GMMA vs. UGA

Last updated Jun 24, 2026

GMMA (GammaRoad Market Navigation ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - GMMA is a Tactical Allocation fund tracking the MarketVector GammaRoad U.S. Equity Strategy Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past year, GMMA returned 8.28% vs 59.74% for UGA. At a correlation of -0.13, they often move in opposite directions. Both charge a 0.75% expense ratio.

Performance

GMMA vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GammaRoad Market Navigation ETF (GMMA) 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, GMMA achieves a 1.98% return, which is significantly lower than UGA's 64.09% return.

GMMA

• 1D: -0.92%
• 1M: -0.80%
• YTD: 1.98%
• 6M: 1.78%
• 1Y: 8.28%
• 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)

GMMA vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GMMA GammaRoad Market Navigation ETF	1.98%	8.95%	0.22%
UGA United States Gasoline Fund LP	64.09%	-2.00%	6.96%

Correlation

The correlation between GMMA and UGA is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since Sep 17, 2024	-0.13

Return for Risk

GMMA vs. UGA — Risk / Return Rank

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

GMMA

GMMA Risk / Return Rank: 47
GMMA Sharpe Ratio Rank: 43
GMMA Sortino Ratio Rank: 40
GMMA Omega Ratio Rank: 46
GMMA Calmar Ratio Rank: 54
GMMA Martin Ratio Rank: 51

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.

GMMA vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GammaRoad Market Navigation ETF (GMMA) 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.

	GMMA	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.73	-0.35
Sortino ratio: Return per unit of downside risk	1.92	2.25	-0.33
Omega ratio: Gain probability vs. loss probability	1.27	1.30	-0.03
Calmar ratio: Return relative to maximum drawdown	2.45	3.17	-0.71
Martin ratio: Return relative to average drawdown	8.01	9.39	-1.38

GMMA vs. UGA - Sharpe Ratio Comparison

The current GMMA Sharpe Ratio is 1.38, which is comparable to the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of GMMA 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

GMMA vs. UGA - Drawdown Comparison

The maximum GMMA drawdown since its inception was -5.21%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for GMMA and UGA.

Drawdown Indicators

	GMMA	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-5.21%	-86.59%	+81.38%
Max Drawdown (1Y) Largest decline over 1 year	-3.39%	-18.96%	+15.57%
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	-1.98%	-18.05%	+16.07%
Average Drawdown Average peak-to-trough decline	-1.24%	-36.69%	+35.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	6.43%	-5.39%

Volatility

GMMA vs. UGA - Volatility Comparison

The current volatility for GammaRoad Market Navigation ETF (GMMA) is 3.12%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that GMMA 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

	GMMA	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	9.24%	-6.12%
Volatility (6M) Calculated over the trailing 6-month period	4.92%	30.57%	-25.65%
Volatility (1Y) Calculated over the trailing 1-year period	6.05%	35.22%	-29.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.34%	34.45%	-27.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.34%	37.22%	-29.88%

GMMA vs. UGA - Expense Ratio Comparison

Both GMMA and UGA have an expense ratio of 0.75%.

Dividends

GMMA vs. UGA - Dividend Comparison

GMMA's dividend yield for the trailing twelve months is around 3.70%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024
GMMA GammaRoad Market Navigation ETF	3.70%	3.00%	0.57%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GMMA and UGA in my portfolio?

GMMA and UGA have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMMA or UGA?

UGA has higher volatility (9.24%) compared to GMMA (3.12%). In terms of maximum drawdown, GMMA dropped -5.21% vs UGA's -86.59%.

Which ETF is better, GMMA or UGA?

On 1-year performance, UGA leads with 59.74% vs 8.28% for GMMA. Both ETFs have the same 0.75% expense ratio. On volatility, GMMA has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GMMA or UGA?

Over the 1-year period, UGA has performed better with a 59.74% return vs 8.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GMMA or UGA?

GMMA and UGA have the same expense ratio: 0.75% per year.

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

GMMA has the higher dividend yield at 3.70%, compared with 0.00% for UGA.

What is the main difference between GMMA and UGA?

GMMA is categorized as Tactical Allocation, while UGA is Oil & Gas. GMMA tracks MarketVector GammaRoad U.S. Equity Strategy Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: GammaRoad Capital Partners and Concierge Technologies.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.73 vs 1.38), 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.