WDTE vs. UGA

Last updated Jun 24, 2026

WDTE (Defiance S&P 500 Enhanced Options & 0DTE Income ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - WDTE is a Derivative Income fund actively managed by Defiance, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. WDTE is actively managed, while UGA is passively managed. Over the past year, WDTE returned 19.25% vs 59.74% for UGA. At a correlation of -0.06, they often move in opposite directions. WDTE charges 1.01%/yr vs 0.75%/yr for UGA.

Performance

WDTE vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance S&P 500 Enhanced Options & 0DTE Income ETF (WDTE) 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, WDTE achieves a 7.90% return, which is significantly lower than UGA's 64.09% return.

WDTE

• 1D: -1.29%
• 1M: -1.54%
• YTD: 7.90%
• 6M: 7.06%
• 1Y: 19.25%
• 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)

WDTE vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WDTE Defiance S&P 500 Enhanced Options & 0DTE Income ETF	7.90%	13.60%	9.85%	5.71%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.77%	-18.37%

Correlation

The correlation between WDTE and UGA is -0.17, 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	-0.17
Correlation (All Time) Calculated using the full available price history since Sep 19, 2023	-0.06

The correlation between WDTE and UGA shifts across timeframes, from -0.17 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

WDTE vs. UGA — Risk / Return Rank

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

WDTE

WDTE Risk / Return Rank: 57
WDTE Sharpe Ratio Rank: 55
WDTE Sortino Ratio Rank: 50
WDTE Omega Ratio Rank: 59
WDTE Calmar Ratio Rank: 54
WDTE Martin Ratio Rank: 67

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.

WDTE vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance S&P 500 Enhanced Options & 0DTE Income ETF (WDTE) 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.

	WDTE	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.73	+0.04
Sortino ratio: Return per unit of downside risk	2.32	2.25	+0.08
Omega ratio: Gain probability vs. loss probability	1.34	1.30	+0.05
Calmar ratio: Return relative to maximum drawdown	2.53	3.17	-0.64
Martin ratio: Return relative to average drawdown	11.66	9.39	+2.27

WDTE vs. UGA - Sharpe Ratio Comparison

The current WDTE Sharpe Ratio is 1.76, which is comparable to the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of WDTE 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

WDTE vs. UGA - Drawdown Comparison

The maximum WDTE drawdown since its inception was -15.85%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for WDTE and UGA.

Drawdown Indicators

	WDTE	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-15.85%	-86.59%	+70.74%
Max Drawdown (1Y) Largest decline over 1 year	-7.65%	-18.96%	+11.31%
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	-2.94%	-18.05%	+15.11%
Average Drawdown Average peak-to-trough decline	-1.83%	-36.69%	+34.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	6.43%	-4.78%

Volatility

WDTE vs. UGA - Volatility Comparison

The current volatility for Defiance S&P 500 Enhanced Options & 0DTE Income ETF (WDTE) is 4.44%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that WDTE 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

	WDTE	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	9.24%	-4.80%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	30.57%	-21.26%
Volatility (1Y) Calculated over the trailing 1-year period	10.97%	35.22%	-24.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.51%	34.45%	-22.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.51%	37.22%	-25.71%

WDTE vs. UGA - Expense Ratio Comparison

WDTE has a 1.01% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

WDTE vs. UGA - Dividend Comparison

WDTE's dividend yield for the trailing twelve months is around 32.96%, 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%
WDTE Defiance S&P 500 Enhanced Options & 0DTE Income ETF	32.96%	35.78%	51.80%	16.41%

Frequently Asked Questions

Can I hold both WDTE and UGA in my portfolio?

WDTE and UGA have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WDTE or UGA?

UGA has higher volatility (9.24%) compared to WDTE (4.44%). In terms of maximum drawdown, WDTE dropped -15.85% vs UGA's -86.59%.

Which ETF is better, WDTE or UGA?

On 1-year performance, UGA leads with 59.74% vs 19.25% for WDTE. On fees, UGA is cheaper at 0.75% per year. On volatility, WDTE has been the lower-risk option at 4.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WDTE or UGA?

Over the 1-year period, UGA has performed better with a 59.74% return vs 19.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WDTE or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 1.01% for WDTE.

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

WDTE has the higher dividend yield at 32.96%, compared with 0.00% for UGA.

What is the main difference between WDTE and UGA?

WDTE is categorized as Derivative Income, while UGA is Oil & Gas. They also come from different issuers: Defiance and Concierge Technologies. Their fees differ too: 1.01% for WDTE and 0.75% for UGA.

Which has better risk-adjusted returns?

WDTE currently has the higher Sharpe Ratio (1.76 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.