SPYQ vs. UGA

Last updated Jun 24, 2026

SPYQ (Tradr 2X Long SPY Quarterly ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - SPYQ is a Leveraged Equities fund actively managed by AXS, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. SPYQ is actively managed, while UGA is passively managed. Over the past year, SPYQ returned 39.24% vs 59.74% for UGA. At a correlation of -0.10, they often move in opposite directions. SPYQ charges 1.30%/yr vs 0.75%/yr for UGA.

Performance

SPYQ vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long SPY Quarterly ETF (SPYQ) 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, SPYQ achieves a 11.91% return, which is significantly lower than UGA's 64.09% return.

SPYQ

• 1D: -2.39%
• 1M: -2.84%
• YTD: 11.91%
• 6M: 9.83%
• 1Y: 39.24%
• 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)

SPYQ vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYQ Tradr 2X Long SPY Quarterly ETF	11.91%	26.22%	4.73%
UGA United States Gasoline Fund LP	64.09%	-2.00%	7.80%

Correlation

The correlation between SPYQ and UGA is -0.22, 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	-0.22
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	-0.10

The correlation between SPYQ and UGA shifts across timeframes, from -0.22 (1 year) to -0.10 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPYQ vs. UGA — Risk / Return Rank

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

SPYQ

SPYQ Risk / Return Rank: 48
SPYQ Sharpe Ratio Rank: 49
SPYQ Sortino Ratio Rank: 44
SPYQ Omega Ratio Rank: 46
SPYQ Calmar Ratio Rank: 44
SPYQ Martin Ratio Rank: 55

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.

SPYQ vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long SPY Quarterly ETF (SPYQ) 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.

	SPYQ	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.73	-0.13
Sortino ratio: Return per unit of downside risk	2.15	2.25	-0.10
Omega ratio: Gain probability vs. loss probability	1.28	1.30	-0.02
Calmar ratio: Return relative to maximum drawdown	2.11	3.17	-1.06
Martin ratio: Return relative to average drawdown	9.19	9.39	-0.20

SPYQ vs. UGA - Sharpe Ratio Comparison

The current SPYQ Sharpe Ratio is 1.60, which is comparable to the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of SPYQ 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

SPYQ vs. UGA - Drawdown Comparison

The maximum SPYQ drawdown since its inception was -35.88%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for SPYQ and UGA.

Drawdown Indicators

	SPYQ	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-35.88%	-86.59%	+50.71%
Max Drawdown (1Y) Largest decline over 1 year	-18.70%	-18.96%	+0.26%
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	-5.82%	-18.05%	+12.23%
Average Drawdown Average peak-to-trough decline	-4.86%	-36.69%	+31.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.28%	6.43%	-2.15%

Volatility

SPYQ vs. UGA - Volatility Comparison

The current volatility for Tradr 2X Long SPY Quarterly ETF (SPYQ) is 8.50%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that SPYQ 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.

Volatility by Period

	SPYQ	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.50%	9.24%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	19.42%	30.57%	-11.15%
Volatility (1Y) Calculated over the trailing 1-year period	24.72%	35.22%	-10.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.60%	34.45%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.60%	37.22%	-2.62%

SPYQ vs. UGA - Expense Ratio Comparison

SPYQ has a 1.30% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

SPYQ vs. UGA - Dividend Comparison

SPYQ's dividend yield for the trailing twelve months is around 0.15%, while UGA has not paid dividends to shareholders.

Position	TTM	2025
SPYQ Tradr 2X Long SPY Quarterly ETF	0.15%	0.17%
UGA United States Gasoline Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYQ and UGA in my portfolio?

SPYQ and UGA have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYQ or UGA?

UGA has higher volatility (9.24%) compared to SPYQ (8.50%). In terms of maximum drawdown, SPYQ dropped -35.88% vs UGA's -86.59%.

Which ETF is better, SPYQ or UGA?

On 1-year performance, UGA leads with 59.74% vs 39.24% for SPYQ. On fees, UGA is cheaper at 0.75% per year. On volatility, SPYQ has been the lower-risk option at 8.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYQ or UGA?

Over the 1-year period, UGA has performed better with a 59.74% return vs 39.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYQ or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 1.30% for SPYQ.

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

SPYQ has the higher dividend yield at 0.15%, compared with 0.00% for UGA.

What is the main difference between SPYQ and UGA?

SPYQ is categorized as Leveraged Equities, while UGA is Oil & Gas. They also come from different issuers: AXS and Concierge Technologies. Their fees differ too: 1.30% for SPYQ and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.73 vs 1.60), 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.