HYFI vs. UGA

Last updated Jun 24, 2026

HYFI (AB High Yield ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - HYFI is a High Yield Bonds fund actively managed by AllianceBernstein, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. HYFI is actively managed, while UGA is passively managed. Over the past 3 years, HYFI returned 9.19%/yr vs 18.95%/yr for UGA. At a correlation of -0.08, they often move in opposite directions. HYFI charges 0.40%/yr vs 0.75%/yr for UGA.

Performance

HYFI vs. UGA - Performance Comparison

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

HYFI

• 1D: -0.05%
• 1M: 0.33%
• YTD: 1.98%
• 6M: 2.15%
• 1Y: 7.18%
• 3Y*: 9.19%
• 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)

HYFI vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HYFI AB High Yield ETF	1.98%	8.91%	7.98%	8.66%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.77%	7.95%

Correlation

The correlation between HYFI and UGA is -0.30, 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	-0.30
Correlation (3Y) Calculated over the trailing 3-year period	-0.08
Correlation (All Time) Calculated using the full available price history since May 15, 2023	-0.08

Over the past year, the inverse relationship between HYFI and UGA has strengthened: their correlation has moved from -0.08 to -0.30, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

HYFI vs. UGA — Risk / Return Rank

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

HYFI

HYFI Risk / Return Rank: 65
HYFI Sharpe Ratio Rank: 58
HYFI Sortino Ratio Rank: 66
HYFI Omega Ratio Rank: 61
HYFI Calmar Ratio Rank: 63
HYFI Martin Ratio Rank: 74

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.

HYFI vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB High Yield ETF (HYFI) 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.

	HYFI	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.73	+0.08
Sortino ratio: Return per unit of downside risk	2.79	2.25	+0.54
Omega ratio: Gain probability vs. loss probability	1.34	1.30	+0.05
Calmar ratio: Return relative to maximum drawdown	2.89	3.17	-0.27
Martin ratio: Return relative to average drawdown	12.94	9.39	+3.55

HYFI vs. UGA - Sharpe Ratio Comparison

The current HYFI Sharpe Ratio is 1.81, which is comparable to the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of HYFI 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

HYFI vs. UGA - Drawdown Comparison

The maximum HYFI drawdown since its inception was -6.34%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for HYFI and UGA.

Drawdown Indicators

	HYFI	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-6.34%	-86.59%	+80.25%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-18.96%	+16.47%
Max Drawdown (3Y) Largest decline over 3 years	-6.34%	-26.68%	+20.34%
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	-0.25%	-18.05%	+17.80%
Average Drawdown Average peak-to-trough decline	-0.50%	-36.69%	+36.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	6.43%	-5.87%

Volatility

HYFI vs. UGA - Volatility Comparison

The current volatility for AB High Yield ETF (HYFI) is 0.95%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that HYFI 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

	HYFI	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	9.24%	-8.29%
Volatility (6M) Calculated over the trailing 6-month period	3.16%	30.57%	-27.41%
Volatility (1Y) Calculated over the trailing 1-year period	3.99%	35.22%	-31.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.33%	34.45%	-29.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.33%	37.22%	-31.89%

HYFI vs. UGA - Expense Ratio Comparison

HYFI has a 0.40% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

HYFI vs. UGA - Dividend Comparison

HYFI's dividend yield for the trailing twelve months is around 6.64%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
HYFI AB High Yield ETF	6.64%	6.66%	6.57%	4.17%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYFI and UGA in my portfolio?

HYFI and UGA have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYFI or UGA?

UGA has higher volatility (9.24%) compared to HYFI (0.95%). In terms of maximum drawdown, HYFI dropped -6.34% vs UGA's -86.59%.

Which ETF is better, HYFI or UGA?

On 3-year performance, UGA leads with 18.95% vs 9.19% for HYFI. On fees, HYFI is cheaper at 0.40% per year. On volatility, HYFI has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYFI or UGA?

Over the 3-year period, UGA has performed better with a 18.95% return vs 9.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYFI or UGA?

HYFI is cheaper with a 0.40% expense ratio, compared with 0.75% for UGA.

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

HYFI has the higher dividend yield at 6.64%, compared with 0.00% for UGA.

What is the main difference between HYFI and UGA?

HYFI is categorized as High Yield Bonds, while UGA is Oil & Gas. They also come from different issuers: AllianceBernstein and Concierge Technologies. Their fees differ too: 0.40% for HYFI and 0.75% for UGA.

Which has better risk-adjusted returns?

HYFI currently has the higher Sharpe Ratio (1.81 vs 1.73), 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.