JMEE vs. UGA
JMEE (JPMorgan Small & Mid Cap Enhanced Equity ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - JMEE is a Small Cap Blend Equities fund actively managed by JPMorgan, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. JMEE is actively managed, while UGA is passively managed. Over the past 3 years, JMEE returned 17.37%/yr vs 22.21%/yr for UGA. At a 0.09 correlation, their price movements are largely independent. JMEE charges 0.24%/yr vs 0.75%/yr for UGA.
Performance
JMEE vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, JMEE achieves a 16.40% return, which is significantly lower than UGA's 75.49% return.
JMEE
- 1D
- -0.27%
- 1M
- 3.29%
- YTD
- 16.40%
- 6M
- 16.48%
- 1Y
- 31.14%
- 3Y*
- 17.37%
- 5Y*
- —
- 10Y*
- —
UGA
- 1D
- -0.19%
- 1M
- -12.35%
- YTD
- 75.49%
- 6M
- 64.35%
- 1Y
- 80.94%
- 3Y*
- 22.21%
- 5Y*
- 25.10%
- 10Y*
- 14.43%
JMEE vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF | 16.40% | 7.65% | 13.65% | 18.12% | 1.37% |
UGA United States Gasoline Fund LP | 75.49% | -2.00% | 3.77% | 1.27% | -7.27% |
Correlation
The correlation between JMEE 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 (All Time) Calculated using the full available price history since May 10, 2022 | 0.09 |
The correlation between JMEE and UGA shifts across timeframes, from -0.22 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
JMEE vs. UGA — Risk / Return Rank
JMEE
UGA
JMEE vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) 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.
| JMEE | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.37 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.80 | 5.47 | -1.67 |
| Martin ratioReturn relative to average drawdown | 13.32 | 13.25 | +0.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| JMEE | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.97 | 2.32 | -0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.73 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.39 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.72 | 0.12 | +0.60 |
Drawdowns
JMEE vs. UGA - Drawdown Comparison
The maximum JMEE drawdown since its inception was -25.40%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for JMEE and UGA.
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Drawdown Indicators
| JMEE | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.40% | -86.59% | +61.19% |
Max Drawdown (1Y)Largest decline over 1 year | -8.24% | -14.88% | +6.64% |
Max Drawdown (3Y)Largest decline over 3 years | -25.40% | -26.68% | +1.28% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -0.27% | -12.35% | +12.08% |
Average DrawdownAverage peak-to-trough decline | -5.39% | -36.76% | +31.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.34% | 6.13% | -3.79% |
Volatility
JMEE vs. UGA - Volatility Comparison
The current volatility for JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) is 4.45%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that JMEE 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
| JMEE | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.45% | 11.66% | -7.21% |
Volatility (6M)Calculated over the trailing 6-month period | 11.26% | 30.41% | -19.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.90% | 35.14% | -19.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.50% | 34.38% | -14.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.50% | 37.27% | -17.77% |
JMEE vs. UGA - Expense Ratio Comparison
JMEE has a 0.24% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
JMEE vs. UGA - Dividend Comparison
JMEE's dividend yield for the trailing twelve months is around 0.97%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF | 0.97% | 1.13% | 0.95% | 1.25% | 6.63% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JMEE 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.
UGA has higher volatility (11.66%) compared to JMEE (4.45%). In terms of maximum drawdown, JMEE dropped -25.40% vs UGA's -86.59%.
On 3-year performance, UGA leads with 22.21% vs 17.37% for JMEE. On fees, JMEE is cheaper at 0.24% per year. On volatility, JMEE has been the lower-risk option at 4.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UGA has performed better with a 22.21% return vs 17.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JMEE is cheaper with a 0.24% expense ratio, compared with 0.75% for UGA.
JMEE has the higher dividend yield at 0.97%, compared with 0.00% for UGA.
JMEE is categorized as Small Cap Blend Equities, while UGA is Oil & Gas. They also come from different issuers: JPMorgan and Concierge Technologies. Their fees differ too: 0.24% for JMEE and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.32 vs 1.97), 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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