RYLD vs. UGA
RYLD (Global X Russell 2000 Covered Call ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - RYLD is a Derivative Income fund tracking the CBOE Russell 2000 BuyWrite Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, RYLD returned 2.45%/yr vs 22.69%/yr for UGA. At a 0.18 correlation, their price movements are largely independent. RYLD charges 0.60%/yr vs 0.75%/yr for UGA.
Performance
RYLD vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, RYLD achieves a 9.51% return, which is significantly lower than UGA's 64.09% return.
RYLD
- 1D
- -0.50%
- 1M
- 2.12%
- YTD
- 9.51%
- 6M
- 8.37%
- 1Y
- 20.74%
- 3Y*
- 8.72%
- 5Y*
- 2.45%
- 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%
RYLD vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
RYLD Global X Russell 2000 Covered Call ETF | 9.51% | 5.65% | 10.13% | 0.27% | -13.03% | 22.13% | -0.44% | 8.86% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 0.38% |
Correlation
The correlation between RYLD and UGA is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Apr 22, 2019 | 0.18 |
The correlation between RYLD and UGA shifts across timeframes, from -0.16 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
RYLD vs. UGA — Risk / Return Rank
RYLD
UGA
RYLD vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Russell 2000 Covered Call ETF (RYLD) 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.
| RYLD | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.30 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.31 | 3.17 | +0.14 |
| Martin ratioReturn relative to average drawdown | 13.37 | 9.39 | +3.98 |
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Drawdowns
RYLD vs. UGA - Drawdown Comparison
The maximum RYLD drawdown since its inception was -41.53%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for RYLD and UGA.
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Drawdown Indicators
| RYLD | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.53% | -86.59% | +45.06% |
Max Drawdown (1Y)Largest decline over 1 year | -6.29% | -18.96% | +12.67% |
Max Drawdown (3Y)Largest decline over 3 years | -19.05% | -26.68% | +7.63% |
Max Drawdown (5Y)Largest decline over 5 years | -21.33% | -38.11% | +16.78% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -0.50% | -18.05% | +17.55% |
Average DrawdownAverage peak-to-trough decline | -8.78% | -36.69% | +27.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.55% | 6.43% | -4.88% |
Volatility
RYLD vs. UGA - Volatility Comparison
The current volatility for Global X Russell 2000 Covered Call ETF (RYLD) is 2.00%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that RYLD 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
| RYLD | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.00% | 9.24% | -7.24% |
Volatility (6M)Calculated over the trailing 6-month period | 7.80% | 30.57% | -22.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.66% | 35.22% | -24.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.05% | 34.45% | -20.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.15% | 37.22% | -20.07% |
RYLD vs. UGA - Expense Ratio Comparison
RYLD has a 0.60% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
RYLD vs. UGA - Dividend Comparison
RYLD's dividend yield for the trailing twelve months is around 11.73%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
RYLD Global X Russell 2000 Covered Call ETF | 11.73% | 12.00% | 12.03% | 12.64% | 13.49% | 12.35% | 10.76% | 6.43% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
RYLD and UGA have a correlation of -0.16, 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 RYLD (2.00%). In terms of maximum drawdown, RYLD dropped -41.53% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.69% vs 2.45% for RYLD. On fees, RYLD is cheaper at 0.60% per year. On volatility, RYLD has been the lower-risk option at 2.00%. 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 22.69% return vs 2.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RYLD is cheaper with a 0.60% expense ratio, compared with 0.75% for UGA.
RYLD has the higher dividend yield at 11.73%, compared with 0.00% for UGA.
RYLD is categorized as Derivative Income, while UGA is Oil & Gas. RYLD tracks CBOE Russell 2000 BuyWrite 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 RYLD and 0.75% for UGA.
RYLD currently has the higher Sharpe Ratio (1.96 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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