UGA vs. USE
UGA (United States Gasoline Fund, LP) and USE (USCF Energy Commodity Strategy Absolute Return Fund) are both exchange-traded funds - UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract, while USE is a Commodities fund actively managed by USCF. UGA is passively managed, while USE is actively managed. Over the past 3 years, UGA returned 14.87%/yr vs 8.11%/yr for USE. Their 0.74 correlation means they have sometimes moved together and sometimes differently. UGA charges 1.02%/yr vs 0.79%/yr for USE.
Performance
UGA vs. USE - Performance Comparison
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Returns By Period
In the year-to-date period, UGA achieves a 72.77% return, which is significantly higher than USE's 31.71% 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%
USE
- 1D
- -0.51%
- 1M
- 17.33%
- 6M
- 36.47%
- YTD
- 31.71%
- 1Y
- 8.56%
- 3Y*
- 8.11%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 13.40%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.67M | $6.11M | $4.99M | |
| $693.39K | $322.22K | $151.17K |
UGA vs. USE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
UGA United States Gasoline Fund, LP | 72.77% | -2.00% | 3.77% | 13.82% |
USE USCF Energy Commodity Strategy Absolute Return Fund | 31.71% | -14.97% | 22.58% | 9.68% |
Correlation
The correlation between UGA and USE is 0.72, 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. | 0.72 |
Correlation (3Y) Balances recent behavior with more history. | 0.74 |
Correlation (All Time) Calculated using the full available price history since May 4, 2023 | 0.74 |
The correlation between UGA and USE has been stable across timeframes, ranging from 0.72 to 0.74 - a consistent structural relationship.
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Return for Risk
UGA vs. USE — Risk / Return Rank
UGA
USE
UGA vs. USE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund, LP (UGA) and USCF Energy Commodity Strategy Absolute Return Fund (USE). 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 | USE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.72 | ||
| Sortino ratioReturn per unit of downside risk | +1.86 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.07 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 3.54 | 0.30 | +3.23 |
| Martin ratioReturn relative to average drawdown | 9.75 | 0.57 | +9.18 |
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Drawdowns
UGA vs. USE - Drawdown Comparison
The maximum UGA drawdown since its inception was -86.59%, which is greater than USE's maximum drawdown of -28.17%. Use the drawdown chart below to compare losses from any high point for UGA and USE.
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Drawdown Indicators
| UGA | USE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.59% | -28.17% | -58.42% |
Max Drawdown (1Y)Largest decline over 1 year | -20.32% | -28.17% | +7.85% |
Max Drawdown (3Y)Largest decline over 3 years | -26.68% | -28.17% | +1.49% |
Max Drawdown (5Y)Largest decline over 5 years | -38.11% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -75.89% | — | — |
Current DrawdownCurrent decline from peak | -14.67% | -15.36% | +0.69% |
Average DrawdownAverage peak-to-trough decline | -36.52% | -8.41% | -28.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.36% | 14.99% | -7.63% |
Volatility
UGA vs. USE - Volatility Comparison
The current volatility for United States Gasoline Fund, LP (UGA) is 13.00%, while USCF Energy Commodity Strategy Absolute Return Fund (USE) has a volatility of 15.97%. This indicates that UGA experiences smaller price fluctuations and is considered to be less risky than USE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGA | USE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.00% | 15.97% | -2.97% |
Volatility (6M)Calculated over the trailing 6-month period | 32.16% | 30.99% | +1.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.60% | 35.06% | +1.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.71% | 28.61% | +6.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.31% | 28.61% | +8.70% |
UGA vs. USE - Expense Ratio Comparison
UGA has a 1.02% expense ratio, which is higher than USE's 0.79% expense ratio.
Dividends
UGA vs. USE - Dividend Comparison
UGA has not paid dividends to shareholders, while USE's dividend yield for the trailing twelve months is around 2.32%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
UGA United States Gasoline Fund, LP | 0.00% | 0.00% | 0.00% | 0.00% |
USE USCF Energy Commodity Strategy Absolute Return Fund | 2.32% | 3.06% | 38.65% | 4.83% |
Frequently Asked Questions
UGA and USE have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USE has higher volatility (15.97%) compared to UGA (13.00%). In terms of maximum drawdown, UGA dropped -86.59% vs USE's -28.17%.
On 3-year performance, UGA leads with 14.87% vs 8.11% for USE. On fees, USE is cheaper at 0.79% per year. On volatility, UGA has been the lower-risk option at 13.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UGA has performed better with a 14.87% return vs 8.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USE is cheaper with a 0.79% expense ratio, compared with 1.02% for UGA.
USE has the higher dividend yield at 2.32%, compared with 0.00% for UGA.
UGA is categorized as Oil & Gas, while USE is Commodities. Their fees differ too: 1.02% for UGA and 0.79% for USE.
UGA currently has the higher Sharpe Ratio (1.96 vs 0.25), 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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