UGA vs. FXAIX

Last updated Jun 26, 2026

UGA (United States Gasoline Fund LP) and FXAIX (Fidelity 500 Index Fund) are both funds - UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, UGA returned 14.74%/yr vs 15.62%/yr for FXAIX. At a 0.22 correlation, their price movements are largely independent. UGA charges 0.75%/yr vs 0.02%/yr for FXAIX.

Performance

UGA vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Gasoline Fund LP (UGA) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UGA achieves a 66.14% return, which is significantly higher than FXAIX's 8.11% return. Over the past 10 years, UGA has underperformed FXAIX with an annualized return of 14.74%, while FXAIX has yielded a comparatively higher 15.62% annualized return.

UGA

• 1D: 4.14%
• 1M: -5.40%
• YTD: 66.14%
• 6M: 62.36%
• 1Y: 70.24%
• 3Y*: 19.22%
• 5Y*: 23.21%
• 10Y*: 14.74%

FXAIX

• 1D: -0.10%
• 1M: -2.04%
• YTD: 8.11%
• 6M: 6.78%
• 1Y: 22.23%
• 3Y*: 20.77%
• 5Y*: 13.05%
• 10Y*: 15.62%

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

UGA vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UGA United States Gasoline Fund LP	66.14%	-2.00%	3.77%	1.27%	46.34%	68.49%	-24.88%	41.25%	-28.07%	1.69%
FXAIX Fidelity 500 Index Fund	8.11%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	21.82%

Correlation

The correlation between UGA and FXAIX is -0.22, 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	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since May 4, 2011	0.22

The correlation between UGA and FXAIX shifts across timeframes, from -0.22 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UGA vs. FXAIX — Risk / Return Rank

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

UGA

UGA Risk / Return Rank: 69
UGA Sharpe Ratio Rank: 73
UGA Sortino Ratio Rank: 63
UGA Omega Ratio Rank: 64
UGA Calmar Ratio Rank: 77
UGA Martin Ratio Rank: 67

FXAIX

FXAIX Risk / Return Rank: 55
FXAIX Sharpe Ratio Rank: 52
FXAIX Sortino Ratio Rank: 48
FXAIX Omega Ratio Rank: 50
FXAIX Calmar Ratio Rank: 56
FXAIX Martin Ratio Rank: 68

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.

UGA vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund LP (UGA) and Fidelity 500 Index Fund (FXAIX). 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	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.79	+0.25
Sortino ratio: Return per unit of downside risk	2.55	2.45	+0.10
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.01
Calmar ratio: Return relative to maximum drawdown	3.47	2.51	+0.96
Martin ratio: Return relative to average drawdown	10.69	11.22	-0.54

UGA vs. FXAIX - Sharpe Ratio Comparison

The current UGA Sharpe Ratio is 2.03, which is comparable to the FXAIX Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of UGA and FXAIX, 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. FXAIX - Drawdown Comparison

The maximum UGA drawdown since its inception was -86.59%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for UGA and FXAIX.

Drawdown Indicators

	UGA	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-86.59%	-33.79%	-52.80%
Max Drawdown (1Y) Largest decline over 1 year	-20.32%	-8.89%	-11.43%
Max Drawdown (3Y) Largest decline over 3 years	-26.68%	-18.76%	-7.92%
Max Drawdown (5Y) Largest decline over 5 years	-38.11%	-24.50%	-13.61%
Max Drawdown (10Y) Largest decline over 10 years	-75.89%	-33.79%	-42.10%
Current Drawdown Current decline from peak	-17.02%	-3.22%	-13.80%
Average Drawdown Average peak-to-trough decline	-36.69%	-3.79%	-32.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.59%	1.99%	+4.60%

Volatility

UGA vs. FXAIX - Volatility Comparison

United States Gasoline Fund LP (UGA) has a higher volatility of 8.84% compared to Fidelity 500 Index Fund (FXAIX) at 4.88%. This indicates that UGA's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGA	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.84%	4.88%	+3.96%
Volatility (6M) Calculated over the trailing 6-month period	30.92%	9.90%	+21.02%
Volatility (1Y) Calculated over the trailing 1-year period	34.74%	12.54%	+22.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.52%	17.02%	+17.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.24%	18.08%	+19.16%

UGA vs. FXAIX - Expense Ratio Comparison

UGA has a 0.75% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

UGA vs. FXAIX - Dividend Comparison

UGA has not paid dividends to shareholders, while FXAIX's dividend yield for the trailing twelve months is around 1.06%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.06%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
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

Can I hold both UGA and FXAIX in my portfolio?

UGA and FXAIX have a correlation of -0.22, 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 FXAIX?

UGA has higher volatility (8.84%) compared to FXAIX (4.88%). In terms of maximum drawdown, UGA dropped -86.59% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (2.03 vs 1.79), 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.