UGA vs. DHSB

Last updated Aug 6, 2026

UGA (United States Gasoline Fund, LP) and DHSB (Day Hagan Smart Buffer ETF) are both exchange-traded funds - UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract, while DHSB is a Derivative Income fund actively managed by Day Hagan. UGA is passively managed, while DHSB is actively managed. Over the past year, UGA returned 71.49% vs 9.49% for DHSB. Their -0.13 correlation means they have often moved in opposite directions in the past. UGA charges 1.02%/yr vs 0.68%/yr for DHSB.

Performance

UGA vs. DHSB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Gasoline Fund, LP (UGA) and Day Hagan Smart Buffer ETF (DHSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UGA achieves a 72.77% return, which is significantly higher than DHSB's 6.04% return.

UGA

• 1D: -0.56%
• 1M: 0.07%
• 6M: 54.03%
• YTD: 72.77%
• 1Y: 71.49%
• 3Y*: 14.87%
• 5Y*: 24.07%
• 10Y*: 16.28%
• ALL TIME*: 4.25%

DHSB

• 1D: 0.13%
• 1M: 1.00%
• 6M: 6.03%
• YTD: 6.04%
• 1Y: 9.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.39%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DHSB Day Hagan Smart Buffer ETF	$66.95K	$46.89K	$221.64K
UGA United States Gasoline Fund, LP	$8.67M	$6.11M	$4.99M

UGA vs. DHSB - Yearly Performance Comparison

	2026 (YTD)	2025
UGA United States Gasoline Fund, LP	72.77%	-5.63%
DHSB Day Hagan Smart Buffer ETF	6.04%	4.73%

Correlation

The correlation between UGA and DHSB is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.24
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	-0.13

The correlation between UGA and DHSB shifts across timeframes, from -0.24 (1 year) to -0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UGA vs. DHSB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UGA

UGA Risk / Return Rank: 72
UGA Sharpe Ratio Rank: 76
UGA Sortino Ratio Rank: 66
UGA Omega Ratio Rank: 67
UGA Calmar Ratio Rank: 84
UGA Martin Ratio Rank: 70

DHSB

DHSB Risk / Return Rank: 67
DHSB Sharpe Ratio Rank: 52
DHSB Sortino Ratio Rank: 57
DHSB Omega Ratio Rank: 67
DHSB Calmar Ratio Rank: 72
DHSB Martin Ratio Rank: 86

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UGA vs. DHSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund, LP (UGA) and Day Hagan Smart Buffer ETF (DHSB). 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.

	UGA	DHSB	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.47	+0.50
Sortino ratio: Return per unit of downside risk	2.47	2.26	+0.21
Omega ratio: Gain probability vs. loss probability	1.32	1.32	0.00
Calmar ratio: Return relative to maximum drawdown	3.54	2.87	+0.66
Martin ratio: Return relative to average drawdown	9.75	13.89	-4.14

UGA vs. DHSB - Sharpe Ratio Comparison

The current UGA Sharpe Ratio is 1.96, which is higher than the DHSB Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of UGA and DHSB, 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

UGA vs. DHSB - Drawdown Comparison

The maximum UGA drawdown since its inception was -86.59%, which is greater than DHSB's maximum drawdown of -7.65%. Use the drawdown chart below to compare losses from any high point for UGA and DHSB.

Drawdown Indicators

	UGA	DHSB	Difference
Max Drawdown Largest peak-to-trough decline	-86.59%	-7.65%	-78.94%
Max Drawdown (1Y) Largest decline over 1 year	-20.32%	-3.32%	-17.00%
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	-14.67%	0.00%	-14.67%
Average Drawdown Average peak-to-trough decline	-36.52%	-0.83%	-35.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.36%	0.68%	+6.68%

Volatility

UGA vs. DHSB - Volatility Comparison

United States Gasoline Fund, LP (UGA) has a higher volatility of 13.00% compared to Day Hagan Smart Buffer ETF (DHSB) at 2.02%. This indicates that UGA's price experiences larger fluctuations and is considered to be riskier than DHSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGA	DHSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.00%	2.02%	+10.98%
Volatility (6M) Calculated over the trailing 6-month period	32.16%	5.84%	+26.32%
Volatility (1Y) Calculated over the trailing 1-year period	36.60%	6.49%	+30.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.71%	8.55%	+26.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.31%	8.55%	+28.76%

UGA vs. DHSB - Expense Ratio Comparison

UGA has a 1.02% expense ratio, which is higher than DHSB's 0.68% expense ratio.

Dividends

UGA vs. DHSB - Dividend Comparison

UGA has not paid dividends to shareholders, while DHSB's dividend yield for the trailing twelve months is around 1.18%.

Position	TTM	2025
DHSB Day Hagan Smart Buffer ETF	1.18%	1.25%
UGA United States Gasoline Fund, LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both UGA and DHSB in my portfolio?

UGA and DHSB have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UGA or DHSB?

UGA has higher volatility (13.00%) compared to DHSB (2.02%). In terms of maximum drawdown, UGA dropped -86.59% vs DHSB's -7.65%.

Which ETF is better, UGA or DHSB?

On 1-year performance, UGA leads with 71.49% vs 9.49% for DHSB. On fees, DHSB is cheaper at 0.68% per year. On volatility, DHSB has been the lower-risk option at 2.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGA or DHSB?

Over the 1-year period, UGA has performed better with a 71.49% return vs 9.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGA or DHSB?

DHSB is cheaper with a 0.68% expense ratio, compared with 1.02% for UGA.

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

DHSB has the higher dividend yield at 1.18%, compared with 0.00% for UGA.

What is the main difference between UGA and DHSB?

UGA is categorized as Oil & Gas, while DHSB is Derivative Income. They also come from different issuers: USCF and Day Hagan. Their fees differ too: 1.02% for UGA and 0.68% for DHSB.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.96 vs 1.47), 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.