MFDX vs. UGA
MFDX (PIMCO RAFI Dynamic Multi-Factor International Equity ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - MFDX is a Foreign Large Cap Equities fund tracking the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, MFDX returned 10.13%/yr vs 23.21%/yr for UGA. At a 0.21 correlation, their price movements are largely independent. MFDX charges 0.39%/yr vs 0.75%/yr for UGA.
Performance
MFDX vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, MFDX achieves a 9.26% return, which is significantly lower than UGA's 66.14% return.
MFDX
- 1D
- 0.75%
- 1M
- -1.61%
- YTD
- 9.26%
- 6M
- 8.95%
- 1Y
- 22.30%
- 3Y*
- 18.40%
- 5Y*
- 10.13%
- 10Y*
- —
UGA
- 1D
- 4.14%
- 1M
- -5.40%
- YTD
- 66.14%
- 6M
- 62.36%
- 1Y
- 70.24%
- 3Y*
- 19.22%
- 5Y*
- 23.21%
- 10Y*
- 14.74%
MFDX vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF | 9.26% | 34.27% | 4.40% | 17.54% | -10.27% | 11.07% | 6.90% | 19.88% | -14.88% | 7.07% |
UGA United States Gasoline Fund LP | 66.14% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 9.04% |
Correlation
The correlation between MFDX and UGA is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Sep 6, 2017 | 0.21 |
The correlation between MFDX and UGA shifts across timeframes, from -0.28 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MFDX vs. UGA — Risk / Return Rank
MFDX
UGA
MFDX vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) 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.
| MFDX | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.34 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 3.47 | -1.37 |
| Martin ratioReturn relative to average drawdown | 8.19 | 10.69 | -2.49 |
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Drawdowns
MFDX vs. UGA - Drawdown Comparison
The maximum MFDX drawdown since its inception was -36.05%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for MFDX and UGA.
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Drawdown Indicators
| MFDX | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.05% | -86.59% | +50.54% |
Max Drawdown (1Y)Largest decline over 1 year | -10.66% | -20.32% | +9.66% |
Max Drawdown (3Y)Largest decline over 3 years | -11.62% | -26.68% | +15.06% |
Max Drawdown (5Y)Largest decline over 5 years | -25.58% | -38.11% | +12.53% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -2.26% | -17.02% | +14.76% |
Average DrawdownAverage peak-to-trough decline | -6.47% | -36.69% | +30.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.73% | 6.59% | -3.86% |
Volatility
MFDX vs. UGA - Volatility Comparison
The current volatility for PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) is 4.86%, while United States Gasoline Fund LP (UGA) has a volatility of 8.84%. This indicates that MFDX 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
| MFDX | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.86% | 8.84% | -3.98% |
Volatility (6M)Calculated over the trailing 6-month period | 12.12% | 30.92% | -18.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.23% | 34.74% | -20.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.11% | 34.52% | -19.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.43% | 37.24% | -20.81% |
MFDX vs. UGA - Expense Ratio Comparison
MFDX has a 0.39% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
MFDX vs. UGA - Dividend Comparison
MFDX's dividend yield for the trailing twelve months is around 2.80%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF | 2.80% | 2.97% | 3.16% | 3.12% | 2.85% | 2.99% | 1.58% | 2.88% | 2.13% | 0.71% |
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
MFDX and UGA have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (8.84%) compared to MFDX (4.86%). In terms of maximum drawdown, MFDX dropped -36.05% vs UGA's -86.59%.
On 5-year performance, UGA leads with 23.21% vs 10.13% for MFDX. On fees, MFDX is cheaper at 0.39% per year. On volatility, MFDX has been the lower-risk option at 4.86%. 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 23.21% return vs 10.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MFDX is cheaper with a 0.39% expense ratio, compared with 0.75% for UGA.
MFDX has the higher dividend yield at 2.80%, compared with 0.00% for UGA.
MFDX is categorized as Foreign Large Cap Equities, while UGA is Oil & Gas. MFDX tracks RAFI Dynamic Multi-Factor Developed Ex-U.S. Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: PIMCO and Concierge Technologies. Their fees differ too: 0.39% for MFDX and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.03 vs 1.58), 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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