INDL vs. UGA
INDL (Direxion Daily India Bull 3x Shares) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - INDL is a Leveraged Equities fund tracking the Indus India Index (300%), while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, INDL returned 1.06%/yr vs 14.31%/yr for UGA. At a 0.18 correlation, their price movements are largely independent. INDL charges 1.33%/yr vs 0.75%/yr for UGA.
Performance
INDL vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, INDL achieves a -21.27% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, INDL has underperformed UGA with an annualized return of 1.06%, while UGA has yielded a comparatively higher 14.31% annualized return.
INDL
- 1D
- -3.73%
- 1M
- 1.96%
- YTD
- -21.27%
- 6M
- -22.49%
- 1Y
- -24.89%
- 3Y*
- 0.97%
- 5Y*
- -1.23%
- 10Y*
- 1.06%
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%
INDL vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDL Direxion Daily India Bull 3x Shares | -21.27% | -3.21% | 7.56% | 26.06% | -22.88% | 40.26% | -36.43% | 3.15% | -34.29% | 127.98% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between INDL 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 (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | 0.18 |
The correlation between INDL and UGA shifts across timeframes, from -0.30 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INDL vs. UGA — Risk / Return Rank
INDL
UGA
INDL vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily India Bull 3x Shares (INDL) 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.
| INDL | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.56 | ||
| Sortino ratioReturn per unit of downside risk | -3.38 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.30 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | 3.17 | -3.83 |
| Martin ratioReturn relative to average drawdown | -1.32 | 9.39 | -10.71 |
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Drawdowns
INDL vs. UGA - Drawdown Comparison
The maximum INDL drawdown since its inception was -95.67%, which is greater than UGA's maximum drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for INDL and UGA.
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Drawdown Indicators
| INDL | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.67% | -86.59% | -9.08% |
Max Drawdown (1Y)Largest decline over 1 year | -37.82% | -18.96% | -18.86% |
Max Drawdown (3Y)Largest decline over 3 years | -47.64% | -26.68% | -20.96% |
Max Drawdown (5Y)Largest decline over 5 years | -47.64% | -38.11% | -9.53% |
Max Drawdown (10Y)Largest decline over 10 years | -91.96% | -75.89% | -16.07% |
Current DrawdownCurrent decline from peak | -77.84% | -18.05% | -59.79% |
Average DrawdownAverage peak-to-trough decline | -66.38% | -36.69% | -29.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.84% | 6.43% | +12.41% |
Volatility
INDL vs. UGA - Volatility Comparison
Direxion Daily India Bull 3x Shares (INDL) and United States Gasoline Fund LP (UGA) have volatilities of 9.26% and 9.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INDL | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.26% | 9.24% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 26.26% | 30.57% | -4.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.04% | 35.22% | -5.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.72% | 34.45% | -3.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.52% | 37.22% | +15.30% |
INDL vs. UGA - Expense Ratio Comparison
INDL has a 1.33% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
INDL vs. UGA - Dividend Comparison
INDL's dividend yield for the trailing twelve months is around 1.60%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
INDL Direxion Daily India Bull 3x Shares | 1.60% | 1.42% | 2.79% | 1.65% | 0.09% | 2.35% | 0.00% | 0.68% | 0.18% | 0.31% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
INDL 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.
INDL has higher volatility (9.26%) compared to UGA (9.24%). In terms of maximum drawdown, INDL dropped -95.67% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 1.06% for INDL. On fees, UGA is cheaper at 0.75% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGA has performed better with a 14.31% return vs 1.06%. 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 1.33% for INDL.
INDL has the higher dividend yield at 1.60%, compared with 0.00% for UGA.
INDL is categorized as Leveraged Equities, while UGA is Oil & Gas. INDL tracks Indus India Index (300%), while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Direxion and Concierge Technologies. Their fees differ too: 1.33% for INDL and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs -0.83), 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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