 10Y*
- 20.80%
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%
FXL vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXL First Trust Technology AlphaDEX Fund | 23.89% | 13.29% | 16.13% | 40.50% | -30.44% | 18.20% | 54.20% | 38.66% | 2.72% | 35.82% |
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 FXL and UGA is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.21 |
The correlation between FXL and UGA shifts across timeframes, from -0.14 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FXL vs. UGA — Risk / Return Rank
FXL
UGA
FXL vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Technology AlphaDEX Fund (FXL) 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.
| FXL | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.30 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 3.17 | -0.40 |
| Martin ratioReturn relative to average drawdown | 8.79 | 9.39 | -0.60 |
Loading charts...
Drawdowns
FXL vs. UGA - Drawdown Comparison
The maximum FXL drawdown since its inception was -61.41%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FXL and UGA.
Loading charts...
Drawdown Indicators
| FXL | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.41% | -86.59% | +25.18% |
Max Drawdown (1Y)Largest decline over 1 year | -13.56% | -18.96% | +5.40% |
Max Drawdown (3Y)Largest decline over 3 years | -28.27% | -26.68% | -1.59% |
Max Drawdown (5Y)Largest decline over 5 years | -38.49% | -38.11% | -0.38% |
Max Drawdown (10Y)Largest decline over 10 years | -38.49% | -75.89% | +37.40% |
Current DrawdownCurrent decline from peak | -6.95% | -18.05% | +11.10% |
Average DrawdownAverage peak-to-trough decline | -11.35% | -36.69% | +25.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.26% | 6.43% | -2.17% |
Volatility
FXL vs. UGA - Volatility Comparison
First Trust Technology AlphaDEX Fund (FXL) has a higher volatility of 12.05% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that FXL'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.
Loading charts...
Volatility by Period
| FXL | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.05% | 9.24% | +2.81% |
Volatility (6M)Calculated over the trailing 6-month period | 19.61% | 30.57% | -10.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.24% | 35.22% | -10.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.48% | 34.45% | -8.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.43% | 37.22% | -11.79% |
FXL vs. UGA - Expense Ratio Comparison
FXL has a 0.61% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
FXL vs. UGA - Dividend Comparison
Neither FXL nor UGA has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXL First Trust Technology AlphaDEX Fund | 0.00% | 0.01% | 0.11% | 0.41% | 0.34% | 0.11% | 0.04% | 0.37% | 0.32% | 0.27% | 1.12% | 0.36% |
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
FXL and UGA have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXL has higher volatility (12.05%) compared to UGA (9.24%). In terms of maximum drawdown, FXL dropped -61.41% vs UGA's -86.59%.
On 10-year performance, FXL leads with 20.80% vs 14.31% for UGA. On fees, FXL is cheaper at 0.61% 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 10-year period, FXL has performed better with a 20.80% return vs 14.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXL is cheaper with a 0.61% expense ratio, compared with 0.75% for UGA.
FXL and UGA have nearly identical dividend yields, around 0.00%.
FXL is categorized as Technology Equities, while UGA is Oil & Gas. FXL tracks StrataQuant Technology Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: First Trust and Concierge Technologies. Their fees differ too: 0.61% for FXL and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 1.55), 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.
Find the right allocation for FXL and UGA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer