SHNY vs. UGA

Last updated Jun 24, 2026

SHNY (MicroSectors Gold 3X Leveraged ETN) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - SHNY is a Leveraged Commodities fund managed by BMO, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Over the past 3 years, SHNY returned 49.33%/yr vs 18.95%/yr for UGA. At a 0.05 correlation, their price movements are largely independent. SHNY charges 0.95%/yr vs 0.75%/yr for UGA.

Performance

SHNY vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold 3X Leveraged ETN (SHNY) 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, SHNY achieves a -34.20% return, which is significantly lower than UGA's 64.09% return.

SHNY

• 1D: -5.70%
• 1M: -27.06%
• YTD: -34.20%
• 6M: -42.91%
• 1Y: 14.03%
• 3Y*: 49.33%
• 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)

SHNY vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHNY MicroSectors Gold 3X Leveraged ETN	-34.20%	214.54%	50.30%	10.98%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.77%	3.87%

Correlation

The correlation between SHNY and UGA is -0.08, 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	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023	0.05

The correlation between SHNY and UGA shifts across timeframes, from -0.08 (1 year) to 0.06 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

SHNY vs. UGA — Risk / Return Rank

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

SHNY

SHNY Risk / Return Rank: 13
SHNY Sharpe Ratio Rank: 11
SHNY Sortino Ratio Rank: 15
SHNY Omega Ratio Rank: 17
SHNY Calmar Ratio Rank: 11
SHNY Martin Ratio Rank: 11

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.

SHNY vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold 3X Leveraged ETN (SHNY) 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.

	SHNY	UGA	Difference
Sharpe ratio: Return per unit of total volatility	0.17	1.73	-1.56
Sortino ratio: Return per unit of downside risk	0.78	2.25	-1.47
Omega ratio: Gain probability vs. loss probability	1.11	1.30	-0.18
Calmar ratio: Return relative to maximum drawdown	0.22	3.17	-2.95
Martin ratio: Return relative to average drawdown	0.49	9.39	-8.91

SHNY vs. UGA - Sharpe Ratio Comparison

The current SHNY Sharpe Ratio is 0.17, which is lower than the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of SHNY 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

SHNY vs. UGA - Drawdown Comparison

The maximum SHNY drawdown since its inception was -65.54%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for SHNY and UGA.

Drawdown Indicators

	SHNY	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-65.54%	-86.59%	+21.05%
Max Drawdown (1Y) Largest decline over 1 year	-65.54%	-18.96%	-46.58%
Max Drawdown (3Y) Largest decline over 3 years	-65.54%	-26.68%	-38.86%
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	-65.38%	-18.05%	-47.33%
Average Drawdown Average peak-to-trough decline	-15.65%	-36.69%	+21.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.98%	6.43%	+22.55%

Volatility

SHNY vs. UGA - Volatility Comparison

MicroSectors Gold 3X Leveraged ETN (SHNY) has a higher volatility of 24.50% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that SHNY'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

	SHNY	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.50%	9.24%	+15.26%
Volatility (6M) Calculated over the trailing 6-month period	74.44%	30.57%	+43.87%
Volatility (1Y) Calculated over the trailing 1-year period	81.62%	35.22%	+46.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.25%	34.45%	+24.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.25%	37.22%	+22.03%

SHNY vs. UGA - Expense Ratio Comparison

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

Dividends

SHNY vs. UGA - Dividend Comparison

Neither SHNY nor UGA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SHNY and UGA in my portfolio?

SHNY and UGA have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHNY or UGA?

SHNY has higher volatility (24.50%) compared to UGA (9.24%). In terms of maximum drawdown, SHNY dropped -65.54% vs UGA's -86.59%.

Which ETF is better, SHNY or UGA?

On 3-year performance, SHNY leads with 49.33% vs 18.95% for UGA. 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, SHNY or UGA?

Over the 3-year period, SHNY has performed better with a 49.33% return vs 18.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHNY or UGA?

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

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

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

What is the main difference between SHNY and UGA?

SHNY is categorized as Leveraged Commodities, while UGA is Oil & Gas. They also come from different issuers: BMO and Concierge Technologies. Their fees differ too: 0.95% for SHNY and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.73 vs 0.17), 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.