JRE vs. UGA

Last updated Jun 25, 2026

JRE (Janus Henderson U.S. Real Estate ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - JRE is a fund fund actively managed by Janus Henderson, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. JRE is actively managed, while UGA is passively managed. Over the past 5 years, JRE returned 4.87%/yr vs 22.22%/yr for UGA. At a 0.03 correlation, their price movements are largely independent. JRE charges 0.65%/yr vs 0.75%/yr for UGA.

Performance

JRE vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson U.S. Real Estate ETF (JRE) 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, JRE achieves a 18.68% return, which is significantly lower than UGA's 59.54% return.

JRE

• 1D: 0.40%
• 1M: 2.66%
• YTD: 18.68%
• 6M: 18.07%
• 1Y: 19.65%
• 3Y*: 12.76%
• 5Y*: 4.87%
• 10Y*: —

UGA

• 1D: -2.77%
• 1M: -14.54%
• YTD: 59.54%
• 6M: 55.91%
• 1Y: 62.68%
• 3Y*: 17.85%
• 5Y*: 22.22%
• 10Y*: 13.99%

*Multi-year figures are annualized to reflect compound growth (CAGR)

JRE vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JRE Janus Henderson U.S. Real Estate ETF	18.68%	2.97%	7.65%	8.79%	-23.47%	16.20%
UGA United States Gasoline Fund LP	59.54%	-2.00%	3.77%	1.27%	46.34%	14.86%

Correlation

The correlation between JRE and UGA is -0.19, 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	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	-0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jun 23, 2021	0.03

The correlation between JRE and UGA shifts across timeframes, from -0.19 (1 year) to 0.03 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

JRE vs. UGA — Risk / Return Rank

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

JRE

JRE Risk / Return Rank: 50
JRE Sharpe Ratio Rank: 45
JRE Sortino Ratio Rank: 43
JRE Omega Ratio Rank: 44
JRE Calmar Ratio Rank: 63
JRE Martin Ratio Rank: 57

UGA

UGA Risk / Return Rank: 60
UGA Sharpe Ratio Rank: 62
UGA Sortino Ratio Rank: 54
UGA Omega Ratio Rank: 55
UGA Calmar Ratio Rank: 69
UGA Martin Ratio Rank: 60

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.

JRE vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson U.S. Real Estate ETF (JRE) 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.

	JRE	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.83	-0.40
Sortino ratio: Return per unit of downside risk	1.96	2.35	-0.39
Omega ratio: Gain probability vs. loss probability	1.25	1.31	-0.05
Calmar ratio: Return relative to maximum drawdown	2.76	3.10	-0.34
Martin ratio: Return relative to average drawdown	8.82	9.66	-0.85

JRE vs. UGA - Sharpe Ratio Comparison

The current JRE Sharpe Ratio is 1.43, which is comparable to the UGA Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of JRE 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

JRE vs. UGA - Drawdown Comparison

The maximum JRE drawdown since its inception was -31.69%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for JRE and UGA.

Drawdown Indicators

	JRE	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-31.69%	-86.59%	+54.90%
Max Drawdown (1Y) Largest decline over 1 year	-7.14%	-20.32%	+13.18%
Max Drawdown (3Y) Largest decline over 3 years	-18.38%	-26.68%	+8.30%
Max Drawdown (5Y) Largest decline over 5 years	-31.69%	-38.11%	+6.42%
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	0.00%	-20.32%	+20.32%
Average Drawdown Average peak-to-trough decline	-12.49%	-36.69%	+24.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	6.51%	-4.20%

Volatility

JRE vs. UGA - Volatility Comparison

The current volatility for Janus Henderson U.S. Real Estate ETF (JRE) is 5.53%, while United States Gasoline Fund LP (UGA) has a volatility of 9.45%. This indicates that JRE 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

	JRE	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.53%	9.45%	-3.92%
Volatility (6M) Calculated over the trailing 6-month period	10.29%	30.74%	-20.45%
Volatility (1Y) Calculated over the trailing 1-year period	13.83%	34.84%	-21.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.74%	34.47%	-15.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.73%	37.22%	-18.49%

JRE vs. UGA - Expense Ratio Comparison

JRE has a 0.65% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

JRE vs. UGA - Dividend Comparison

JRE's dividend yield for the trailing twelve months is around 4.76%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
JRE Janus Henderson U.S. Real Estate ETF	4.76%	5.81%	2.20%	2.77%	2.87%	0.90%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JRE and UGA in my portfolio?

JRE and UGA have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JRE or UGA?

UGA has higher volatility (9.45%) compared to JRE (5.53%). In terms of maximum drawdown, JRE dropped -31.69% vs UGA's -86.59%.

Which ETF is better, JRE or UGA?

On 5-year performance, UGA leads with 22.22% vs 4.87% for JRE. On fees, JRE is cheaper at 0.65% per year. On volatility, JRE has been the lower-risk option at 5.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JRE or UGA?

Over the 5-year period, UGA has performed better with a 22.22% return vs 4.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JRE or UGA?

JRE is cheaper with a 0.65% expense ratio, compared with 0.75% for UGA.

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

JRE has the higher dividend yield at 4.76%, compared with 0.00% for UGA.

What is the main difference between JRE and UGA?

They also come from different issuers: Janus Henderson and Concierge Technologies. Their fees differ too: 0.65% for JRE and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.82 vs 1.43), 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.