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 -1.36%/yr vs 16.39%/yr for UGA. At a 0.17 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 -22.25% return, which is significantly lower than UGA's 81.31% return. Over the past 10 years, INDL has underperformed UGA with an annualized return of -1.36%, while UGA has yielded a comparatively higher 16.39% annualized return.
INDL
- 1D
- -1.98%
- 1M
- 1.46%
- 6M
- -20.32%
- YTD
- -22.25%
- 1Y
- -27.15%
- 3Y*
- -1.87%
- 5Y*
- -1.43%
- 10Y*
- -1.36%
UGA
- 1D
- 5.54%
- 1M
- 6.45%
- 6M
- 72.85%
- YTD
- 81.31%
- 1Y
- 75.34%
- 3Y*
- 19.85%
- 5Y*
- 25.10%
- 10Y*
- 16.39%
INDL vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDL Direxion Daily India Bull 3x Shares | -22.25% | -3.21% | 7.56% | 26.06% | -22.88% | 40.26% | -36.43% | 3.15% | -34.29% | 127.98% |
UGA United States Gasoline Fund LP | 81.31% | -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 -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | 0.17 |
The correlation between INDL and UGA shifts across timeframes, from -0.32 (1 year) to 0.17 (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 | -3.02 | ||
| Sortino ratioReturn per unit of downside risk | -3.92 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.34 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 3.73 | -4.48 |
| Martin ratioReturn relative to average drawdown | -1.50 | 10.39 | -11.89 |
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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 | -36.19% | -20.32% | -15.87% |
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 | -78.11% | -9.45% | -68.66% |
Average DrawdownAverage peak-to-trough decline | -66.41% | -36.63% | -29.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.17% | 7.28% | +10.89% |
Volatility
INDL vs. UGA - Volatility Comparison
The current volatility for Direxion Daily India Bull 3x Shares (INDL) is 9.07%, while United States Gasoline Fund LP (UGA) has a volatility of 11.49%. This indicates that INDL 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
| INDL | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | 11.49% | -2.42% |
Volatility (6M)Calculated over the trailing 6-month period | 26.34% | 31.60% | -5.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.24% | 35.78% | -5.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.78% | 34.66% | -3.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.40% | 37.23% | +15.17% |
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 1.44%, 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 | 1.44% | 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 -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.49%) compared to INDL (9.07%). In terms of maximum drawdown, INDL dropped -95.67% vs UGA's -86.59%.
On 10-year performance, UGA leads with 16.39% vs -1.36% for INDL. On fees, UGA is cheaper at 0.75% per year. On volatility, INDL has been the lower-risk option at 9.07%. 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 16.39% return vs -1.36%. 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 1.44%, 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 (2.12 vs -0.90), 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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