VFLO vs. UGA

Last updated Jun 24, 2026

VFLO (VictoryShares Free Cash Flow ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - VFLO is a Large Cap Value Equities fund tracking the Victory U.S. Large Cap Free Cash Flow Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 3 years, VFLO returned 24.00%/yr vs 18.95%/yr for UGA. At a 0.08 correlation, their price movements are largely independent. VFLO charges 0.39%/yr vs 0.75%/yr for UGA.

Performance

VFLO vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares Free Cash Flow ETF (VFLO) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFLO achieves a 15.50% return, which is significantly lower than UGA's 64.09% return.

VFLO

• 1D: 0.04%
• 1M: 2.71%
• YTD: 15.50%
• 6M: 14.57%
• 1Y: 31.60%
• 3Y*: 24.00%
• 5Y*: —
• 10Y*: —

UGA

• 1D: -1.12%
• 1M: -12.11%
• YTD: 64.09%
• 6M: 60.42%
• 1Y: 59.74%
• 3Y*: 18.95%
• 5Y*: 22.69%
• 10Y*: 14.31%

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

VFLO vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VFLO VictoryShares Free Cash Flow ETF	15.50%	17.51%	21.83%	15.05%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.77%	-2.45%

Correlation

The correlation between VFLO and UGA is -0.11, 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	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.08

The correlation between VFLO and UGA shifts across timeframes, from -0.11 (1 year) to 0.08 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VFLO vs. UGA — Risk / Return Rank

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

VFLO

VFLO Risk / Return Rank: 72
VFLO Sharpe Ratio Rank: 64
VFLO Sortino Ratio Rank: 66
VFLO Omega Ratio Rank: 61
VFLO Calmar Ratio Rank: 88
VFLO Martin Ratio Rank: 83

UGA

UGA Risk / Return Rank: 55
UGA Sharpe Ratio Rank: 53
UGA Sortino Ratio Rank: 48
UGA Omega Ratio Rank: 49
UGA Calmar Ratio Rank: 67
UGA Martin Ratio Rank: 56

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.

VFLO vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares Free Cash Flow ETF (VFLO) and United States Gasoline Fund LP (UGA). 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.

	VFLO	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.73	+0.30
Sortino ratio: Return per unit of downside risk	2.90	2.25	+0.65
Omega ratio: Gain probability vs. loss probability	1.36	1.30	+0.06
Calmar ratio: Return relative to maximum drawdown	4.93	3.17	+1.76
Martin ratio: Return relative to average drawdown	16.16	9.39	+6.77

VFLO vs. UGA - Sharpe Ratio Comparison

The current VFLO Sharpe Ratio is 2.03, which is comparable to the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of VFLO and UGA, 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

VFLO vs. UGA - Drawdown Comparison

The maximum VFLO drawdown since its inception was -17.79%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for VFLO and UGA.

Drawdown Indicators

	VFLO	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-17.79%	-86.59%	+68.80%
Max Drawdown (1Y) Largest decline over 1 year	-6.44%	-18.96%	+12.52%
Max Drawdown (3Y) Largest decline over 3 years	-17.79%	-26.68%	+8.89%
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	-5.82%	-18.05%	+12.23%
Average Drawdown Average peak-to-trough decline	-2.45%	-36.69%	+34.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	6.43%	-4.47%

Volatility

VFLO vs. UGA - Volatility Comparison

The current volatility for VictoryShares Free Cash Flow ETF (VFLO) is 7.63%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that VFLO experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFLO	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.63%	9.24%	-1.61%
Volatility (6M) Calculated over the trailing 6-month period	11.87%	30.57%	-18.70%
Volatility (1Y) Calculated over the trailing 1-year period	15.66%	35.22%	-19.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.05%	34.45%	-18.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.05%	37.22%	-21.17%

VFLO vs. UGA - Expense Ratio Comparison

VFLO has a 0.39% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

VFLO vs. UGA - Dividend Comparison

VFLO's dividend yield for the trailing twelve months is around 1.16%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%	0.00%
VFLO VictoryShares Free Cash Flow ETF	1.16%	1.60%	1.20%	0.71%

Frequently Asked Questions

Can I hold both VFLO and UGA in my portfolio?

VFLO and UGA have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFLO or UGA?

UGA has higher volatility (9.24%) compared to VFLO (7.63%). In terms of maximum drawdown, VFLO dropped -17.79% vs UGA's -86.59%.

Which ETF is better, VFLO or UGA?

On 3-year performance, VFLO leads with 24.00% vs 18.95% for UGA. On fees, VFLO is cheaper at 0.39% per year. On volatility, VFLO has been the lower-risk option at 7.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VFLO or UGA?

Over the 3-year period, VFLO has performed better with a 24.00% return vs 18.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VFLO or UGA?

VFLO is cheaper with a 0.39% expense ratio, compared with 0.75% for UGA.

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

VFLO has the higher dividend yield at 1.16%, compared with 0.00% for UGA.

What is the main difference between VFLO and UGA?

VFLO is categorized as Large Cap Value Equities, while UGA is Oil & Gas. VFLO tracks Victory U.S. Large Cap Free Cash Flow Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Victory and Concierge Technologies. Their fees differ too: 0.39% for VFLO and 0.75% for UGA.

Which has better risk-adjusted returns?

VFLO currently has the higher Sharpe Ratio (2.03 vs 1.73), 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.