UGA vs. UCON
UGA (United States Gasoline Fund LP) and UCON (First Trust TCW Unconstrained Plus Bond ETF) are both exchange-traded funds - UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline, while UCON is a Nontraditional Bonds fund actively managed by First Trust. UGA is passively managed, while UCON is actively managed. Over the past 5 years, UGA returned 23.05%/yr vs 2.79%/yr for UCON. At a correlation of -0.07, they often move in opposite directions. UGA charges 0.75%/yr vs 0.86%/yr for UCON.
Performance
UGA vs. UCON - Performance Comparison
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Returns By Period
In the year-to-date period, UGA achieves a 65.95% return, which is significantly higher than UCON's 0.74% return.
UGA
- 1D
- 0.15%
- 1M
- -11.11%
- YTD
- 65.95%
- 6M
- 62.61%
- 1Y
- 52.27%
- 3Y*
- 19.40%
- 5Y*
- 23.05%
- 10Y*
- 14.44%
UCON
- 1D
- -0.04%
- 1M
- 0.48%
- YTD
- 0.74%
- 6M
- 0.90%
- 1Y
- 5.16%
- 3Y*
- 5.89%
- 5Y*
- 2.79%
- 10Y*
- —
UGA vs. UCON - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UGA United States Gasoline Fund LP | 65.95% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -32.44% |
UCON First Trust TCW Unconstrained Plus Bond ETF | 0.74% | 7.00% | 4.69% | 7.72% | -5.72% | 1.02% | 6.54% | 7.39% | 1.11% |
Correlation
The correlation between UGA and UCON is -0.42, 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 | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2018 | -0.07 |
Over the past year, the inverse relationship between UGA and UCON has strengthened: their correlation has moved from -0.07 to -0.42, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
UGA vs. UCON — Risk / Return Rank
UGA
UCON
UGA vs. UCON - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund LP (UGA) and First Trust TCW Unconstrained Plus Bond ETF (UCON). 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 | UCON | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.32 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 2.11 | +0.66 |
| Martin ratioReturn relative to average drawdown | 8.29 | 8.09 | +0.20 |
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Drawdowns
UGA vs. UCON - Drawdown Comparison
The maximum UGA drawdown since its inception was -86.59%, which is greater than UCON's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for UGA and UCON.
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Drawdown Indicators
| UGA | UCON | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.59% | -15.31% | -71.28% |
Max Drawdown (1Y)Largest decline over 1 year | -18.96% | -2.45% | -16.51% |
Max Drawdown (3Y)Largest decline over 3 years | -26.68% | -2.85% | -23.83% |
Max Drawdown (5Y)Largest decline over 5 years | -38.11% | -9.60% | -28.51% |
Max Drawdown (10Y)Largest decline over 10 years | -75.89% | — | — |
Current DrawdownCurrent decline from peak | -17.12% | -0.45% | -16.67% |
Average DrawdownAverage peak-to-trough decline | -36.70% | -1.48% | -35.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.05% | 0.64% | +6.41% |
Volatility
UGA vs. UCON - Volatility Comparison
United States Gasoline Fund LP (UGA) has a higher volatility of 9.26% compared to First Trust TCW Unconstrained Plus Bond ETF (UCON) at 0.86%. This indicates that UGA's price experiences larger fluctuations and is considered to be riskier than UCON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGA | UCON | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.26% | 0.86% | +8.40% |
Volatility (6M)Calculated over the trailing 6-month period | 30.54% | 2.38% | +28.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.27% | 2.99% | +32.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.45% | 3.90% | +30.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.25% | 5.88% | +31.37% |
UGA vs. UCON - Expense Ratio Comparison
UGA has a 0.75% expense ratio, which is lower than UCON's 0.86% expense ratio.
Dividends
UGA vs. UCON - Dividend Comparison
UGA has not paid dividends to shareholders, while UCON's dividend yield for the trailing twelve months is around 4.66%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
UCON First Trust TCW Unconstrained Plus Bond ETF | 4.66% | 4.63% | 4.95% | 4.75% | 3.12% | 2.20% | 3.14% | 3.25% | 1.76% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UGA and UCON have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.26%) compared to UCON (0.86%). In terms of maximum drawdown, UGA dropped -86.59% vs UCON's -15.31%.
On 5-year performance, UGA leads with 23.05% vs 2.79% for UCON. On fees, UGA is cheaper at 0.75% per year. On volatility, UCON has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 23.05% return vs 2.79%. 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 0.86% for UCON.
UCON has the higher dividend yield at 4.66%, compared with 0.00% for UGA.
UGA is categorized as Oil & Gas, while UCON is Nontraditional Bonds. They also come from different issuers: Concierge Technologies and First Trust. Their fees differ too: 0.75% for UGA and 0.86% for UCON.
UCON currently has the higher Sharpe Ratio (1.73 vs 1.49), 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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