JAPN vs. UGA

Last updated Jun 24, 2026

JAPN (Horizon Kinetics Japan Owner Operator ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - JAPN is a Japan Equities fund actively managed by Horizon, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. JAPN is actively managed, while UGA is passively managed. Over the past year, JAPN returned -19.28% vs 59.74% for UGA. At a correlation of -0.13, they often move in opposite directions. JAPN charges 0.85%/yr vs 0.75%/yr for UGA.

Performance

JAPN vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Japan Owner Operator ETF (JAPN) 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, JAPN achieves a -14.01% return, which is significantly lower than UGA's 64.09% return.

JAPN

• 1D: -1.93%
• 1M: -2.75%
• YTD: -14.01%
• 6M: -14.07%
• 1Y: -19.28%
• 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)

JAPN vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	-14.01%	3.10%
UGA United States Gasoline Fund LP	64.09%	2.41%

Correlation

The correlation between JAPN and UGA is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since May 13, 2025	-0.13

Return for Risk

JAPN vs. UGA — Risk / Return Rank

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

JAPN

JAPN Risk / Return Rank: 2
JAPN Sharpe Ratio Rank: 1
JAPN Sortino Ratio Rank: 2
JAPN Omega Ratio Rank: 2
JAPN Calmar Ratio Rank: 2
JAPN Martin Ratio Rank: 1

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.

JAPN vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Japan Owner Operator ETF (JAPN) 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.

	JAPN	UGA	Difference
Sharpe ratio: Return per unit of total volatility	-0.99	1.73	-2.72
Sortino ratio: Return per unit of downside risk	-1.36	2.25	-3.60
Omega ratio: Gain probability vs. loss probability	0.84	1.30	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.81	3.17	-3.97
Martin ratio: Return relative to average drawdown	-1.43	9.39	-10.82

JAPN vs. UGA - Sharpe Ratio Comparison

The current JAPN Sharpe Ratio is -0.99, which is lower than the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of JAPN 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

JAPN vs. UGA - Drawdown Comparison

The maximum JAPN drawdown since its inception was -23.94%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for JAPN and UGA.

Drawdown Indicators

	JAPN	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-23.94%	-86.59%	+62.65%
Max Drawdown (1Y) Largest decline over 1 year	-23.94%	-18.96%	-4.98%
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	-23.51%	-18.05%	-5.46%
Average Drawdown Average peak-to-trough decline	-10.03%	-36.69%	+26.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.52%	6.43%	+7.09%

Volatility

JAPN vs. UGA - Volatility Comparison

The current volatility for Horizon Kinetics Japan Owner Operator ETF (JAPN) is 6.67%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that JAPN 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

	JAPN	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.67%	9.24%	-2.57%
Volatility (6M) Calculated over the trailing 6-month period	16.17%	30.57%	-14.40%
Volatility (1Y) Calculated over the trailing 1-year period	19.48%	35.22%	-15.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.56%	34.45%	-14.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.56%	37.22%	-17.66%

JAPN vs. UGA - Expense Ratio Comparison

JAPN has a 0.85% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

JAPN vs. UGA - Dividend Comparison

JAPN's dividend yield for the trailing twelve months is around 0.28%, while UGA has not paid dividends to shareholders.

Position	TTM	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	0.28%	0.24%
UGA United States Gasoline Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both JAPN and UGA in my portfolio?

JAPN and UGA have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JAPN or UGA?

UGA has higher volatility (9.24%) compared to JAPN (6.67%). In terms of maximum drawdown, JAPN dropped -23.94% vs UGA's -86.59%.

Which ETF is better, JAPN or UGA?

On 1-year performance, UGA leads with 59.74% vs -19.28% for JAPN. On fees, UGA is cheaper at 0.75% per year. On volatility, JAPN has been the lower-risk option at 6.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JAPN or UGA?

Over the 1-year period, UGA has performed better with a 59.74% return vs -19.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JAPN or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 0.85% for JAPN.

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

JAPN has the higher dividend yield at 0.28%, compared with 0.00% for UGA.

What is the main difference between JAPN and UGA?

JAPN is categorized as Japan Equities, while UGA is Oil & Gas. They also come from different issuers: Horizon and Concierge Technologies. Their fees differ too: 0.85% for JAPN and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.73 vs -0.99), 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.