HOOY vs. UGA

Last updated Jun 24, 2026

HOOY (YieldMax HOOD Option Income Strategy ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - HOOY is a Derivative Income fund actively managed by YieldMax, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. HOOY is actively managed, while UGA is passively managed. Over the past year, HOOY returned 19.41% vs 59.74% for UGA. At a correlation of -0.16, they often move in opposite directions. HOOY charges 0.99%/yr vs 0.75%/yr for UGA.

Performance

HOOY vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax HOOD Option Income Strategy ETF (HOOY) 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, HOOY achieves a -6.44% return, which is significantly lower than UGA's 64.09% return.

HOOY

• 1D: -2.53%
• 1M: 27.13%
• YTD: -6.44%
• 6M: -10.93%
• 1Y: 19.41%
• 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)

HOOY vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025
HOOY YieldMax HOOD Option Income Strategy ETF	-6.44%	67.41%
UGA United States Gasoline Fund LP	64.09%	7.88%

Correlation

The correlation between HOOY 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 May 8, 2025	-0.16

Return for Risk

HOOY vs. UGA — Risk / Return Rank

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

HOOY

HOOY Risk / Return Rank: 14
HOOY Sharpe Ratio Rank: 14
HOOY Sortino Ratio Rank: 16
HOOY Omega Ratio Rank: 17
HOOY Calmar Ratio Rank: 13
HOOY Martin Ratio Rank: 11

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.

HOOY vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax HOOD Option Income Strategy ETF (HOOY) 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.

	HOOY	UGA	Difference
Sharpe ratio: Return per unit of total volatility	0.35	1.73	-1.38
Sortino ratio: Return per unit of downside risk	0.86	2.25	-1.39
Omega ratio: Gain probability vs. loss probability	1.11	1.30	-0.19
Calmar ratio: Return relative to maximum drawdown	0.38	3.17	-2.79
Martin ratio: Return relative to average drawdown	0.66	9.39	-8.73

HOOY vs. UGA - Sharpe Ratio Comparison

The current HOOY Sharpe Ratio is 0.35, which is lower than the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of HOOY 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

HOOY vs. UGA - Drawdown Comparison

The maximum HOOY drawdown since its inception was -51.54%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for HOOY and UGA.

Drawdown Indicators

	HOOY	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-51.54%	-86.59%	+35.05%
Max Drawdown (1Y) Largest decline over 1 year	-51.54%	-18.96%	-32.58%
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	-30.28%	-18.05%	-12.23%
Average Drawdown Average peak-to-trough decline	-20.76%	-36.69%	+15.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.31%	6.43%	+22.88%

Volatility

HOOY vs. UGA - Volatility Comparison

YieldMax HOOD Option Income Strategy ETF (HOOY) has a higher volatility of 18.25% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that HOOY'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.

Volatility by Period

	HOOY	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.25%	9.24%	+9.01%
Volatility (6M) Calculated over the trailing 6-month period	42.06%	30.57%	+11.49%
Volatility (1Y) Calculated over the trailing 1-year period	56.26%	35.22%	+21.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.47%	34.45%	+20.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.47%	37.22%	+17.25%

HOOY vs. UGA - Expense Ratio Comparison

HOOY has a 0.99% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

HOOY vs. UGA - Dividend Comparison

HOOY's dividend yield for the trailing twelve months is around 148.68%, while UGA has not paid dividends to shareholders.

Position	TTM	2025
HOOY YieldMax HOOD Option Income Strategy ETF	148.68%	82.87%
UGA United States Gasoline Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both HOOY and UGA in my portfolio?

HOOY 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, HOOY or UGA?

HOOY has higher volatility (18.25%) compared to UGA (9.24%). In terms of maximum drawdown, HOOY dropped -51.54% vs UGA's -86.59%.

Which ETF is better, HOOY or UGA?

On 1-year performance, UGA leads with 59.74% vs 19.41% for HOOY. 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.

Which ETF has performed better, HOOY or UGA?

Over the 1-year period, UGA has performed better with a 59.74% return vs 19.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HOOY or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 0.99% for HOOY.

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

HOOY has the higher dividend yield at 148.68%, compared with 0.00% for UGA.

What is the main difference between HOOY and UGA?

HOOY is categorized as Derivative Income, while UGA is Oil & Gas. They also come from different issuers: YieldMax and Concierge Technologies. Their fees differ too: 0.99% for HOOY and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.73 vs 0.35), 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.