ZVOL vs. UGA
ZVOL (Volatility Premium Plus ETF) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - ZVOL is a Volatility fund tracking the S&P 500 VIX Mid Term Futures Inverse Daily Index, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past 3 years, ZVOL returned 5.31%/yr vs 17.55%/yr for UGA. Their -0.01 correlation means they have often moved in opposite directions in the past. ZVOL charges 1.35%/yr vs 1.02%/yr for UGA.
Performance
ZVOL vs. UGA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZVOL achieves a 4.86% return, which is significantly lower than UGA's 91.06% return.
ZVOL
- 1D
- 0.86%
- 1M
- -0.77%
- 6M
- 5.30%
- YTD
- 4.86%
- 1Y
- 17.86%
- 3Y*
- 5.31%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 14.36%
UGA
- 1D
- -0.01%
- 1M
- 14.56%
- 6M
- 70.02%
- YTD
- 91.06%
- 1Y
- 88.12%
- 3Y*
- 17.55%
- 5Y*
- 25.78%
- 10Y*
- 18.03%
- ALL TIME*
- 4.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.47M | $5.01M | $4.85M | |
| $569.54K | $429.96K | $368.17K |
ZVOL vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZVOL Volatility Premium Plus ETF | 4.86% | -10.71% | 9.27% | 51.85% |
UGA United States Gasoline Fund, LP | 91.06% | -2.00% | 3.77% | -2.60% |
Correlation
The correlation between ZVOL and UGA is -0.15, 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. | -0.15 |
Correlation (3Y) Balances recent behavior with more history. | -0.03 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2023 | -0.01 |
The correlation between ZVOL and UGA shifts across timeframes, from -0.15 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZVOL vs. UGA — Risk / Return Rank
ZVOL
UGA
ZVOL vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Volatility Premium Plus ETF (ZVOL) 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.
| ZVOL | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.47 | ||
| Sortino ratioReturn per unit of downside risk | -1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.37 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 4.12 | -3.15 |
| Martin ratioReturn relative to average drawdown | 3.10 | 11.57 | -8.47 |
Loading charts...
Drawdowns
ZVOL vs. UGA - Drawdown Comparison
The maximum ZVOL drawdown since its inception was -37.25%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for ZVOL and UGA.
Loading charts...
Drawdown Indicators
| ZVOL | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.25% | -86.59% | +49.34% |
Max Drawdown (1Y)Largest decline over 1 year | -16.46% | -20.32% | +3.86% |
Max Drawdown (3Y)Largest decline over 3 years | -37.25% | -26.68% | -10.57% |
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 | -16.47% | -5.63% | -10.84% |
Average DrawdownAverage peak-to-trough decline | -13.63% | -36.53% | +22.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.12% | 7.26% | -2.14% |
Volatility
ZVOL vs. UGA - Volatility Comparison
The current volatility for Volatility Premium Plus ETF (ZVOL) is 3.16%, while United States Gasoline Fund, LP (UGA) has a volatility of 11.28%. This indicates that ZVOL 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.
Loading charts...
Volatility by Period
| ZVOL | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.16% | 11.28% | -8.12% |
Volatility (6M)Calculated over the trailing 6-month period | 13.68% | 31.98% | -18.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.73% | 36.11% | -17.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.73% | 34.60% | -5.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.73% | 37.26% | -8.53% |
ZVOL vs. UGA - Expense Ratio Comparison
ZVOL has a 1.35% expense ratio, which is higher than UGA's 1.02% expense ratio.
Dividends
ZVOL vs. UGA - Dividend Comparison
ZVOL's dividend yield for the trailing twelve months is around 74.74%, 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% |
ZVOL Volatility Premium Plus ETF | 74.74% | 53.44% | 30.68% | 0.55% |
Frequently Asked Questions
ZVOL and UGA have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.28%) compared to ZVOL (3.16%). In terms of maximum drawdown, ZVOL dropped -37.25% vs UGA's -86.59%.
On 3-year performance, UGA leads with 17.55% vs 5.31% for ZVOL. On fees, UGA is cheaper at 1.02% per year. On volatility, ZVOL has been the lower-risk option at 3.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UGA has performed better with a 17.55% return vs 5.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 1.02% expense ratio, compared with 1.35% for ZVOL.
ZVOL has the higher dividend yield at 74.74%, compared with 0.00% for UGA.
ZVOL is categorized as Volatility, while UGA is Oil & Gas. ZVOL tracks S&P 500 VIX Mid Term Futures Inverse Daily Index, while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. They also come from different issuers: Volatility Shares and USCF. Their fees differ too: 1.35% for ZVOL and 1.02% for UGA.
UGA currently has the higher Sharpe Ratio (2.32 vs 0.85), 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.
Find the right allocation for ZVOL and UGA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer