QTR vs. UGA
QTR (Global X NASDAQ 100 Tail Risk ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - QTR is a Nasdaq-100 fund tracking the NASDAQ-100 Quarterly Protective Put 90 Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 3 years, QTR returned 20.74%/yr vs 18.95%/yr for UGA. At a 0.02 correlation, their price movements are largely independent. QTR charges 0.60%/yr vs 0.75%/yr for UGA.
Performance
QTR vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, QTR achieves a 14.00% return, which is significantly lower than UGA's 64.09% return.
QTR
- 1D
- -2.27%
- 1M
- 0.45%
- YTD
- 14.00%
- 6M
- 12.63%
- 1Y
- 28.74%
- 3Y*
- 20.74%
- 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%
QTR vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
QTR Global X NASDAQ 100 Tail Risk ETF | 14.00% | 14.52% | 21.46% | 45.53% | -29.94% | 4.16% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 11.97% |
Correlation
The correlation between QTR and UGA is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Aug 26, 2021 | 0.02 |
The correlation between QTR and UGA shifts across timeframes, from -0.18 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
QTR vs. UGA — Risk / Return Rank
QTR
UGA
QTR vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X NASDAQ 100 Tail Risk ETF (QTR) 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.
| QTR | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.30 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 3.17 | -0.82 |
| Martin ratioReturn relative to average drawdown | 7.86 | 9.39 | -1.53 |
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Drawdowns
QTR vs. UGA - Drawdown Comparison
The maximum QTR drawdown since its inception was -31.72%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for QTR and UGA.
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Drawdown Indicators
| QTR | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.72% | -86.59% | +54.87% |
Max Drawdown (1Y)Largest decline over 1 year | -12.29% | -18.96% | +6.67% |
Max Drawdown (3Y)Largest decline over 3 years | -18.99% | -26.68% | +7.69% |
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 | -3.33% | -18.05% | +14.72% |
Average DrawdownAverage peak-to-trough decline | -8.77% | -36.69% | +27.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.66% | 6.43% | -2.77% |
Volatility
QTR vs. UGA - Volatility Comparison
The current volatility for Global X NASDAQ 100 Tail Risk ETF (QTR) is 8.36%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that QTR 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
| QTR | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.36% | 9.24% | -0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 12.86% | 30.57% | -17.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.96% | 35.22% | -19.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.35% | 34.45% | -16.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.35% | 37.22% | -18.87% |
QTR vs. UGA - Expense Ratio Comparison
QTR has a 0.60% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
QTR vs. UGA - Dividend Comparison
QTR's dividend yield for the trailing twelve months is around 16.47%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
QTR Global X NASDAQ 100 Tail Risk ETF | 16.47% | 18.77% | 0.50% | 0.53% | 0.36% | 1.90% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QTR and UGA have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to QTR (8.36%). In terms of maximum drawdown, QTR dropped -31.72% vs UGA's -86.59%.
On 3-year performance, QTR leads with 20.74% vs 18.95% for UGA. On fees, QTR is cheaper at 0.60% per year. On volatility, QTR has been the lower-risk option at 8.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, QTR has performed better with a 20.74% return vs 18.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QTR is cheaper with a 0.60% expense ratio, compared with 0.75% for UGA.
QTR has the higher dividend yield at 16.47%, compared with 0.00% for UGA.
QTR is categorized as Nasdaq-100, while UGA is Oil & Gas. QTR tracks NASDAQ-100 Quarterly Protective Put 90 Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Global X and Concierge Technologies. Their fees differ too: 0.60% for QTR and 0.75% for UGA.
QTR currently has the higher Sharpe Ratio (1.81 vs 1.73), 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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