MISL vs. UGA
MISL (First Trust Indxx Aerospace & Defense ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - MISL is a Industrials Equities fund tracking the Indxx US Aerospace & Defense Index - Benchmark TR Gross, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 3 years, MISL returned 29.55%/yr vs 20.80%/yr for UGA. At a 0.05 correlation, their price movements are largely independent. MISL charges 0.60%/yr vs 0.75%/yr for UGA.
Performance
MISL vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, MISL achieves a 9.91% return, which is significantly lower than UGA's 70.69% return.
MISL
- 1D
- 2.15%
- 1M
- 8.87%
- YTD
- 9.91%
- 6M
- 13.69%
- 1Y
- 34.75%
- 3Y*
- 29.55%
- 5Y*
- —
- 10Y*
- —
UGA
- 1D
- -2.73%
- 1M
- -12.25%
- YTD
- 70.69%
- 6M
- 59.72%
- 1Y
- 79.48%
- 3Y*
- 20.80%
- 5Y*
- 24.41%
- 10Y*
- 14.27%
MISL vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MISL First Trust Indxx Aerospace & Defense ETF | 9.91% | 41.24% | 20.48% | 14.78% | 8.22% |
UGA United States Gasoline Fund LP | 70.69% | -2.00% | 3.77% | 1.27% | -2.55% |
Correlation
The correlation between MISL and UGA is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022 | 0.05 |
The correlation between MISL and UGA shifts across timeframes, from -0.09 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MISL vs. UGA — Risk / Return Rank
MISL
UGA
MISL vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Aerospace & Defense ETF (MISL) 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.
| MISL | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.73 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.37 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | 5.37 | -3.14 |
| Martin ratioReturn relative to average drawdown | 5.87 | 12.86 | -6.99 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MISL | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.54 | 2.27 | -0.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.71 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.38 | 0.12 | +1.27 |
Drawdowns
MISL vs. UGA - Drawdown Comparison
The maximum MISL drawdown since its inception was -17.91%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for MISL and UGA.
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Drawdown Indicators
| MISL | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.91% | -86.59% | +68.68% |
Max Drawdown (1Y)Largest decline over 1 year | -15.69% | -14.88% | -0.81% |
Max Drawdown (3Y)Largest decline over 3 years | -17.91% | -26.68% | +8.77% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -7.80% | -14.75% | +6.95% |
Average DrawdownAverage peak-to-trough decline | -3.50% | -36.76% | +33.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.93% | 6.20% | -0.27% |
Volatility
MISL vs. UGA - Volatility Comparison
The current volatility for First Trust Indxx Aerospace & Defense ETF (MISL) is 8.58%, while United States Gasoline Fund LP (UGA) has a volatility of 11.64%. This indicates that MISL 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
| MISL | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.58% | 11.64% | -3.06% |
Volatility (6M)Calculated over the trailing 6-month period | 19.21% | 30.48% | -11.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.66% | 35.27% | -12.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.16% | 34.40% | -15.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.16% | 37.27% | -18.11% |
MISL vs. UGA - Expense Ratio Comparison
MISL has a 0.60% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
MISL vs. UGA - Dividend Comparison
MISL's dividend yield for the trailing twelve months is around 0.35%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
MISL First Trust Indxx Aerospace & Defense ETF | 0.35% | 0.40% | 0.74% | 0.63% | 0.08% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MISL and UGA have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.64%) compared to MISL (8.58%). In terms of maximum drawdown, MISL dropped -17.91% vs UGA's -86.59%.
On 3-year performance, MISL leads with 29.55% vs 20.80% for UGA. On fees, MISL is cheaper at 0.60% per year. On volatility, MISL has been the lower-risk option at 8.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MISL has performed better with a 29.55% return vs 20.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MISL is cheaper with a 0.60% expense ratio, compared with 0.75% for UGA.
MISL has the higher dividend yield at 0.35%, compared with 0.00% for UGA.
MISL is categorized as Industrials Equities, while UGA is Oil & Gas. MISL tracks Indxx US Aerospace & Defense Index - Benchmark TR Gross, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: First Trust and Concierge Technologies. Their fees differ too: 0.60% for MISL and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.27 vs 1.54), 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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