FXY vs. UGA
FXY (Invesco CurrencyShares® Japanese Yen Trust) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - FXY is a Currency fund tracking the Japanese Yen, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past 10 years, FXY returned -4.78%/yr vs 16.28%/yr for UGA. Their -0.09 correlation means they have often moved in opposite directions in the past. FXY charges 0.40%/yr vs 1.02%/yr for UGA.
Performance
FXY vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, FXY achieves a -0.89% return, which is significantly lower than UGA's 72.77% return. Over the past 10 years, FXY has underperformed UGA with an annualized return of -4.78%, while UGA has yielded a comparatively higher 16.28% annualized return.
FXY
- 1D
- 0.00%
- 1M
- 2.76%
- 6M
- -0.75%
- YTD
- -0.89%
- 1Y
- -6.74%
- 3Y*
- -3.89%
- 5Y*
- -7.39%
- 10Y*
- -4.78%
- ALL TIME*
- -1.78%
UGA
- 1D
- -0.56%
- 1M
- 0.07%
- 6M
- 54.03%
- YTD
- 72.77%
- 1Y
- 71.49%
- 3Y*
- 14.87%
- 5Y*
- 24.07%
- 10Y*
- 16.28%
- ALL TIME*
- 4.25%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.28M | $18.59M | $12.83M | |
| $8.67M | $6.11M | $4.99M |
FXY vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -0.89% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
UGA United States Gasoline Fund, LP | 72.77% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between FXY and UGA is -0.26, 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. | -0.26 |
Correlation (3Y) Balances recent behavior with more history. | -0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | -0.09 |
The correlation between FXY and UGA shifts across timeframes, from -0.26 (1 year) to -0.07 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FXY vs. UGA — Risk / Return Rank
FXY
UGA
FXY vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) 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.
| FXY | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.80 | ||
| Sortino ratioReturn per unit of downside risk | -3.73 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.32 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 3.54 | -4.16 |
| Martin ratioReturn relative to average drawdown | -1.00 | 9.75 | -10.75 |
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Drawdowns
FXY vs. UGA - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.95%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FXY and UGA.
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Drawdown Indicators
| FXY | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.95% | -86.59% | +29.64% |
Max Drawdown (1Y)Largest decline over 1 year | -10.86% | -20.32% | +9.46% |
Max Drawdown (3Y)Largest decline over 3 years | -14.91% | -26.68% | +11.77% |
Max Drawdown (5Y)Largest decline over 5 years | -34.99% | -38.11% | +3.12% |
Max Drawdown (10Y)Largest decline over 10 years | -42.08% | -75.89% | +33.81% |
Current DrawdownCurrent decline from peak | -55.30% | -14.67% | -40.63% |
Average DrawdownAverage peak-to-trough decline | -27.98% | -36.52% | +8.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.72% | 7.36% | -0.64% |
Volatility
FXY vs. UGA - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 3.19%, while United States Gasoline Fund, LP (UGA) has a volatility of 13.00%. This indicates that FXY 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
| FXY | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 13.00% | -9.81% |
Volatility (6M)Calculated over the trailing 6-month period | 5.63% | 32.16% | -26.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.10% | 36.60% | -28.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.31% | 34.71% | -24.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.13% | 37.31% | -28.18% |
FXY vs. UGA - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
FXY vs. UGA - Dividend Comparison
Neither FXY nor UGA has paid dividends to shareholders.
Frequently Asked Questions
FXY and UGA have a correlation of -0.26, 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 FXY (3.19%). In terms of maximum drawdown, FXY dropped -56.95% vs UGA's -86.59%.
On 10-year performance, UGA leads with 16.28% vs -4.78% for FXY. On fees, FXY is cheaper at 0.40% per year. On volatility, FXY has been the lower-risk option at 3.19%. 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 16.28% return vs -4.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXY is cheaper with a 0.40% expense ratio, compared with 1.02% for UGA.
FXY and UGA have nearly identical dividend yields, around 0.00%.
FXY is categorized as Currency, while UGA is Oil & Gas. FXY tracks Japanese Yen, while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. They also come from different issuers: Invesco and USCF. Their fees differ too: 0.40% for FXY and 1.02% for UGA.
UGA currently has the higher Sharpe Ratio (1.96 vs -0.84), 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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