JEMA vs. UGA
JEMA (JPMorgan ActiveBuilders Emerging Markets Equity ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - JEMA is a Emerging Markets Equities fund actively managed by JPMorgan, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. JEMA is actively managed, while UGA is passively managed. Over the past 5 years, JEMA returned 6.79%/yr vs 22.69%/yr for UGA. At a 0.11 correlation, their price movements are largely independent. JEMA charges 0.39%/yr vs 0.75%/yr for UGA.
Performance
JEMA vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, JEMA achieves a 27.73% return, which is significantly lower than UGA's 64.09% return.
JEMA
- 1D
- -5.53%
- 1M
- 3.01%
- YTD
- 27.73%
- 6M
- 28.60%
- 1Y
- 54.31%
- 3Y*
- 23.52%
- 5Y*
- 6.79%
- 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%
JEMA vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF | 27.73% | 34.89% | 5.68% | 9.82% | -24.98% | -4.72% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 22.27% |
Correlation
The correlation between JEMA and UGA is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2021 | 0.11 |
The correlation between JEMA and UGA shifts across timeframes, from -0.22 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
JEMA vs. UGA — Risk / Return Rank
JEMA
UGA
JEMA vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan ActiveBuilders Emerging Markets Equity ETF (JEMA) 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.
| JEMA | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.65 | ||
| Sortino ratioReturn per unit of downside risk | +0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.30 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 4.16 | 3.17 | +1.00 |
| Martin ratioReturn relative to average drawdown | 16.18 | 9.39 | +6.79 |
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Drawdowns
JEMA vs. UGA - Drawdown Comparison
The maximum JEMA drawdown since its inception was -39.50%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for JEMA and UGA.
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Drawdown Indicators
| JEMA | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.50% | -86.59% | +47.09% |
Max Drawdown (1Y)Largest decline over 1 year | -13.11% | -18.96% | +5.85% |
Max Drawdown (3Y)Largest decline over 3 years | -18.11% | -26.68% | +8.57% |
Max Drawdown (5Y)Largest decline over 5 years | -39.39% | -38.11% | -1.28% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -5.53% | -18.05% | +12.52% |
Average DrawdownAverage peak-to-trough decline | -16.90% | -36.69% | +19.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.37% | 6.43% | -3.06% |
Volatility
JEMA vs. UGA - Volatility Comparison
JPMorgan ActiveBuilders Emerging Markets Equity ETF (JEMA) has a higher volatility of 12.49% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that JEMA'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.
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Volatility by Period
| JEMA | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.49% | 9.24% | +3.25% |
Volatility (6M)Calculated over the trailing 6-month period | 20.77% | 30.57% | -9.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.96% | 35.22% | -12.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.65% | 34.45% | -14.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.43% | 37.22% | -17.79% |
JEMA vs. UGA - Expense Ratio Comparison
JEMA has a 0.39% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
JEMA vs. UGA - Dividend Comparison
JEMA's dividend yield for the trailing twelve months is around 2.29%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF | 2.29% | 2.93% | 2.44% | 2.95% | 2.69% | 1.54% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JEMA and UGA have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JEMA has higher volatility (12.49%) compared to UGA (9.24%). In terms of maximum drawdown, JEMA dropped -39.50% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.69% vs 6.79% for JEMA. On fees, JEMA is cheaper at 0.39% 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.
Over the 5-year period, UGA has performed better with a 22.69% return vs 6.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JEMA is cheaper with a 0.39% expense ratio, compared with 0.75% for UGA.
JEMA has the higher dividend yield at 2.29%, compared with 0.00% for UGA.
JEMA is categorized as Emerging Markets Equities, while UGA is Oil & Gas. They also come from different issuers: JPMorgan and Concierge Technologies. Their fees differ too: 0.39% for JEMA and 0.75% for UGA.
JEMA currently has the higher Sharpe Ratio (2.38 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.
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