GAPR vs. UGA

Last updated Jun 24, 2026

GAPR (FT Cboe Vest U.S. Equity Moderate Buffer ETF - April) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - GAPR is a Options Trading fund actively managed by FT Vest, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. GAPR is actively managed, while UGA is passively managed. Over the past 3 years, GAPR returned 10.47%/yr vs 18.95%/yr for UGA. At a correlation of -0.01, they often move in opposite directions. GAPR charges 0.85%/yr vs 0.75%/yr for UGA.

Performance

GAPR vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - April (GAPR) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GAPR achieves a 3.43% return, which is significantly lower than UGA's 64.09% return.

GAPR

• 1D: -0.47%
• 1M: -0.17%
• YTD: 3.43%
• 6M: 3.52%
• 1Y: 9.06%
• 3Y*: 10.47%
• 5Y*: —
• 10Y*: —

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GAPR vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GAPR FT Cboe Vest U.S. Equity Moderate Buffer ETF - April	3.43%	6.68%	14.53%	10.11%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.77%	2.11%

Correlation

The correlation between GAPR and UGA is -0.21, 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	-0.21
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Apr 24, 2023	-0.01

Over the past year, the inverse relationship between GAPR and UGA has strengthened: their correlation has moved from -0.01 to -0.21, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

GAPR vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GAPR

GAPR Risk / Return Rank: 94
GAPR Sharpe Ratio Rank: 92
GAPR Sortino Ratio Rank: 94
GAPR Omega Ratio Rank: 95
GAPR Calmar Ratio Rank: 91
GAPR Martin Ratio Rank: 97

UGA

UGA Risk / Return Rank: 55
UGA Sharpe Ratio Rank: 53
UGA Sortino Ratio Rank: 48
UGA Omega Ratio Rank: 49
UGA Calmar Ratio Rank: 67
UGA Martin Ratio Rank: 56

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GAPR vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - April (GAPR) 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.

	GAPR	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.91	1.73	+1.18
Sortino ratio: Return per unit of downside risk	4.42	2.25	+2.17
Omega ratio: Gain probability vs. loss probability	1.68	1.30	+0.39
Calmar ratio: Return relative to maximum drawdown	5.38	3.17	+2.21
Martin ratio: Return relative to average drawdown	36.06	9.39	+26.67

GAPR vs. UGA - Sharpe Ratio Comparison

The current GAPR Sharpe Ratio is 2.91, which is higher than the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of GAPR and UGA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GAPR vs. UGA - Drawdown Comparison

The maximum GAPR drawdown since its inception was -8.98%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for GAPR and UGA.

Drawdown Indicators

	GAPR	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-8.98%	-86.59%	+77.61%
Max Drawdown (1Y) Largest decline over 1 year	-1.69%	-18.96%	+17.27%
Max Drawdown (3Y) Largest decline over 3 years	-8.98%	-26.68%	+17.70%
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	-0.92%	-18.05%	+17.13%
Average Drawdown Average peak-to-trough decline	-0.54%	-36.69%	+36.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.25%	6.43%	-6.18%

Volatility

GAPR vs. UGA - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Moderate Buffer ETF - April (GAPR) is 1.98%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that GAPR 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.

Volatility by Period

	GAPR	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.98%	9.24%	-7.26%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	30.57%	-27.95%
Volatility (1Y) Calculated over the trailing 1-year period	3.14%	35.22%	-32.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.05%	34.45%	-27.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.05%	37.22%	-30.17%

GAPR vs. UGA - Expense Ratio Comparison

GAPR has a 0.85% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

GAPR vs. UGA - Dividend Comparison

Neither GAPR nor UGA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GAPR and UGA in my portfolio?

GAPR and UGA have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GAPR or UGA?

UGA has higher volatility (9.24%) compared to GAPR (1.98%). In terms of maximum drawdown, GAPR dropped -8.98% vs UGA's -86.59%.

Which ETF is better, GAPR or UGA?

On 3-year performance, UGA leads with 18.95% vs 10.47% for GAPR. On fees, UGA is cheaper at 0.75% per year. On volatility, GAPR has been the lower-risk option at 1.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GAPR or UGA?

Over the 3-year period, UGA has performed better with a 18.95% return vs 10.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GAPR or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 0.85% for GAPR.

Which ETF pays a higher dividend yield, GAPR or UGA?

GAPR and UGA have nearly identical dividend yields, around 0.00%.

What is the main difference between GAPR and UGA?

GAPR is categorized as Options Trading, while UGA is Oil & Gas. They also come from different issuers: FT Vest and Concierge Technologies. Their fees differ too: 0.85% for GAPR and 0.75% for UGA.

Which has better risk-adjusted returns?

GAPR currently has the higher Sharpe Ratio (2.91 vs 1.73), 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.