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 Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, FXY returned -4.71%/yr vs 16.66%/yr for UGA. At a correlation of -0.09, they often move in opposite directions. FXY charges 0.40%/yr vs 0.75%/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 -3.58% return, which is significantly lower than UGA's 85.58% return. Over the past 10 years, FXY has underperformed UGA with an annualized return of -4.71%, while UGA has yielded a comparatively higher 16.66% annualized return.
FXY
- 1D
- 0.19%
- 1M
- -1.21%
- 6M
- -2.06%
- YTD
- -3.58%
- 1Y
- -9.23%
- 3Y*
- -5.44%
- 5Y*
- -7.97%
- 10Y*
- -4.71%
UGA
- 1D
- 2.36%
- 1M
- 8.96%
- 6M
- 74.29%
- YTD
- 85.58%
- 1Y
- 81.47%
- 3Y*
- 20.78%
- 5Y*
- 26.16%
- 10Y*
- 16.66%
FXY vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.58% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
UGA United States Gasoline Fund LP | 85.58% | -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 -0.27, 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 | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
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 | -0.09 |
The correlation between FXY and UGA shifts across timeframes, from -0.27 (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 | -3.44 | ||
| Sortino ratioReturn per unit of downside risk | -4.51 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.37 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 4.03 | -4.94 |
| Martin ratioReturn relative to average drawdown | -1.47 | 11.21 | -12.68 |
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Drawdowns
FXY vs. UGA - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.62%, 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 | -56.62% | -86.59% | +29.97% |
Max Drawdown (1Y)Largest decline over 1 year | -10.21% | -20.32% | +10.11% |
Max Drawdown (3Y)Largest decline over 3 years | -15.91% | -26.68% | +10.77% |
Max Drawdown (5Y)Largest decline over 5 years | -34.61% | -38.11% | +3.50% |
Max Drawdown (10Y)Largest decline over 10 years | -41.64% | -75.89% | +34.25% |
Current DrawdownCurrent decline from peak | -56.51% | -7.31% | -49.20% |
Average DrawdownAverage peak-to-trough decline | -27.89% | -36.63% | +8.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.31% | 7.29% | -0.98% |
Volatility
FXY vs. UGA - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 1.53%, while United States Gasoline Fund LP (UGA) has a volatility of 11.56%. 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 | 1.53% | 11.56% | -10.03% |
Volatility (6M)Calculated over the trailing 6-month period | 5.50% | 31.64% | -26.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.08% | 35.77% | -27.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 34.66% | -24.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.18% | 37.24% | -28.06% |
FXY vs. UGA - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is lower than UGA's 0.75% 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 -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.56%) compared to FXY (1.53%). In terms of maximum drawdown, FXY dropped -56.62% vs UGA's -86.59%.
On 10-year performance, UGA leads with 16.66% vs -4.71% for FXY. On fees, FXY is cheaper at 0.40% per year. On volatility, FXY has been the lower-risk option at 1.53%. 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 16.66% return vs -4.71%. 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 0.75% 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 Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.40% for FXY and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.29 vs -1.15), 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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