UDN vs. UGA
UDN (Invesco DB US Dollar Index Bearish Fund) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - UDN is a Currency fund tracking the Deutsche Bank Short USD Currency Portfolio Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, UDN returned -0.45%/yr vs 14.31%/yr for UGA. At a 0.15 correlation, their price movements are largely independent. UDN charges 0.77%/yr vs 0.75%/yr for UGA.
Performance
UDN vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, UDN achieves a -2.36% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, UDN has underperformed UGA with an annualized return of -0.45%, while UGA has yielded a comparatively higher 14.31% annualized return.
UDN
- 1D
- -0.34%
- 1M
- -2.04%
- YTD
- -2.36%
- 6M
- -2.68%
- 1Y
- -1.37%
- 3Y*
- 2.64%
- 5Y*
- -0.72%
- 10Y*
- -0.45%
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%
UDN vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UDN Invesco DB US Dollar Index Bearish Fund | -2.36% | 12.37% | -4.53% | 4.88% | -7.96% | -7.03% | 6.20% | -0.97% | -5.02% | 9.50% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between UDN and UGA is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.15 |
The correlation between UDN and UGA shifts across timeframes, from -0.28 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UDN vs. UGA — Risk / Return Rank
UDN
UGA
UDN vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bearish Fund (UDN) 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.
| UDN | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.96 | ||
| Sortino ratioReturn per unit of downside risk | -2.53 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.30 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.28 | 3.17 | -3.45 |
| Martin ratioReturn relative to average drawdown | -0.60 | 9.39 | -10.00 |
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Drawdowns
UDN vs. UGA - Drawdown Comparison
The maximum UDN drawdown since its inception was -41.67%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for UDN and UGA.
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Drawdown Indicators
| UDN | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.67% | -86.59% | +44.92% |
Max Drawdown (1Y)Largest decline over 1 year | -4.91% | -18.96% | +14.05% |
Max Drawdown (3Y)Largest decline over 3 years | -8.59% | -26.68% | +18.09% |
Max Drawdown (5Y)Largest decline over 5 years | -20.82% | -38.11% | +17.29% |
Max Drawdown (10Y)Largest decline over 10 years | -25.72% | -75.89% | +50.17% |
Current DrawdownCurrent decline from peak | -28.97% | -18.05% | -10.92% |
Average DrawdownAverage peak-to-trough decline | -20.63% | -36.69% | +16.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 6.43% | -4.15% |
Volatility
UDN vs. UGA - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bearish Fund (UDN) is 1.37%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that UDN 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
| UDN | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 9.24% | -7.87% |
Volatility (6M)Calculated over the trailing 6-month period | 4.34% | 30.57% | -26.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.05% | 35.22% | -29.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.41% | 34.45% | -27.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.86% | 37.22% | -30.36% |
UDN vs. UGA - Expense Ratio Comparison
UDN has a 0.77% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
UDN vs. UGA - Dividend Comparison
UDN's dividend yield for the trailing twelve months is around 3.01%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
UDN Invesco DB US Dollar Index Bearish Fund | 3.01% | 2.94% | 5.33% | 5.21% | 0.69% | 0.00% | 0.00% | 1.38% | 1.26% | 0.11% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UDN and UGA have a correlation of -0.28, 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 UDN (1.37%). In terms of maximum drawdown, UDN dropped -41.67% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs -0.45% for UDN. On fees, UGA is cheaper at 0.75% per year. On volatility, UDN has been the lower-risk option at 1.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGA has performed better with a 14.31% return vs -0.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.77% for UDN.
UDN has the higher dividend yield at 3.01%, compared with 0.00% for UGA.
UDN is categorized as Currency, while UGA is Oil & Gas. UDN tracks Deutsche Bank Short USD Currency Portfolio Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.77% for UDN and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs -0.23), 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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