XXXX vs. UGA

Last updated Aug 6, 2026

XXXX (MAX S&P 500 4X Leveraged ETN) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - XXXX is a Leveraged Equities fund tracking the S&P 500 Index (400%), while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past year, XXXX returned 62.47% vs 71.49% for UGA. Their -0.06 correlation means they have often moved in opposite directions in the past. XXXX charges 2.95%/yr vs 1.02%/yr for UGA.

Performance

XXXX vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX S&P 500 4X Leveraged ETN (XXXX) 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, XXXX achieves a 32.17% return, which is significantly lower than UGA's 72.77% return.

XXXX

• 1D: -0.58%
• 1M: 6.78%
• 6M: 33.16%
• YTD: 32.17%
• 1Y: 62.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 49.51%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
UGA United States Gasoline Fund, LP	$8.67M	$6.11M	$4.99M
XXXX MAX S&P 500 4X Leveraged ETN	$23.99M	$24.46M	$27.16M

XXXX vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XXXX MAX S&P 500 4X Leveraged ETN	32.17%	17.36%	61.36%	16.77%
UGA United States Gasoline Fund, LP	72.77%	-2.00%	3.77%	-1.94%

Correlation

The correlation between XXXX and UGA is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.24
Correlation (All Time) Calculated using the full available price history since Dec 5, 2023	-0.06

The correlation between XXXX and UGA shifts across timeframes, from -0.24 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XXXX vs. UGA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XXXX

XXXX Risk / Return Rank: 43
XXXX Sharpe Ratio Rank: 43
XXXX Sortino Ratio Rank: 41
XXXX Omega Ratio Rank: 42
XXXX Calmar Ratio Rank: 42
XXXX Martin Ratio Rank: 46

UGA

UGA Risk / Return Rank: 72
UGA Sharpe Ratio Rank: 76
UGA Sortino Ratio Rank: 66
UGA Omega Ratio Rank: 67
UGA Calmar Ratio Rank: 84
UGA Martin Ratio Rank: 70

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XXXX vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX S&P 500 4X Leveraged ETN (XXXX) 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.

	XXXX	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.96	-0.73
Sortino ratio: Return per unit of downside risk	1.75	2.47	-0.72
Omega ratio: Gain probability vs. loss probability	1.23	1.32	-0.09
Calmar ratio: Return relative to maximum drawdown	1.69	3.54	-1.85
Martin ratio: Return relative to average drawdown	5.87	9.75	-3.88

XXXX vs. UGA - Sharpe Ratio Comparison

The current XXXX Sharpe Ratio is 1.24, which is lower than the UGA Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of XXXX 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

XXXX vs. UGA - Drawdown Comparison

The maximum XXXX drawdown since its inception was -62.27%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for XXXX and UGA.

Drawdown Indicators

	XXXX	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-62.27%	-86.59%	+24.32%
Max Drawdown (1Y) Largest decline over 1 year	-37.25%	-20.32%	-16.93%
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	-0.74%	-14.67%	+13.93%
Average Drawdown Average peak-to-trough decline	-11.50%	-36.52%	+25.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.68%	7.36%	+3.32%

Volatility

XXXX vs. UGA - Volatility Comparison

MAX S&P 500 4X Leveraged ETN (XXXX) has a higher volatility of 16.28% compared to United States Gasoline Fund, LP (UGA) at 13.00%. This indicates that XXXX's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XXXX	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.28%	13.00%	+3.28%
Volatility (6M) Calculated over the trailing 6-month period	40.94%	32.16%	+8.78%
Volatility (1Y) Calculated over the trailing 1-year period	50.87%	36.60%	+14.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.79%	34.71%	+26.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.79%	37.31%	+23.48%

XXXX vs. UGA - Expense Ratio Comparison

XXXX has a 2.95% expense ratio, which is higher than UGA's 1.02% expense ratio.

Dividends

XXXX vs. UGA - Dividend Comparison

Neither XXXX nor UGA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XXXX and UGA in my portfolio?

XXXX and UGA have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XXXX or UGA?

XXXX has higher volatility (16.28%) compared to UGA (13.00%). In terms of maximum drawdown, XXXX dropped -62.27% vs UGA's -86.59%.

Which ETF is better, XXXX or UGA?

On 1-year performance, UGA leads with 71.49% vs 62.47% for XXXX. On fees, UGA is cheaper at 1.02% 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.

Which ETF has performed better, XXXX or UGA?

Over the 1-year period, UGA has performed better with a 71.49% return vs 62.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XXXX or UGA?

UGA is cheaper with a 1.02% expense ratio, compared with 2.95% for XXXX.

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

XXXX and UGA have nearly identical dividend yields, around 0.00%.

What is the main difference between XXXX and UGA?

XXXX is categorized as Leveraged Equities, while UGA is Oil & Gas. XXXX tracks S&P 500 Index (400%), while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. They also come from different issuers: Max and USCF. Their fees differ too: 2.95% for XXXX and 1.02% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.96 vs 1.24), 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.