GOLY vs. UGA
GOLY (Strategy Shares Gold-Hedged Bond ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - GOLY is a Nontraditional Bonds fund tracking the Solactive Gold-Backed Bond Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, GOLY returned 4.03%/yr vs 26.58%/yr for UGA. At a 0.03 correlation, their price movements are largely independent. GOLY charges 0.79%/yr vs 0.75%/yr for UGA.
Performance
GOLY vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, GOLY achieves a -27.55% return, which is significantly lower than UGA's 88.71% return.
GOLY
- 1D
- -1.29%
- 1M
- -9.01%
- 6M
- -32.08%
- YTD
- -27.55%
- 1Y
- -9.55%
- 3Y*
- 13.18%
- 5Y*
- 4.03%
- 10Y*
- —
UGA
- 1D
- -0.85%
- 1M
- 16.18%
- 6M
- 81.39%
- YTD
- 88.71%
- 1Y
- 85.57%
- 3Y*
- 21.50%
- 5Y*
- 26.58%
- 10Y*
- 17.13%
GOLY vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold-Hedged Bond ETF | -27.55% | 57.98% | 19.82% | 12.74% | -19.96% | -1.40% |
UGA United States Gasoline Fund LP | 88.71% | -2.00% | 3.77% | 1.27% | 46.34% | 18.41% |
Correlation
The correlation between GOLY 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 | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since May 18, 2021 | 0.03 |
The correlation between GOLY and UGA shifts across timeframes, from -0.25 (1 year) to 0.03 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GOLY vs. UGA — Risk / Return Rank
GOLY
UGA
GOLY vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Strategy Shares Gold-Hedged Bond ETF (GOLY) 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.
| GOLY | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.68 | ||
| Sortino ratioReturn per unit of downside risk | -3.06 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.38 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | 4.23 | -4.49 |
| Martin ratioReturn relative to average drawdown | -0.55 | 11.76 | -12.30 |
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Drawdowns
GOLY vs. UGA - Drawdown Comparison
The maximum GOLY drawdown since its inception was -37.48%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for GOLY and UGA.
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Drawdown Indicators
| GOLY | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.48% | -86.59% | +49.11% |
Max Drawdown (1Y)Largest decline over 1 year | -37.48% | -20.32% | -17.16% |
Max Drawdown (3Y)Largest decline over 3 years | -37.48% | -26.68% | -10.80% |
Max Drawdown (5Y)Largest decline over 5 years | -37.48% | -38.11% | +0.63% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -37.48% | -5.75% | -31.73% |
Average DrawdownAverage peak-to-trough decline | -12.36% | -36.61% | +24.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.52% | 7.30% | +10.22% |
Volatility
GOLY vs. UGA - Volatility Comparison
The current volatility for Strategy Shares Gold-Hedged Bond ETF (GOLY) is 6.83%, while United States Gasoline Fund LP (UGA) has a volatility of 11.35%. This indicates that GOLY 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
| GOLY | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.83% | 11.35% | -4.52% |
Volatility (6M)Calculated over the trailing 6-month period | 30.35% | 31.71% | -1.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.93% | 35.83% | -1.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.70% | 34.67% | -11.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.44% | 37.23% | -14.79% |
GOLY vs. UGA - Expense Ratio Comparison
GOLY has a 0.79% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
GOLY vs. UGA - Dividend Comparison
GOLY's dividend yield for the trailing twelve months is around 9.54%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold-Hedged Bond ETF | 9.54% | 7.22% | 3.85% | 2.94% | 2.57% | 1.11% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GOLY 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 (11.35%) compared to GOLY (6.83%). In terms of maximum drawdown, GOLY dropped -37.48% vs UGA's -86.59%.
On 5-year performance, UGA leads with 26.58% vs 4.03% for GOLY. On fees, UGA is cheaper at 0.75% per year. On volatility, GOLY has been the lower-risk option at 6.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 26.58% return vs 4.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.79% for GOLY.
GOLY has the higher dividend yield at 9.54%, compared with 0.00% for UGA.
GOLY is categorized as Nontraditional Bonds, while UGA is Oil & Gas. GOLY tracks Solactive Gold-Backed Bond Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Strategy Shares and Concierge Technologies. Their fees differ too: 0.79% for GOLY and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.40 vs -0.28), 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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