XMAG vs. UGA

Last updated Jun 24, 2026

XMAG (Defiance Large Cap ex-Mag 7 ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - XMAG is a Large Cap Blend Equities fund tracking the BITA US 500 ex Magnificent 7 Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past year, XMAG returned 23.87% vs 59.74% for UGA. At a correlation of -0.08, they often move in opposite directions. XMAG charges 0.35%/yr vs 0.75%/yr for UGA.

Performance

XMAG vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Large Cap ex-Mag 7 ETF (XMAG) 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, XMAG achieves a 12.75% return, which is significantly lower than UGA's 64.09% return.

XMAG

• 1D: -1.17%
• 1M: 3.00%
• YTD: 12.75%
• 6M: 12.39%
• 1Y: 23.87%
• 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)

XMAG vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XMAG Defiance Large Cap ex-Mag 7 ETF	12.75%	15.63%	-1.52%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.12%

Correlation

The correlation between XMAG 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 Oct 22, 2024	-0.08

Return for Risk

XMAG vs. UGA — Risk / Return Rank

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

XMAG

XMAG Risk / Return Rank: 68
XMAG Sharpe Ratio Rank: 66
XMAG Sortino Ratio Rank: 67
XMAG Omega Ratio Rank: 61
XMAG Calmar Ratio Rank: 68
XMAG Martin Ratio Rank: 78

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.

XMAG vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Large Cap ex-Mag 7 ETF (XMAG) 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.

	XMAG	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.73	+0.33
Sortino ratio: Return per unit of downside risk	2.93	2.25	+0.69
Omega ratio: Gain probability vs. loss probability	1.36	1.30	+0.06
Calmar ratio: Return relative to maximum drawdown	3.29	3.17	+0.12
Martin ratio: Return relative to average drawdown	14.46	9.39	+5.07

XMAG vs. UGA - Sharpe Ratio Comparison

The current XMAG Sharpe Ratio is 2.06, which is comparable to the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of XMAG 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

XMAG vs. UGA - Drawdown Comparison

The maximum XMAG drawdown since its inception was -16.17%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for XMAG and UGA.

Drawdown Indicators

	XMAG	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-16.17%	-86.59%	+70.42%
Max Drawdown (1Y) Largest decline over 1 year	-7.29%	-18.96%	+11.67%
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	-1.17%	-18.05%	+16.88%
Average Drawdown Average peak-to-trough decline	-2.09%	-36.69%	+34.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	6.43%	-4.78%

Volatility

XMAG vs. UGA - Volatility Comparison

The current volatility for Defiance Large Cap ex-Mag 7 ETF (XMAG) is 4.42%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that XMAG 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

	XMAG	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	9.24%	-4.82%
Volatility (6M) Calculated over the trailing 6-month period	9.26%	30.57%	-21.31%
Volatility (1Y) Calculated over the trailing 1-year period	11.69%	35.22%	-23.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.19%	34.45%	-19.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.19%	37.22%	-22.03%

XMAG vs. UGA - Expense Ratio Comparison

XMAG has a 0.35% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

XMAG vs. UGA - Dividend Comparison

XMAG's dividend yield for the trailing twelve months is around 0.46%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%
XMAG Defiance Large Cap ex-Mag 7 ETF	0.46%	0.51%	0.24%

Frequently Asked Questions

Can I hold both XMAG and UGA in my portfolio?

XMAG 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, XMAG or UGA?

UGA has higher volatility (9.24%) compared to XMAG (4.42%). In terms of maximum drawdown, XMAG dropped -16.17% vs UGA's -86.59%.

Which ETF is better, XMAG or UGA?

On 1-year performance, UGA leads with 59.74% vs 23.87% for XMAG. On fees, XMAG is cheaper at 0.35% per year. On volatility, XMAG has been the lower-risk option at 4.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMAG or UGA?

Over the 1-year period, UGA has performed better with a 59.74% return vs 23.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMAG or UGA?

XMAG is cheaper with a 0.35% expense ratio, compared with 0.75% for UGA.

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

XMAG has the higher dividend yield at 0.46%, compared with 0.00% for UGA.

What is the main difference between XMAG and UGA?

XMAG is categorized as Large Cap Blend Equities, while UGA is Oil & Gas. XMAG tracks BITA US 500 ex Magnificent 7 Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Defiance and Concierge Technologies. Their fees differ too: 0.35% for XMAG and 0.75% for UGA.

Which has better risk-adjusted returns?

XMAG currently has the higher Sharpe Ratio (2.06 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.