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 -4.97%/yr vs 14.31%/yr for UGA. At a correlation of -0.08, 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 -3.19% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, FXY has underperformed UGA with an annualized return of -4.97%, while UGA has yielded a comparatively higher 14.31% annualized return.
FXY
- 1D
- 0.02%
- 1M
- -1.56%
- YTD
- -3.19%
- 6M
- -3.45%
- 1Y
- -9.88%
- 3Y*
- -4.26%
- 5Y*
- -7.73%
- 10Y*
- -4.97%
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%
FXY vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.19% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
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 FXY and UGA is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.06 |
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 | -0.08 |
The correlation between FXY and UGA shifts across timeframes, from -0.25 (1 year) to -0.06 (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 | -2.94 | ||
| Sortino ratioReturn per unit of downside risk | -4.04 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.30 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 3.17 | -4.03 |
| Martin ratioReturn relative to average drawdown | -1.32 | 9.39 | -10.71 |
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Drawdowns
FXY vs. UGA - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.35%, 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 | -56.35% | -86.59% | +30.24% |
Max Drawdown (1Y)Largest decline over 1 year | -11.45% | -18.96% | +7.51% |
Max Drawdown (3Y)Largest decline over 3 years | -15.73% | -26.68% | +10.95% |
Max Drawdown (5Y)Largest decline over 5 years | -34.19% | -38.11% | +3.92% |
Max Drawdown (10Y)Largest decline over 10 years | -41.27% | -75.89% | +34.62% |
Current DrawdownCurrent decline from peak | -56.34% | -18.05% | -38.29% |
Average DrawdownAverage peak-to-trough decline | -27.81% | -36.69% | +8.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.51% | 6.43% | +1.08% |
Volatility
FXY vs. UGA - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 0.79%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. 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 | 0.79% | 9.24% | -8.45% |
Volatility (6M)Calculated over the trailing 6-month period | 5.61% | 30.57% | -24.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.19% | 35.22% | -27.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 34.45% | -24.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.23% | 37.22% | -27.99% |
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 -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to FXY (0.79%). In terms of maximum drawdown, FXY dropped -56.35% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs -4.97% for FXY. On fees, FXY is cheaper at 0.40% per year. On volatility, FXY has been the lower-risk option at 0.79%. 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 14.31% return vs -4.97%. 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 (1.73 vs -1.21), 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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