TSMY vs. UGA

Last updated Jun 24, 2026

TSMY (YieldMax TSM Option Income Strategy ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - TSMY is a Derivative Income fund actively managed by YieldMax, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. TSMY is actively managed, while UGA is passively managed. Over the past year, TSMY returned 82.45% vs 59.74% for UGA. At a correlation of -0.02, they often move in opposite directions. TSMY charges 0.99%/yr vs 0.75%/yr for UGA.

Performance

TSMY vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax TSM Option Income Strategy ETF (TSMY) 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, TSMY achieves a 35.90% return, which is significantly lower than UGA's 64.09% return.

TSMY

• 1D: -5.90%
• 1M: 5.93%
• YTD: 35.90%
• 6M: 38.06%
• 1Y: 82.45%
• 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)

TSMY vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMY YieldMax TSM Option Income Strategy ETF	35.90%	41.00%	8.05%
UGA United States Gasoline Fund LP	64.09%	-2.00%	1.94%

Correlation

The correlation between TSMY 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 (All Time) Calculated using the full available price history since Aug 21, 2024	-0.02

The correlation between TSMY and UGA shifts across timeframes, from -0.18 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TSMY vs. UGA — Risk / Return Rank

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

TSMY

TSMY Risk / Return Rank: 84
TSMY Sharpe Ratio Rank: 86
TSMY Sortino Ratio Rank: 77
TSMY Omega Ratio Rank: 77
TSMY Calmar Ratio Rank: 90
TSMY Martin Ratio Rank: 90

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.

TSMY vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax TSM Option Income Strategy ETF (TSMY) 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.

	TSMY	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.66	1.73	+0.93
Sortino ratio: Return per unit of downside risk	3.23	2.25	+0.98
Omega ratio: Gain probability vs. loss probability	1.43	1.30	+0.13
Calmar ratio: Return relative to maximum drawdown	5.35	3.17	+2.18
Martin ratio: Return relative to average drawdown	19.38	9.39	+9.99

TSMY vs. UGA - Sharpe Ratio Comparison

The current TSMY Sharpe Ratio is 2.66, which is higher than the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of TSMY 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

TSMY vs. UGA - Drawdown Comparison

The maximum TSMY drawdown since its inception was -31.15%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for TSMY and UGA.

Drawdown Indicators

	TSMY	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-31.15%	-86.59%	+55.44%
Max Drawdown (1Y) Largest decline over 1 year	-15.50%	-18.96%	+3.46%
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	-5.90%	-18.05%	+12.15%
Average Drawdown Average peak-to-trough decline	-5.44%	-36.69%	+31.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	6.43%	-2.16%

Volatility

TSMY vs. UGA - Volatility Comparison

YieldMax TSM Option Income Strategy ETF (TSMY) has a higher volatility of 13.61% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that TSMY'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

	TSMY	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.61%	9.24%	+4.37%
Volatility (6M) Calculated over the trailing 6-month period	25.03%	30.57%	-5.54%
Volatility (1Y) Calculated over the trailing 1-year period	31.14%	35.22%	-4.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.94%	34.45%	-0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.94%	37.22%	-3.28%

TSMY vs. UGA - Expense Ratio Comparison

TSMY has a 0.99% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

TSMY vs. UGA - Dividend Comparison

TSMY's dividend yield for the trailing twelve months is around 51.03%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024
TSMY YieldMax TSM Option Income Strategy ETF	51.03%	56.76%	13.71%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSMY and UGA in my portfolio?

TSMY 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.

Which is riskier, TSMY or UGA?

TSMY has higher volatility (13.61%) compared to UGA (9.24%). In terms of maximum drawdown, TSMY dropped -31.15% vs UGA's -86.59%.

Which ETF is better, TSMY or UGA?

On 1-year performance, TSMY leads with 82.45% vs 59.74% 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, TSMY or UGA?

Over the 1-year period, TSMY has performed better with a 82.45% return vs 59.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMY or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 0.99% for TSMY.

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

TSMY has the higher dividend yield at 51.03%, compared with 0.00% for UGA.

What is the main difference between TSMY and UGA?

TSMY is categorized as Derivative Income, while UGA is Oil & Gas. They also come from different issuers: YieldMax and Concierge Technologies. Their fees differ too: 0.99% for TSMY and 0.75% for UGA.

Which has better risk-adjusted returns?

TSMY currently has the higher Sharpe Ratio (2.66 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.