NRGD vs. UGA

Last updated Jun 24, 2026

NRGD (MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - NRGD is a Leveraged Equities fund tracking the Solactive MicroSectors U.S. Big Oil Index (-300%), while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past year, NRGD returned -72.26% vs 59.74% for UGA. At a correlation of -0.66, they often move in opposite directions. NRGD charges 0.95%/yr vs 0.75%/yr for UGA.

Performance

NRGD vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRGD achieves a -63.27% return, which is significantly lower than UGA's 64.09% return.

NRGD

• 1D: -2.47%
• 1M: 16.95%
• YTD: -63.27%
• 6M: -63.90%
• 1Y: -72.26%
• 3Y*: —
• 5Y*: —
• 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%

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

NRGD vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025
NRGD MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN	-63.27%	-35.40%
UGA United States Gasoline Fund LP	64.09%	-4.94%

Correlation

The correlation between NRGD and UGA is -0.66, 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	-0.66
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	-0.66

The correlation between NRGD and UGA has been stable across timeframes, ranging from -0.66 to -0.66 - a consistent structural relationship.

Return for Risk

NRGD vs. UGA — Risk / Return Rank

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

NRGD

NRGD Risk / Return Rank: 1
NRGD Sharpe Ratio Rank: 1
NRGD Sortino Ratio Rank: 1
NRGD Omega Ratio Rank: 1
NRGD Calmar Ratio Rank: 1
NRGD Martin Ratio Rank: 1

UGA

UGA Risk / Return Rank: 55
UGA Sharpe Ratio Rank: 53
UGA Sortino Ratio Rank: 48
UGA Omega Ratio Rank: 49
UGA Calmar Ratio Rank: 67
UGA Martin Ratio Rank: 56

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.

NRGD vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) 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.

	NRGD	UGA	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	1.73	-2.70
Sortino ratio: Return per unit of downside risk	-1.82	2.25	-4.07
Omega ratio: Gain probability vs. loss probability	0.81	1.30	-0.49
Calmar ratio: Return relative to maximum drawdown	-0.90	3.17	-4.07
Martin ratio: Return relative to average drawdown	-1.45	9.39	-10.84

NRGD vs. UGA - Sharpe Ratio Comparison

The current NRGD Sharpe Ratio is -0.97, which is lower than the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of NRGD 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.

Drawdowns

NRGD vs. UGA - Drawdown Comparison

The maximum NRGD drawdown since its inception was -89.64%, roughly equal to the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for NRGD and UGA.

Drawdown Indicators

	NRGD	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-89.64%	-86.59%	-3.05%
Max Drawdown (1Y) Largest decline over 1 year	-80.03%	-18.96%	-61.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	-86.51%	-18.05%	-68.46%
Average Drawdown Average peak-to-trough decline	-59.82%	-36.69%	-23.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.93%	6.43%	+43.50%

Volatility

NRGD vs. UGA - Volatility Comparison

MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) has a higher volatility of 24.74% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that NRGD's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRGD	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.74%	9.24%	+15.50%
Volatility (6M) Calculated over the trailing 6-month period	59.20%	30.57%	+28.63%
Volatility (1Y) Calculated over the trailing 1-year period	75.34%	35.22%	+40.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.73%	34.45%	+54.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	88.73%	37.22%	+51.51%

NRGD vs. UGA - Expense Ratio Comparison

NRGD has a 0.95% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

NRGD vs. UGA - Dividend Comparison

Neither NRGD nor UGA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NRGD and UGA in my portfolio?

NRGD and UGA have a correlation of -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NRGD or UGA?

NRGD has higher volatility (24.74%) compared to UGA (9.24%). In terms of maximum drawdown, NRGD dropped -89.64% vs UGA's -86.59%.

Which ETF is better, NRGD or UGA?

On 1-year performance, UGA leads with 59.74% vs -72.26% for NRGD. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 9.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NRGD or UGA?

Over the 1-year period, UGA has performed better with a 59.74% return vs -72.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRGD or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 0.95% for NRGD.

Which ETF pays a higher dividend yield, NRGD or UGA?

NRGD and UGA have nearly identical dividend yields, around 0.00%.

What is the main difference between NRGD and UGA?

NRGD is categorized as Leveraged Equities, while UGA is Oil & Gas. NRGD tracks Solactive MicroSectors U.S. Big Oil Index (-300%), while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: BMO and Concierge Technologies. Their fees differ too: 0.95% for NRGD and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.73 vs -0.97), 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.