JPUS vs. UGA
JPUS (JPMorgan Diversified Return US Equity ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - JPUS is a Large Cap Blend Equities fund tracking the JPMorgan Diversified Factor US Equity Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, JPUS returned 11.73%/yr vs 14.31%/yr for UGA. At a 0.20 correlation, their price movements are largely independent. JPUS charges 0.18%/yr vs 0.75%/yr for UGA.
Performance
JPUS vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, JPUS achieves a 12.21% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, JPUS has underperformed UGA with an annualized return of 11.73%, while UGA has yielded a comparatively higher 14.31% annualized return.
JPUS
- 1D
- -0.54%
- 1M
- 1.04%
- YTD
- 12.21%
- 6M
- 11.30%
- 1Y
- 20.72%
- 3Y*
- 15.87%
- 5Y*
- 9.94%
- 10Y*
- 11.73%
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%
JPUS vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPUS JPMorgan Diversified Return US Equity ETF | 12.21% | 11.18% | 13.48% | 10.98% | -8.47% | 29.09% | 7.54% | 25.50% | -6.14% | 20.58% |
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 JPUS and UGA is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2015 | 0.20 |
The correlation between JPUS and UGA shifts across timeframes, from -0.14 (1 year) to 0.20 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
JPUS vs. UGA — Risk / Return Rank
JPUS
UGA
JPUS vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Diversified Return US Equity ETF (JPUS) 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.
| JPUS | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.30 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | 3.17 | -0.15 |
| Martin ratioReturn relative to average drawdown | 12.07 | 9.39 | +2.68 |
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Drawdowns
JPUS vs. UGA - Drawdown Comparison
The maximum JPUS drawdown since its inception was -38.69%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for JPUS and UGA.
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Drawdown Indicators
| JPUS | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.69% | -86.59% | +47.90% |
Max Drawdown (1Y)Largest decline over 1 year | -6.90% | -18.96% | +12.06% |
Max Drawdown (3Y)Largest decline over 3 years | -15.96% | -26.68% | +10.72% |
Max Drawdown (5Y)Largest decline over 5 years | -19.04% | -38.11% | +19.07% |
Max Drawdown (10Y)Largest decline over 10 years | -38.69% | -75.89% | +37.20% |
Current DrawdownCurrent decline from peak | -1.49% | -18.05% | +16.56% |
Average DrawdownAverage peak-to-trough decline | -3.81% | -36.69% | +32.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | 6.43% | -4.71% |
Volatility
JPUS vs. UGA - Volatility Comparison
The current volatility for JPMorgan Diversified Return US Equity ETF (JPUS) is 3.05%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that JPUS 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
| JPUS | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.05% | 9.24% | -6.19% |
Volatility (6M)Calculated over the trailing 6-month period | 7.75% | 30.57% | -22.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.54% | 35.22% | -24.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.49% | 34.45% | -19.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.75% | 37.22% | -20.47% |
JPUS vs. UGA - Expense Ratio Comparison
JPUS has a 0.18% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
JPUS vs. UGA - Dividend Comparison
JPUS's dividend yield for the trailing twelve months is around 2.03%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JPUS JPMorgan Diversified Return US Equity ETF | 2.03% | 2.27% | 2.12% | 2.26% | 2.35% | 1.67% | 1.94% | 2.09% | 2.16% | 1.25% | 0.77% | 0.48% |
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% | 0.00% |
Frequently Asked Questions
JPUS and UGA have a correlation of -0.14, 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 JPUS (3.05%). In terms of maximum drawdown, JPUS dropped -38.69% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 11.73% for JPUS. On fees, JPUS is cheaper at 0.18% per year. On volatility, JPUS has been the lower-risk option at 3.05%. 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 14.31% return vs 11.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPUS is cheaper with a 0.18% expense ratio, compared with 0.75% for UGA.
JPUS has the higher dividend yield at 2.03%, compared with 0.00% for UGA.
JPUS is categorized as Large Cap Blend Equities, while UGA is Oil & Gas. JPUS tracks JPMorgan Diversified Factor US Equity Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: JPMorgan and Concierge Technologies. Their fees differ too: 0.18% for JPUS and 0.75% for UGA.
JPUS currently has the higher Sharpe Ratio (1.98 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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