GFLW vs. UGA

Last updated Jun 24, 2026

GFLW (VictoryShares Free Cash Flow Growth ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - GFLW is a Large Cap Growth Equities fund tracking the Victory Free Cash Flow Growth Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past year, GFLW returned 28.55% vs 59.74% for UGA. At a correlation of -0.10, they often move in opposite directions. GFLW charges 0.39%/yr vs 0.75%/yr for UGA.

Performance

GFLW vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares Free Cash Flow Growth ETF (GFLW) 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, GFLW achieves a 15.82% return, which is significantly lower than UGA's 64.09% return.

GFLW

• 1D: -2.86%
• 1M: 5.19%
• YTD: 15.82%
• 6M: 13.88%
• 1Y: 28.55%
• 3Y*: —
• 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)

GFLW vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GFLW VictoryShares Free Cash Flow Growth ETF	15.82%	18.40%	-5.88%
UGA United States Gasoline Fund LP	64.09%	-2.00%	2.02%

Correlation

The correlation between GFLW and UGA is -0.22, 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	-0.22
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	-0.10

The correlation between GFLW and UGA shifts across timeframes, from -0.22 (1 year) to -0.10 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GFLW vs. UGA — Risk / Return Rank

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

GFLW

GFLW Risk / Return Rank: 41
GFLW Sharpe Ratio Rank: 42
GFLW Sortino Ratio Rank: 40
GFLW Omega Ratio Rank: 39
GFLW Calmar Ratio Rank: 41
GFLW Martin Ratio Rank: 43

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.

GFLW vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares Free Cash Flow Growth ETF (GFLW) 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.

	GFLW	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.73	-0.36
Sortino ratio: Return per unit of downside risk	1.91	2.25	-0.34
Omega ratio: Gain probability vs. loss probability	1.24	1.30	-0.05
Calmar ratio: Return relative to maximum drawdown	1.92	3.17	-1.25
Martin ratio: Return relative to average drawdown	6.45	9.39	-2.94

GFLW vs. UGA - Sharpe Ratio Comparison

The current GFLW Sharpe Ratio is 1.37, which is comparable to the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of GFLW 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

GFLW vs. UGA - Drawdown Comparison

The maximum GFLW drawdown since its inception was -24.14%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for GFLW and UGA.

Drawdown Indicators

	GFLW	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-24.14%	-86.59%	+62.45%
Max Drawdown (1Y) Largest decline over 1 year	-14.95%	-18.96%	+4.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.68%	—
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	-2.86%	-18.05%	+15.19%
Average Drawdown Average peak-to-trough decline	-4.55%	-36.69%	+32.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.43%	6.43%	-2.00%

Volatility

GFLW vs. UGA - Volatility Comparison

VictoryShares Free Cash Flow Growth ETF (GFLW) and United States Gasoline Fund LP (UGA) have volatilities of 9.28% and 9.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GFLW	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.28%	9.24%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	16.64%	30.57%	-13.93%
Volatility (1Y) Calculated over the trailing 1-year period	20.88%	35.22%	-14.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.08%	34.45%	-9.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.08%	37.22%	-12.14%

GFLW vs. UGA - Expense Ratio Comparison

GFLW has a 0.39% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

GFLW vs. UGA - Dividend Comparison

GFLW's dividend yield for the trailing twelve months is around 0.01%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024
GFLW VictoryShares Free Cash Flow Growth ETF	0.01%	0.02%	0.01%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GFLW and UGA in my portfolio?

GFLW and UGA have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GFLW or UGA?

GFLW has higher volatility (9.28%) compared to UGA (9.24%). In terms of maximum drawdown, GFLW dropped -24.14% vs UGA's -86.59%.

Which ETF is better, GFLW or UGA?

On 1-year performance, UGA leads with 59.74% vs 28.55% for GFLW. On fees, GFLW is cheaper at 0.39% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GFLW or UGA?

Over the 1-year period, UGA has performed better with a 59.74% return vs 28.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GFLW or UGA?

GFLW is cheaper with a 0.39% expense ratio, compared with 0.75% for UGA.

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

GFLW has the higher dividend yield at 0.01%, compared with 0.00% for UGA.

What is the main difference between GFLW and UGA?

GFLW is categorized as Large Cap Growth Equities, while UGA is Oil & Gas. GFLW tracks Victory Free Cash Flow Growth Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Victory and Concierge Technologies. Their fees differ too: 0.39% for GFLW and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.73 vs 1.37), 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.