HCMT vs. UGA
HCMT (Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - HCMT is a Large Cap Blend Equities fund actively managed by Direxion, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. HCMT is actively managed, while UGA is passively managed. Over the past 3 years, HCMT returned 18.91%/yr vs 18.95%/yr for UGA. At a correlation of -0.03, they often move in opposite directions. HCMT charges 1.17%/yr vs 0.75%/yr for UGA.
Performance
HCMT vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, HCMT achieves a 4.79% return, which is significantly lower than UGA's 64.09% return.
HCMT
- 1D
- -4.45%
- 1M
- -0.81%
- YTD
- 4.79%
- 6M
- 2.44%
- 1Y
- 32.49%
- 3Y*
- 18.91%
- 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%
HCMT vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HCMT Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF | 4.79% | 7.39% | 39.14% | 6.45% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | -2.45% |
Correlation
The correlation between HCMT and UGA is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023 | -0.03 |
The correlation between HCMT and UGA shifts across timeframes, from -0.13 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HCMT vs. UGA — Risk / Return Rank
HCMT
UGA
HCMT vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF (HCMT) 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.
| HCMT | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.30 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.14 | 3.17 | -1.03 |
| Martin ratioReturn relative to average drawdown | 5.30 | 9.39 | -4.09 |
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Drawdowns
HCMT vs. UGA - Drawdown Comparison
The maximum HCMT drawdown since its inception was -36.26%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for HCMT and UGA.
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Drawdown Indicators
| HCMT | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.26% | -86.59% | +50.33% |
Max Drawdown (1Y)Largest decline over 1 year | -15.27% | -18.96% | +3.69% |
Max Drawdown (3Y)Largest decline over 3 years | -36.26% | -26.68% | -9.58% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -6.58% | -18.05% | +11.47% |
Average DrawdownAverage peak-to-trough decline | -8.18% | -36.69% | +28.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.15% | 6.43% | -0.28% |
Volatility
HCMT vs. UGA - Volatility Comparison
Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF (HCMT) has a higher volatility of 12.47% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that HCMT'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
| HCMT | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.47% | 9.24% | +3.23% |
Volatility (6M)Calculated over the trailing 6-month period | 19.67% | 30.57% | -10.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.47% | 35.22% | -8.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.01% | 34.45% | -5.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.01% | 37.22% | -8.21% |
HCMT vs. UGA - Expense Ratio Comparison
HCMT has a 1.17% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
HCMT vs. UGA - Dividend Comparison
HCMT's dividend yield for the trailing twelve months is around 0.40%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
HCMT Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF | 0.40% | 0.43% | 2.75% | 0.63% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HCMT and UGA have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HCMT has higher volatility (12.47%) compared to UGA (9.24%). In terms of maximum drawdown, HCMT dropped -36.26% vs UGA's -86.59%.
On 3-year performance, UGA leads with 18.95% vs 18.91% for HCMT. On fees, UGA is cheaper at 0.75% 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 3-year period, UGA has performed better with a 18.95% return vs 18.91%. 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 1.17% for HCMT.
HCMT has the higher dividend yield at 0.40%, compared with 0.00% for UGA.
HCMT is categorized as Large Cap Blend Equities, while UGA is Oil & Gas. They also come from different issuers: Direxion and Concierge Technologies. Their fees differ too: 1.17% for HCMT and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 1.24), 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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