UGA vs. FCG
UGA (United States Gasoline Fund LP) and FCG (First Trust Natural Gas ETF) are both exchange-traded funds - UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline, while FCG is a Energy Equities fund tracking the Nasdaq FactSet Natural Gas Index. Both are passively managed. Over the past 10 years, UGA returned 18.03%/yr vs 4.86%/yr for FCG. Their 0.55 correlation means they have sometimes moved together and sometimes differently. UGA charges 0.75%/yr vs 0.59%/yr for FCG.
Performance
UGA vs. FCG - Performance Comparison
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Returns By Period
In the year-to-date period, UGA achieves a 91.06% return, which is significantly higher than FCG's 26.67% return. Over the past 10 years, UGA has outperformed FCG with an annualized return of 18.03%, while FCG has yielded a comparatively lower 4.86% annualized return.
UGA
- 1D
- -0.01%
- 1M
- 14.56%
- 6M
- 70.02%
- YTD
- 91.06%
- 1Y
- 88.12%
- 3Y*
- 17.55%
- 5Y*
- 25.78%
- 10Y*
- 18.03%
- ALL TIME*
- 4.82%
FCG
- 1D
- 1.91%
- 1M
- 11.01%
- 6M
- 15.79%
- YTD
- 26.67%
- 1Y
- 31.20%
- 3Y*
- 7.40%
- 5Y*
- 19.13%
- 10Y*
- 4.86%
- ALL TIME*
- -4.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $18.46M | $17.58M | $23.74M | |
| $6.47M | $5.01M | $4.85M |
UGA vs. FCG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGA United States Gasoline Fund LP | 91.06% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
FCG First Trust Natural Gas ETF | 26.67% | -2.28% | 4.16% | 2.55% | 47.24% | 98.49% | -23.20% | -15.76% | -34.81% | -11.38% |
Correlation
The correlation between UGA and FCG is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.60 |
Correlation (3Y) Balances recent behavior with more history. | 0.55 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.57 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.55 |
The correlation between UGA and FCG has been stable across timeframes, ranging from 0.54 to 0.60 - a consistent structural relationship.
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Return for Risk
UGA vs. FCG — Risk / Return Rank
UGA
FCG
UGA vs. FCG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund LP (UGA) and First Trust Natural Gas ETF (FCG). 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 | FCG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.34 | ||
| Sortino ratioReturn per unit of downside risk | +1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.17 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 4.12 | 1.38 | +2.74 |
| Martin ratioReturn relative to average drawdown | 11.57 | 3.45 | +8.12 |
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Drawdowns
UGA vs. FCG - Drawdown Comparison
The maximum UGA drawdown since its inception was -86.59%, smaller than the maximum FCG drawdown of -97.20%. Use the drawdown chart below to compare losses from any high point for UGA and FCG.
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Drawdown Indicators
| UGA | FCG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.59% | -97.20% | +10.61% |
Max Drawdown (1Y)Largest decline over 1 year | -20.32% | -19.67% | -0.65% |
Max Drawdown (3Y)Largest decline over 3 years | -26.68% | -29.44% | +2.76% |
Max Drawdown (5Y)Largest decline over 5 years | -38.11% | -33.33% | -4.78% |
Max Drawdown (10Y)Largest decline over 10 years | -75.89% | -85.04% | +9.15% |
Current DrawdownCurrent decline from peak | -5.63% | -74.46% | +68.83% |
Average DrawdownAverage peak-to-trough decline | -36.53% | -65.45% | +28.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.26% | 7.87% | -0.61% |
Volatility
UGA vs. FCG - Volatility Comparison
United States Gasoline Fund LP (UGA) has a higher volatility of 11.28% compared to First Trust Natural Gas ETF (FCG) at 8.83%. This indicates that UGA's price experiences larger fluctuations and is considered to be riskier than FCG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGA | FCG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.28% | 8.83% | +2.45% |
Volatility (6M)Calculated over the trailing 6-month period | 31.98% | 21.32% | +10.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.11% | 27.51% | +8.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.60% | 33.08% | +1.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.26% | 38.24% | -0.98% |
UGA vs. FCG - Expense Ratio Comparison
UGA has a 0.75% expense ratio, which is higher than FCG's 0.59% expense ratio.
Dividends
UGA vs. FCG - Dividend Comparison
UGA has not paid dividends to shareholders, while FCG's dividend yield for the trailing twelve months is around 2.17%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCG First Trust Natural Gas ETF | 2.17% | 2.86% | 2.76% | 3.25% | 3.04% | 1.73% | 3.82% | 2.87% | 1.46% | 1.56% | 1.70% | 4.79% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
UGA and FCG have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.28%) compared to FCG (8.83%). In terms of maximum drawdown, UGA dropped -86.59% vs FCG's -97.20%.
On 10-year performance, UGA leads with 18.03% vs 4.86% for FCG. On fees, FCG is cheaper at 0.59% per year. On volatility, FCG has been the lower-risk option at 8.83%. 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 18.03% return vs 4.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FCG is cheaper with a 0.59% expense ratio, compared with 0.75% for UGA.
FCG has the higher dividend yield at 2.17%, compared with 0.00% for UGA.
UGA is categorized as Oil & Gas, while FCG is Energy Equities. UGA tracks Front Month Unleaded Gasoline, while FCG tracks Nasdaq FactSet Natural Gas Index. They also come from different issuers: Concierge Technologies and First Trust. Their fees differ too: 0.75% for UGA and 0.59% for FCG.
UGA currently has the higher Sharpe Ratio (2.32 vs 0.98), 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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