NHYDY vs. UGA

Last updated Jun 5, 2026

NHYDY (Norsk Hydro ASA ADR) is a stock, while UGA (United States Gasoline Fund LP) is Oil & Gas fund tracking the Front Month Unleaded Gasoline. Over the past 10 years, NHYDY returned 17.85%/yr vs 14.27%/yr for UGA. At a 0.27 correlation, their price movements are largely independent.

Performance

NHYDY vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Norsk Hydro ASA ADR (NHYDY) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with NHYDY having a 69.18% return and UGA slightly higher at 70.69%. Over the past 10 years, NHYDY has outperformed UGA with an annualized return of 17.85%, while UGA has yielded a comparatively lower 14.27% annualized return.

NHYDY

• 1D: 0.31%
• 1M: 11.31%
• YTD: 69.18%
• 6M: 78.61%
• 1Y: 142.54%
• 3Y*: 31.41%
• 5Y*: 20.58%
• 10Y*: 17.85%

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%

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

NHYDY vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NHYDY Norsk Hydro ASA ADR	69.18%	47.30%	-14.94%	-4.18%	5.95%	76.35%	34.91%	-15.68%	-38.01%	65.31%
UGA United States Gasoline Fund LP	70.69%	-2.00%	3.77%	1.27%	46.34%	68.49%	-24.88%	41.25%	-28.07%	1.69%

Correlation

The correlation between NHYDY and UGA is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.27

The correlation between NHYDY and UGA shifts across timeframes, from 0.07 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NHYDY vs. UGA — Risk / Return Rank

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

NHYDY

NHYDY Risk / Return Rank: 98
NHYDY Sharpe Ratio Rank: 98
NHYDY Sortino Ratio Rank: 98
NHYDY Omega Ratio Rank: 96
NHYDY Calmar Ratio Rank: 98
NHYDY Martin Ratio Rank: 99

UGA

UGA Risk / Return Rank: 70
UGA Sharpe Ratio Rank: 71
UGA Sortino Ratio Rank: 58
UGA Omega Ratio Rank: 62
UGA Calmar Ratio Rank: 89
UGA Martin Ratio Rank: 70

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.

NHYDY vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Norsk Hydro ASA ADR (NHYDY) 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.

	NHYDY	UGA	Difference
Sharpe ratio: Return per unit of total volatility	4.58	2.27	+2.31
Sortino ratio: Return per unit of downside risk	5.01	2.71	+2.30
Omega ratio: Gain probability vs. loss probability	1.63	1.37	+0.27
Calmar ratio: Return relative to maximum drawdown	12.41	5.37	+7.04
Martin ratio: Return relative to average drawdown	46.47	12.86	+33.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NHYDY vs. UGA - Sharpe Ratio Comparison

The current NHYDY Sharpe Ratio is 4.58, which is higher than the UGA Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of NHYDY 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.

Sharpe Ratios by Period

	NHYDY	UGA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.58	2.27	+2.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.71	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.38	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.12	+0.36

Drawdowns

NHYDY vs. UGA - Drawdown Comparison

The maximum NHYDY drawdown since its inception was -73.90%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for NHYDY and UGA.

Drawdown Indicators

	NHYDY	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-73.90%	-86.59%	+12.69%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-14.88%	+3.32%
Max Drawdown (3Y) Largest decline over 3 years	-29.35%	-26.68%	-2.67%
Max Drawdown (5Y) Largest decline over 5 years	-46.67%	-38.11%	-8.56%
Max Drawdown (10Y) Largest decline over 10 years	-73.90%	-75.89%	+1.99%
Current Drawdown Current decline from peak	-1.77%	-14.75%	+12.98%
Average Drawdown Average peak-to-trough decline	-25.26%	-36.76%	+11.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	6.20%	-3.12%

Volatility

NHYDY vs. UGA - Volatility Comparison

The current volatility for Norsk Hydro ASA ADR (NHYDY) is 10.04%, while United States Gasoline Fund LP (UGA) has a volatility of 11.64%. This indicates that NHYDY 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

	NHYDY	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.04%	11.64%	-1.60%
Volatility (6M) Calculated over the trailing 6-month period	26.26%	30.48%	-4.22%
Volatility (1Y) Calculated over the trailing 1-year period	31.35%	35.27%	-3.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.21%	34.40%	+4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.35%	37.27%	+2.08%

Dividends

NHYDY vs. UGA - Dividend Comparison

NHYDY's dividend yield for the trailing twelve months is around 2.48%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
NHYDY Norsk Hydro ASA ADR	2.48%	2.65%	4.30%	8.10%	9.59%	1.86%	5.44%	3.92%	4.96%	1.91%	2.60%
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%

Frequently Asked Questions

Can I hold both NHYDY and UGA in my portfolio?

NHYDY and UGA have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NHYDY or UGA?

UGA has higher volatility (11.64%) compared to NHYDY (10.04%). In terms of maximum drawdown, NHYDY dropped -73.90% vs UGA's -86.59%.

Which has better risk-adjusted returns?

NHYDY currently has the higher Sharpe Ratio (4.58 vs 2.27), 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.