MCN vs UGA

Comparison between Madison Covered Call & Equity Strategy Fund (MCN, ETF) and United States Gasoline Fund LP (UGA, ETF).

5-Year PerformanceUGA has outperformed MCN, delivering a return of +24.3% compared to +3.5%

MCN vs UGA - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	MCN(ETF)	UGA(ETF)
Net Assets	$138M	$138M
Expense Ratio	N/A	1.08%
Max Drawdown	75.11%	86.59%
Sharpe Ratio	0.41	1.73
5Y Beta	0.52	0.05
5Y Dividends CAGR	1.61%	N/A

Net Assets

Winner

MCN

$138M

UGA

$138M

Expense Ratio

MCN

N/A

UGA

1.08%

Max Drawdown

Winner

MCN

75.11%

UGA

86.59%

Sharpe Ratio

MCN

0.41

Winner

UGA

1.73

5Y Beta

MCN

0.52

Winner

UGA

0.05

5Y Dividends CAGR

MCN

1.61%

UGA

N/A

MCN vs UGA - Historical Returns

Returns include dividend reinvestment.

Period	MCN	UGA
1 month	-2.33%	-12.48%
3 months	-0.82%	+25.18%
6 months	+3.21%	+58.79%
1 year	+8.34%	+76.65%
5 years(CAGR)	+3.46%	+24.34%
10 years(CAGR)	+7.85%	+14.25%
Max(CAGR)	+5.51%	+4.17%

Winner

MCN

-2.33%

UGA

-12.48%

MCN

-0.82%

Winner

UGA

+25.18%

MCN

+3.21%

Winner

UGA

+58.79%

MCN

+8.34%

Winner

UGA

+76.65%

5Y(CAGR)

MCN

+3.46%

Winner

UGA

+24.34%

10Y(CAGR)

MCN

+7.85%

Winner

UGA

+14.25%

Max(CAGR)

Winner

MCN

+5.51%

UGA

+4.17%

MCN vs UGA - Annual Returns (2004 - 2026)

Returns include dividend reinvestment.

Year	MCN	UGA
2026	+0.49%	+71.55%
2025	+0.20%	-3.91%
2024	-0.33%	+4.24%
2023	+8.02%	+6.36%
2022	+6.33%	+44.19%
2021	+30.38%	+74.16%
2020	+14.91%	-25.27%
2019	+17.28%	+39.46%
2018	-12.21%	-27.04%
2017	+9.80%	+3.98%
2016	+14.94%	+5.38%
2015	-0.75%	-11.92%
2014	+9.41%	-41.16%
2013	+14.32%	+1.44%
2012	+12.18%	+16.76%
2011	-10.59%	+14.83%
2010	+10.23%	+12.37%
2009	+54.72%	+73.20%
2008	-38.79%	-60.91%
2007	-16.23%	N/A
2006	+12.53%	N/A
2005	+7.26%	N/A
2004	+1.32%	N/A

MCN vs UGA Drawdown Comparison

The maximum drawdown for MCN was -65.08%, occurring on Mar 9, 2009. Recovery took 1641 trading sessions.

The maximum drawdown for UGA was -86.59%, occurring on Mar 24, 2020. Recovery took 3486 trading sessions.

The current MCN drawdown is -4.97%. The current UGA drawdown is -14.98%.

Rank	MCN	UGA
#1	-65.08% Apr 25, 2007 - Oct 29, 2013	-86.59% Jul 2, 2008 - May 6, 2022
#2	-38.60% Jan 15, 2020 - Nov 9, 2020	-38.11% Jun 3, 2022 - Mar 4, 2026
#3	-24.48% Jun 28, 2024 - Apr 7, 2025	-14.98% May 4, 2026 - Jun 5, 2026
#4	-22.86% Oct 1, 2018 - Jan 15, 2020	-9.59% Mar 20, 2026 - Mar 30, 2026
#5	-19.57% Sep 9, 2022 - Jan 11, 2023	-8.87% Apr 6, 2026 - Apr 22, 2026
#6	-18.33% Jan 12, 2022 - Sep 8, 2022	-7.95% Mar 12, 2008 - Apr 2, 2008
#7	-17.00% Apr 27, 2023 - Jun 28, 2024	-7.48% May 6, 2022 - May 12, 2022
#8	-15.90% May 21, 2015 - May 27, 2016	-7.31% May 16, 2022 - May 27, 2022
#9	-11.23% Aug 17, 2005 - Sep 25, 2006	-6.43% May 21, 2008 - Jun 6, 2008
#10	-9.01% Jul 10, 2014 - May 20, 2015	-6.00% Mar 30, 2026 - Apr 6, 2026
#11	-8.74% Sep 13, 2021 - Dec 10, 2021	-5.67% Jun 6, 2008 - Jul 2, 2008
#12	-8.15% Dec 10, 2021 - Jan 11, 2022	-5.62% Apr 25, 2008 - May 5, 2008
#13	-8.12% Jan 24, 2018 - Jul 2, 2018	-4.74% Mar 3, 2008 - Mar 7, 2008
#14	-5.66% Jun 11, 2021 - Jul 13, 2021	-3.54% Mar 6, 2026 - Mar 11, 2026
#15	-5.47% Oct 5, 2017 - Dec 28, 2017	-2.08% Mar 18, 2026 - Mar 20, 2026