TUA vs. UGA

Last updated Jul 14, 2026

TUA (Simplify Short Term Treasury Futures Strategy ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - TUA is a Intermediate Core Bond fund actively managed by Simplify, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. TUA is actively managed, while UGA is passively managed. Over the past 3 years, TUA returned -0.05%/yr vs 19.85%/yr for UGA. At a correlation of -0.21, they often move in opposite directions. TUA charges 0.16%/yr vs 0.75%/yr for UGA.

Performance

TUA vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Short Term Treasury Futures Strategy ETF (TUA) 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, TUA achieves a -6.58% return, which is significantly lower than UGA's 81.31% return.

TUA

• 1D: -0.61%
• 1M: -1.41%
• 6M: -6.05%
• YTD: -6.58%
• 1Y: -3.65%
• 3Y*: -0.05%
• 5Y*: —
• 10Y*: —

UGA

• 1D: 5.54%
• 1M: 6.45%
• 6M: 72.85%
• YTD: 81.31%
• 1Y: 75.34%
• 3Y*: 19.85%
• 5Y*: 25.10%
• 10Y*: 16.39%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TUA vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TUA Simplify Short Term Treasury Futures Strategy ETF	-6.58%	7.27%	-3.59%	-2.04%	-0.83%
UGA United States Gasoline Fund LP	81.31%	-2.00%	3.77%	1.27%	0.15%

Correlation

The correlation between TUA and UGA is -0.40, 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	-0.40
Correlation (3Y) Calculated over the trailing 3-year period	-0.25
Correlation (All Time) Calculated using the full available price history since Nov 15, 2022	-0.21

The correlation between TUA and UGA shifts across timeframes, from -0.40 (1 year) to -0.21 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TUA vs. UGA — Risk / Return Rank

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

TUA

TUA Risk / Return Rank: 5
TUA Sharpe Ratio Rank: 5
TUA Sortino Ratio Rank: 5
TUA Omega Ratio Rank: 4
TUA Calmar Ratio Rank: 5
TUA Martin Ratio Rank: 4

UGA

UGA Risk / Return Rank: 78
UGA Sharpe Ratio Rank: 84
UGA Sortino Ratio Rank: 75
UGA Omega Ratio Rank: 74
UGA Calmar Ratio Rank: 85
UGA Martin Ratio Rank: 72

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.

TUA vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Short Term Treasury Futures Strategy ETF (TUA) 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.

	TUA	UGA	Difference
Sharpe ratio: Return per unit of total volatility	-0.52	2.12	-2.64
Sortino ratio: Return per unit of downside risk	-0.69	2.66	-3.35
Omega ratio: Gain probability vs. loss probability	0.92	1.34	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.50	3.73	-4.22
Martin ratio: Return relative to average drawdown	-1.13	10.39	-11.52

TUA vs. UGA - Sharpe Ratio Comparison

The current TUA Sharpe Ratio is -0.52, which is lower than the UGA Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of TUA 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

TUA vs. UGA - Drawdown Comparison

The maximum TUA drawdown since its inception was -15.85%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for TUA and UGA.

Drawdown Indicators

	TUA	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-15.85%	-86.59%	+70.74%
Max Drawdown (1Y) Largest decline over 1 year	-7.37%	-20.32%	+12.95%
Max Drawdown (3Y) Largest decline over 3 years	-9.14%	-26.68%	+17.54%
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	-11.19%	-9.45%	-1.74%
Average Drawdown Average peak-to-trough decline	-8.41%	-36.63%	+28.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	7.28%	-4.04%

Volatility

TUA vs. UGA - Volatility Comparison

The current volatility for Simplify Short Term Treasury Futures Strategy ETF (TUA) is 2.56%, while United States Gasoline Fund LP (UGA) has a volatility of 11.49%. This indicates that TUA 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

	TUA	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	11.49%	-8.93%
Volatility (6M) Calculated over the trailing 6-month period	5.43%	31.60%	-26.17%
Volatility (1Y) Calculated over the trailing 1-year period	7.02%	35.78%	-28.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.71%	34.66%	-23.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.71%	37.23%	-26.52%

TUA vs. UGA - Expense Ratio Comparison

TUA has a 0.16% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

TUA vs. UGA - Dividend Comparison

TUA's dividend yield for the trailing twelve months is around 3.36%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
TUA Simplify Short Term Treasury Futures Strategy ETF	3.36%	3.84%	5.19%	4.83%	0.15%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TUA and UGA in my portfolio?

TUA and UGA have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TUA or UGA?

UGA has higher volatility (11.49%) compared to TUA (2.56%). In terms of maximum drawdown, TUA dropped -15.85% vs UGA's -86.59%.

Which ETF is better, TUA or UGA?

On 3-year performance, UGA leads with 19.85% vs -0.05% for TUA. On fees, TUA is cheaper at 0.16% per year. On volatility, TUA has been the lower-risk option at 2.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TUA or UGA?

Over the 3-year period, UGA has performed better with a 19.85% return vs -0.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TUA or UGA?

TUA is cheaper with a 0.16% expense ratio, compared with 0.75% for UGA.

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

TUA has the higher dividend yield at 3.36%, compared with 0.00% for UGA.

What is the main difference between TUA and UGA?

TUA is categorized as Intermediate Core Bond, while UGA is Oil & Gas. They also come from different issuers: Simplify and Concierge Technologies. Their fees differ too: 0.16% for TUA and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (2.12 vs -0.52), 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.