JPSE vs. UGA
JPSE (JPMorgan Diversified Return U.S. Small Cap Equity ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - JPSE is a Small Cap Growth Equities fund tracking the JPMorgan Diversified Factor US Small Cap Equity Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, JPSE returned 7.37%/yr vs 22.69%/yr for UGA. At a 0.20 correlation, their price movements are largely independent. JPSE charges 0.29%/yr vs 0.75%/yr for UGA.
Performance
JPSE vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, JPSE achieves a 18.18% return, which is significantly lower than UGA's 64.09% return.
JPSE
- 1D
- -0.57%
- 1M
- 2.65%
- YTD
- 18.18%
- 6M
- 16.01%
- 1Y
- 32.88%
- 3Y*
- 16.38%
- 5Y*
- 7.37%
- 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%
JPSE vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF | 18.18% | 8.77% | 8.07% | 15.87% | -14.40% | 29.31% | 12.49% | 22.95% | -8.61% | 14.38% |
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 JPSE and UGA is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2016 | 0.20 |
The correlation between JPSE and UGA shifts across timeframes, from -0.20 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
JPSE vs. UGA — Risk / Return Rank
JPSE
UGA
JPSE vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) 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.
| JPSE | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.30 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 4.13 | 3.17 | +0.96 |
| Martin ratioReturn relative to average drawdown | 14.71 | 9.39 | +5.32 |
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Drawdowns
JPSE vs. UGA - Drawdown Comparison
The maximum JPSE drawdown since its inception was -43.02%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for JPSE and UGA.
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Drawdown Indicators
| JPSE | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.02% | -86.59% | +43.57% |
Max Drawdown (1Y)Largest decline over 1 year | -8.00% | -18.96% | +10.96% |
Max Drawdown (3Y)Largest decline over 3 years | -25.49% | -26.68% | +1.19% |
Max Drawdown (5Y)Largest decline over 5 years | -25.56% | -38.11% | +12.55% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -0.66% | -18.05% | +17.39% |
Average DrawdownAverage peak-to-trough decline | -7.38% | -36.69% | +29.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.24% | 6.43% | -4.19% |
Volatility
JPSE vs. UGA - Volatility Comparison
The current volatility for JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) is 4.80%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that JPSE 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
| JPSE | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.80% | 9.24% | -4.44% |
Volatility (6M)Calculated over the trailing 6-month period | 11.22% | 30.57% | -19.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.21% | 35.22% | -19.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.08% | 34.45% | -14.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.79% | 37.22% | -15.43% |
JPSE vs. UGA - Expense Ratio Comparison
JPSE has a 0.29% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
JPSE vs. UGA - Dividend Comparison
JPSE's dividend yield for the trailing twelve months is around 1.35%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF | 1.35% | 1.62% | 1.66% | 1.76% | 1.55% | 1.24% | 1.32% | 1.23% | 1.18% | 0.74% | 0.14% |
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% | 0.00% |
Frequently Asked Questions
JPSE and UGA have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to JPSE (4.80%). In terms of maximum drawdown, JPSE dropped -43.02% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.69% vs 7.37% for JPSE. On fees, JPSE is cheaper at 0.29% per year. On volatility, JPSE has been the lower-risk option at 4.80%. 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 7.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPSE is cheaper with a 0.29% expense ratio, compared with 0.75% for UGA.
JPSE has the higher dividend yield at 1.35%, compared with 0.00% for UGA.
JPSE is categorized as Small Cap Growth Equities, while UGA is Oil & Gas. JPSE tracks JPMorgan Diversified Factor US Small Cap Equity Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: JPMorgan and Concierge Technologies. Their fees differ too: 0.29% for JPSE and 0.75% for UGA.
JPSE currently has the higher Sharpe Ratio (2.05 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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