NFTY vs. UGA
NFTY (First Trust India NIFTY 50 Equal Weight ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - NFTY is a India Equities fund tracking the NIFTY 50 Equal Weight Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, NFTY returned 7.23%/yr vs 17.13%/yr for UGA. At a 0.09 correlation, their price movements are largely independent. NFTY charges 0.80%/yr vs 0.75%/yr for UGA.
Performance
NFTY vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, NFTY achieves a -8.35% return, which is significantly lower than UGA's 88.71% return. Over the past 10 years, NFTY has underperformed UGA with an annualized return of 7.23%, while UGA has yielded a comparatively higher 17.13% annualized return.
NFTY
- 1D
- -0.21%
- 1M
- -1.78%
- 6M
- -7.54%
- YTD
- -8.35%
- 1Y
- -9.06%
- 3Y*
- 4.29%
- 5Y*
- 5.57%
- 10Y*
- 7.23%
UGA
- 1D
- -0.85%
- 1M
- 16.18%
- 6M
- 81.39%
- YTD
- 88.71%
- 1Y
- 85.57%
- 3Y*
- 21.50%
- 5Y*
- 26.58%
- 10Y*
- 17.13%
NFTY vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NFTY First Trust India NIFTY 50 Equal Weight ETF | -8.35% | 5.47% | 5.18% | 24.00% | -3.46% | 26.83% | 10.04% | 0.58% | -1.51% | 21.78% |
UGA United States Gasoline Fund LP | 88.71% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between NFTY and UGA is -0.33, 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 | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2012 | 0.09 |
The correlation between NFTY and UGA shifts across timeframes, from -0.33 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NFTY vs. UGA — Risk / Return Rank
NFTY
UGA
NFTY vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust India NIFTY 50 Equal Weight ETF (NFTY) 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.
| NFTY | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.02 | ||
| Sortino ratioReturn per unit of downside risk | -3.75 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.38 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 4.23 | -4.80 |
| Martin ratioReturn relative to average drawdown | -1.34 | 11.76 | -13.09 |
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Drawdowns
NFTY vs. UGA - Drawdown Comparison
The maximum NFTY drawdown since its inception was -47.67%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for NFTY and UGA.
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Drawdown Indicators
| NFTY | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.67% | -86.59% | +38.92% |
Max Drawdown (1Y)Largest decline over 1 year | -16.14% | -20.32% | +4.18% |
Max Drawdown (3Y)Largest decline over 3 years | -21.55% | -26.68% | +5.13% |
Max Drawdown (5Y)Largest decline over 5 years | -21.55% | -38.11% | +16.56% |
Max Drawdown (10Y)Largest decline over 10 years | -47.67% | -75.89% | +28.22% |
Current DrawdownCurrent decline from peak | -16.22% | -5.75% | -10.47% |
Average DrawdownAverage peak-to-trough decline | -9.63% | -36.61% | +26.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.82% | 7.30% | -0.48% |
Volatility
NFTY vs. UGA - Volatility Comparison
The current volatility for First Trust India NIFTY 50 Equal Weight ETF (NFTY) is 3.01%, while United States Gasoline Fund LP (UGA) has a volatility of 11.35%. This indicates that NFTY 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
| NFTY | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.01% | 11.35% | -8.34% |
Volatility (6M)Calculated over the trailing 6-month period | 12.58% | 31.71% | -19.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.72% | 35.83% | -21.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.40% | 34.67% | -17.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.64% | 37.23% | -16.59% |
NFTY vs. UGA - Expense Ratio Comparison
NFTY has a 0.80% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
NFTY vs. UGA - Dividend Comparison
NFTY's dividend yield for the trailing twelve months is around 1.93%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NFTY First Trust India NIFTY 50 Equal Weight ETF | 1.93% | 1.24% | 1.61% | 0.13% | 5.89% | 1.53% | 0.61% | 0.97% | 0.00% | 4.10% | 3.28% | 4.39% |
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
NFTY and UGA have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.35%) compared to NFTY (3.01%). In terms of maximum drawdown, NFTY dropped -47.67% vs UGA's -86.59%.
On 10-year performance, UGA leads with 17.13% vs 7.23% for NFTY. On fees, UGA is cheaper at 0.75% per year. On volatility, NFTY has been the lower-risk option at 3.01%. 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 17.13% return vs 7.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.80% for NFTY.
NFTY has the higher dividend yield at 1.93%, compared with 0.00% for UGA.
NFTY is categorized as India Equities, while UGA is Oil & Gas. NFTY tracks NIFTY 50 Equal Weight Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: First Trust and Concierge Technologies. Their fees differ too: 0.80% for NFTY and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.40 vs -0.62), 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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