VOLT vs. UGA

Last updated Jun 24, 2026

VOLT (Tema Electrification ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - VOLT is a Global Equities fund actively managed by Tema, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. VOLT is actively managed, while UGA is passively managed. Over the past year, VOLT returned 64.69% vs 59.74% for UGA. At a correlation of -0.07, they often move in opposite directions. Both charge a 0.75% expense ratio.

Performance

VOLT vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Electrification ETF (VOLT) 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, VOLT achieves a 40.29% return, which is significantly lower than UGA's 64.09% return.

VOLT

• 1D: -3.50%
• 1M: 2.50%
• YTD: 40.29%
• 6M: 38.12%
• 1Y: 64.69%
• 3Y*: —
• 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)

VOLT vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VOLT Tema Electrification ETF	40.29%	25.92%	-8.98%
UGA United States Gasoline Fund LP	64.09%	-2.00%	2.02%

Correlation

The correlation between VOLT and UGA is -0.18, 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	-0.18
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	-0.07

The correlation between VOLT and UGA shifts across timeframes, from -0.18 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VOLT vs. UGA — Risk / Return Rank

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

VOLT

VOLT Risk / Return Rank: 89
VOLT Sharpe Ratio Rank: 91
VOLT Sortino Ratio Rank: 86
VOLT Omega Ratio Rank: 85
VOLT Calmar Ratio Rank: 94
VOLT Martin Ratio Rank: 89

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.

VOLT vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Electrification ETF (VOLT) 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.

	VOLT	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.99	1.73	+1.26
Sortino ratio: Return per unit of downside risk	3.71	2.25	+1.46
Omega ratio: Gain probability vs. loss probability	1.49	1.30	+0.20
Calmar ratio: Return relative to maximum drawdown	6.78	3.17	+3.61
Martin ratio: Return relative to average drawdown	18.99	9.39	+9.60

VOLT vs. UGA - Sharpe Ratio Comparison

The current VOLT Sharpe Ratio is 2.99, which is higher than the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of VOLT 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

VOLT vs. UGA - Drawdown Comparison

The maximum VOLT drawdown since its inception was -23.40%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for VOLT and UGA.

Drawdown Indicators

	VOLT	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-23.40%	-86.59%	+63.19%
Max Drawdown (1Y) Largest decline over 1 year	-9.59%	-18.96%	+9.37%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.68%	—
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	-3.50%	-18.05%	+14.55%
Average Drawdown Average peak-to-trough decline	-5.14%	-36.69%	+31.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	6.43%	-3.01%

Volatility

VOLT vs. UGA - Volatility Comparison

Tema Electrification ETF (VOLT) and United States Gasoline Fund LP (UGA) have volatilities of 9.40% and 9.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOLT	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.40%	9.24%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	18.29%	30.57%	-12.28%
Volatility (1Y) Calculated over the trailing 1-year period	21.75%	35.22%	-13.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.55%	34.45%	-9.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.55%	37.22%	-12.67%

VOLT vs. UGA - Expense Ratio Comparison

Both VOLT and UGA have an expense ratio of 0.75%.

Dividends

VOLT vs. UGA - Dividend Comparison

VOLT's dividend yield for the trailing twelve months is around 0.32%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%
VOLT Tema Electrification ETF	0.32%	0.46%	0.01%

Frequently Asked Questions

Can I hold both VOLT and UGA in my portfolio?

VOLT and UGA have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOLT or UGA?

VOLT has higher volatility (9.40%) compared to UGA (9.24%). In terms of maximum drawdown, VOLT dropped -23.40% vs UGA's -86.59%.

Which ETF is better, VOLT or UGA?

On 1-year performance, VOLT leads with 64.69% vs 59.74% for UGA. Both ETFs have the same 0.75% expense ratio. On volatility, UGA has been the lower-risk option at 9.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOLT or UGA?

Over the 1-year period, VOLT has performed better with a 64.69% return vs 59.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOLT or UGA?

VOLT and UGA have the same expense ratio: 0.75% per year.

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

VOLT has the higher dividend yield at 0.32%, compared with 0.00% for UGA.

What is the main difference between VOLT and UGA?

VOLT is categorized as Global Equities, while UGA is Oil & Gas. They also come from different issuers: Tema and Concierge Technologies.

Which has better risk-adjusted returns?

VOLT currently has the higher Sharpe Ratio (2.99 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.