JVAL vs. UGA
JVAL (JPMorgan U.S. Value Factor ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - JVAL is a Large Cap Value Equities fund tracking the JP Morgan US Value Factor Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, JVAL returned 12.33%/yr vs 22.69%/yr for UGA. At a 0.20 correlation, their price movements are largely independent. JVAL charges 0.12%/yr vs 0.75%/yr for UGA.
Performance
JVAL vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, JVAL achieves a 17.19% return, which is significantly lower than UGA's 64.09% return.
JVAL
- 1D
- -2.17%
- 1M
- 2.26%
- YTD
- 17.19%
- 6M
- 16.20%
- 1Y
- 34.89%
- 3Y*
- 20.80%
- 5Y*
- 12.33%
- 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%
JVAL vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JVAL JPMorgan U.S. Value Factor ETF | 17.19% | 16.16% | 14.53% | 19.48% | -11.58% | 31.31% | 6.43% | 28.37% | -8.94% | 5.24% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | -2.99% |
Correlation
The correlation between JVAL 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 | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2017 | 0.20 |
The correlation between JVAL 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
JVAL vs. UGA — Risk / Return Rank
JVAL
UGA
JVAL vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan U.S. Value Factor ETF (JVAL) 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.
| JVAL | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.67 | ||
| Sortino ratioReturn per unit of downside risk | +1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.30 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 4.13 | 3.17 | +0.97 |
| Martin ratioReturn relative to average drawdown | 15.99 | 9.39 | +6.60 |
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Drawdowns
JVAL vs. UGA - Drawdown Comparison
The maximum JVAL drawdown since its inception was -40.42%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for JVAL and UGA.
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Drawdown Indicators
| JVAL | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.42% | -86.59% | +46.17% |
Max Drawdown (1Y)Largest decline over 1 year | -8.48% | -18.96% | +10.48% |
Max Drawdown (3Y)Largest decline over 3 years | -20.07% | -26.68% | +6.61% |
Max Drawdown (5Y)Largest decline over 5 years | -22.39% | -38.11% | +15.72% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -2.50% | -18.05% | +15.55% |
Average DrawdownAverage peak-to-trough decline | -5.28% | -36.69% | +31.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.19% | 6.43% | -4.24% |
Volatility
JVAL vs. UGA - Volatility Comparison
The current volatility for JPMorgan U.S. Value Factor ETF (JVAL) is 6.20%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that JVAL 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
| JVAL | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.20% | 9.24% | -3.04% |
Volatility (6M)Calculated over the trailing 6-month period | 11.24% | 30.57% | -19.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.62% | 35.22% | -20.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.25% | 34.45% | -17.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.85% | 37.22% | -17.37% |
JVAL vs. UGA - Expense Ratio Comparison
JVAL has a 0.12% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
JVAL vs. UGA - Dividend Comparison
JVAL's dividend yield for the trailing twelve months is around 1.76%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
JVAL JPMorgan U.S. Value Factor ETF | 1.76% | 2.08% | 2.21% | 2.43% | 2.46% | 1.88% | 2.55% | 2.58% | 2.61% | 0.45% |
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% |
Frequently Asked Questions
JVAL 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 JVAL (6.20%). In terms of maximum drawdown, JVAL dropped -40.42% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.69% vs 12.33% for JVAL. On fees, JVAL is cheaper at 0.12% per year. On volatility, JVAL has been the lower-risk option at 6.20%. 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 12.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JVAL is cheaper with a 0.12% expense ratio, compared with 0.75% for UGA.
JVAL has the higher dividend yield at 1.76%, compared with 0.00% for UGA.
JVAL is categorized as Large Cap Value Equities, while UGA is Oil & Gas. JVAL tracks JP Morgan US Value Factor Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: JPMorgan and Concierge Technologies. Their fees differ too: 0.12% for JVAL and 0.75% for UGA.
JVAL currently has the higher Sharpe Ratio (2.40 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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