PVAL vs. UGA
PVAL (Putnam Focused Large Cap Value ETF) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - PVAL is a Large Cap Value Equities fund actively managed by Putnam, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. PVAL is actively managed, while UGA is passively managed. Over the past 5 years, PVAL returned 17.29%/yr vs 24.07%/yr for UGA. Their 0.15 correlation means their historical movements had little consistent relationship. PVAL charges 0.55%/yr vs 1.02%/yr for UGA.
Performance
PVAL vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, PVAL achieves a 19.61% return, which is significantly lower than UGA's 72.77% return.
PVAL
- 1D
- 0.18%
- 1M
- 4.54%
- 6M
- 12.50%
- YTD
- 19.61%
- 1Y
- 35.91%
- 3Y*
- 23.28%
- 5Y*
- 17.29%
- 10Y*
- —
- ALL TIME*
- 17.23%
UGA
- 1D
- -0.56%
- 1M
- 0.07%
- 6M
- 54.03%
- YTD
- 72.77%
- 1Y
- 71.49%
- 3Y*
- 14.87%
- 5Y*
- 24.07%
- 10Y*
- 16.28%
- ALL TIME*
- 4.25%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $94.53M | $102.33M | $92.20M | |
| $8.67M | $6.11M | $4.99M |
PVAL vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PVAL Putnam Focused Large Cap Value ETF | 19.61% | 24.13% | 19.30% | 18.41% | -2.61% | 11.77% |
UGA United States Gasoline Fund, LP | 72.77% | -2.00% | 3.77% | 1.27% | 46.34% | 20.54% |
Correlation
The correlation between PVAL and UGA is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.23 |
Correlation (3Y) Balances recent behavior with more history. | -0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (All Time) Calculated using the full available price history since May 26, 2021 | 0.15 |
The correlation between PVAL and UGA shifts across timeframes, from -0.23 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PVAL vs. UGA — Risk / Return Rank
PVAL
UGA
PVAL vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Focused Large Cap Value ETF (PVAL) 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.
| PVAL | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +2.06 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.32 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 4.99 | 3.54 | +1.46 |
| Martin ratioReturn relative to average drawdown | 19.40 | 9.75 | +9.65 |
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Drawdowns
PVAL vs. UGA - Drawdown Comparison
The maximum PVAL drawdown since its inception was -16.64%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for PVAL and UGA.
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Drawdown Indicators
| PVAL | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.64% | -86.59% | +69.95% |
Max Drawdown (1Y)Largest decline over 1 year | -7.22% | -20.32% | +13.10% |
Max Drawdown (3Y)Largest decline over 3 years | -15.42% | -26.68% | +11.26% |
Max Drawdown (5Y)Largest decline over 5 years | -16.64% | -38.11% | +21.47% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | 0.00% | -14.67% | +14.67% |
Average DrawdownAverage peak-to-trough decline | -2.94% | -36.52% | +33.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.86% | 7.36% | -5.50% |
Volatility
PVAL vs. UGA - Volatility Comparison
The current volatility for Putnam Focused Large Cap Value ETF (PVAL) is 2.97%, while United States Gasoline Fund, LP (UGA) has a volatility of 13.00%. This indicates that PVAL 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
| PVAL | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.97% | 13.00% | -10.03% |
Volatility (6M)Calculated over the trailing 6-month period | 8.48% | 32.16% | -23.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.08% | 36.60% | -25.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.23% | 34.71% | -19.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.13% | 37.31% | -22.18% |
PVAL vs. UGA - Expense Ratio Comparison
PVAL has a 0.55% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
PVAL vs. UGA - Dividend Comparison
PVAL's dividend yield for the trailing twelve months is around 0.89%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
PVAL Putnam Focused Large Cap Value ETF | 0.89% | 1.00% | 1.34% | 1.33% | 0.59% | 0.47% |
UGA United States Gasoline Fund, LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PVAL and UGA have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (13.00%) compared to PVAL (2.97%). In terms of maximum drawdown, PVAL dropped -16.64% vs UGA's -86.59%.
On 5-year performance, UGA leads with 24.07% vs 17.29% for PVAL. On fees, PVAL is cheaper at 0.55% per year. On volatility, PVAL has been the lower-risk option at 2.97%. 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 24.07% return vs 17.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PVAL is cheaper with a 0.55% expense ratio, compared with 1.02% for UGA.
PVAL has the higher dividend yield at 0.89%, compared with 0.00% for UGA.
PVAL is categorized as Large Cap Value Equities, while UGA is Oil & Gas. They also come from different issuers: Putnam and USCF. Their fees differ too: 0.55% for PVAL and 1.02% for UGA.
PVAL currently has the higher Sharpe Ratio (3.26 vs 1.96), 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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