YMAX vs. UGA
YMAX (YieldMax Universe Fund of Option Income ETFs) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - YMAX is a Derivative Income fund actively managed by YieldMax, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. YMAX is actively managed, while UGA is passively managed. Over the past year, YMAX returned 9.02% vs 80.94% for UGA. At a correlation of -0.03, they often move in opposite directions. YMAX charges 1.28%/yr vs 0.75%/yr for UGA.
Performance
YMAX vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, YMAX achieves a 6.06% return, which is significantly lower than UGA's 75.49% return.
YMAX
- 1D
- -1.70%
- 1M
- 6.76%
- YTD
- 6.06%
- 6M
- 3.56%
- 1Y
- 9.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UGA
- 1D
- -0.19%
- 1M
- -12.35%
- YTD
- 75.49%
- 6M
- 64.35%
- 1Y
- 80.94%
- 3Y*
- 22.21%
- 5Y*
- 25.10%
- 10Y*
- 14.43%
YMAX vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
YMAX YieldMax Universe Fund of Option Income ETFs | 6.06% | 6.04% | 26.26% |
UGA United States Gasoline Fund LP | 75.49% | -2.00% | 2.11% |
Correlation
The correlation between YMAX and UGA is -0.20, 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 | -0.20 |
Correlation (All Time) Calculated using the full available price history since Jan 18, 2024 | -0.03 |
The correlation between YMAX and UGA shifts across timeframes, from -0.20 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
YMAX vs. UGA — Risk / Return Rank
YMAX
UGA
YMAX vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax Universe Fund of Option Income ETFs (YMAX) 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.
| YMAX | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -2.05 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.37 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 0.35 | 5.47 | -5.12 |
| Martin ratioReturn relative to average drawdown | 0.82 | 13.25 | -12.43 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| YMAX | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.42 | 2.32 | -1.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.73 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.39 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.70 | 0.12 | +0.58 |
Drawdowns
YMAX vs. UGA - Drawdown Comparison
The maximum YMAX drawdown since its inception was -26.13%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for YMAX and UGA.
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Drawdown Indicators
| YMAX | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.13% | -86.59% | +60.46% |
Max Drawdown (1Y)Largest decline over 1 year | -26.13% | -14.88% | -11.25% |
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 DrawdownCurrent decline from peak | -5.98% | -12.35% | +6.37% |
Average DrawdownAverage peak-to-trough decline | -6.33% | -36.76% | +30.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.99% | 6.13% | +4.86% |
Volatility
YMAX vs. UGA - Volatility Comparison
The current volatility for YieldMax Universe Fund of Option Income ETFs (YMAX) is 6.22%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that YMAX 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.
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Volatility by Period
| YMAX | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.22% | 11.66% | -5.44% |
Volatility (6M)Calculated over the trailing 6-month period | 17.10% | 30.41% | -13.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.62% | 35.14% | -13.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.97% | 34.38% | -11.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.97% | 37.27% | -14.30% |
YMAX vs. UGA - Expense Ratio Comparison
YMAX has a 1.28% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
YMAX vs. UGA - Dividend Comparison
YMAX's dividend yield for the trailing twelve months is around 72.94%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% |
YMAX YieldMax Universe Fund of Option Income ETFs | 72.94% | 78.70% | 44.20% |
Frequently Asked Questions
YMAX and UGA have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.66%) compared to YMAX (6.22%). In terms of maximum drawdown, YMAX dropped -26.13% vs UGA's -86.59%.
On 1-year performance, UGA leads with 80.94% vs 9.02% for YMAX. On fees, UGA is cheaper at 0.75% per year. On volatility, YMAX has been the lower-risk option at 6.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, UGA has performed better with a 80.94% return vs 9.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 1.28% for YMAX.
YMAX has the higher dividend yield at 72.94%, compared with 0.00% for UGA.
YMAX is categorized as Derivative Income, while UGA is Oil & Gas. They also come from different issuers: YieldMax and Concierge Technologies. Their fees differ too: 1.28% for YMAX and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.32 vs 0.42), 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.
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