GDXJ vs. UGA
GDXJ (VanEck Junior Gold Miners ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - GDXJ is a Gold fund tracking the MVIS Global Junior Gold Miners Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, GDXJ returned 10.91%/yr vs 14.31%/yr for UGA. At a 0.18 correlation, their price movements are largely independent. GDXJ charges 0.52%/yr vs 0.75%/yr for UGA.
Performance
GDXJ vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, GDXJ achieves a -11.62% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, GDXJ has underperformed UGA with an annualized return of 10.91%, while UGA has yielded a comparatively higher 14.31% annualized return.
GDXJ
- 1D
- -5.24%
- 1M
- -9.91%
- YTD
- -11.62%
- 6M
- -16.20%
- 1Y
- 51.11%
- 3Y*
- 44.53%
- 5Y*
- 17.86%
- 10Y*
- 10.91%
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%
GDXJ vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDXJ VanEck Junior Gold Miners ETF | -11.62% | 172.28% | 15.67% | 7.12% | -14.53% | -21.25% | 30.40% | 40.44% | -11.02% | 8.22% |
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 GDXJ and UGA is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2009 | 0.18 |
The correlation between GDXJ and UGA shifts across timeframes, from -0.16 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GDXJ vs. UGA — Risk / Return Rank
GDXJ
UGA
GDXJ vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Junior Gold Miners ETF (GDXJ) 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.
| GDXJ | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.30 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.30 | 3.17 | -1.86 |
| Martin ratioReturn relative to average drawdown | 3.40 | 9.39 | -5.99 |
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Drawdowns
GDXJ vs. UGA - Drawdown Comparison
The maximum GDXJ drawdown since its inception was -88.66%, roughly equal to the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for GDXJ and UGA.
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Drawdown Indicators
| GDXJ | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.66% | -86.59% | -2.07% |
Max Drawdown (1Y)Largest decline over 1 year | -39.47% | -18.96% | -20.51% |
Max Drawdown (3Y)Largest decline over 3 years | -39.47% | -26.68% | -12.79% |
Max Drawdown (5Y)Largest decline over 5 years | -48.79% | -38.11% | -10.68% |
Max Drawdown (10Y)Largest decline over 10 years | -57.77% | -75.89% | +18.12% |
Current DrawdownCurrent decline from peak | -35.62% | -18.05% | -17.57% |
Average DrawdownAverage peak-to-trough decline | -60.40% | -36.69% | -23.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.08% | 6.43% | +8.65% |
Volatility
GDXJ vs. UGA - Volatility Comparison
VanEck Junior Gold Miners ETF (GDXJ) has a higher volatility of 20.19% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that GDXJ'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.
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Volatility by Period
| GDXJ | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.19% | 9.24% | +10.95% |
Volatility (6M)Calculated over the trailing 6-month period | 44.45% | 30.57% | +13.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.42% | 35.22% | +17.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.71% | 34.45% | +7.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.30% | 37.22% | +7.08% |
GDXJ vs. UGA - Expense Ratio Comparison
GDXJ has a 0.52% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
GDXJ vs. UGA - Dividend Comparison
GDXJ's dividend yield for the trailing twelve months is around 2.63%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDXJ VanEck Junior Gold Miners ETF | 2.63% | 2.33% | 2.61% | 0.72% | 0.51% | 1.78% | 1.58% | 0.39% | 0.45% | 0.03% | 4.78% | 0.72% |
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
GDXJ and UGA have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXJ has higher volatility (20.19%) compared to UGA (9.24%). In terms of maximum drawdown, GDXJ dropped -88.66% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 10.91% for GDXJ. On fees, GDXJ is cheaper at 0.52% 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, UGA has performed better with a 14.31% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDXJ is cheaper with a 0.52% expense ratio, compared with 0.75% for UGA.
GDXJ has the higher dividend yield at 2.63%, compared with 0.00% for UGA.
GDXJ is categorized as Gold, while UGA is Oil & Gas. GDXJ tracks MVIS Global Junior Gold Miners Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: VanEck and Concierge Technologies. Their fees differ too: 0.52% for GDXJ and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 0.98), 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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