BLV vs. UGA
BLV (Vanguard Long-Term Bond ETF) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - BLV is a Long-Term Bond fund tracking the Bloomberg U.S. Long Government/Credit Float Adjusted Index, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past 10 years, BLV returned 0.32%/yr vs 16.82%/yr for UGA. Their -0.15 correlation means they have often moved in opposite directions in the past. BLV charges 0.03%/yr vs 1.02%/yr for UGA.
Performance
BLV vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, BLV achieves a -2.38% return, which is significantly lower than UGA's 80.98% return. Over the past 10 years, BLV has underperformed UGA with an annualized return of 0.32%, while UGA has yielded a comparatively higher 16.82% annualized return.
BLV
- 1D
- 0.44%
- 1M
- -3.14%
- 6M
- -2.34%
- YTD
- -2.38%
- 1Y
- -0.29%
- 3Y*
- 2.08%
- 5Y*
- -5.11%
- 10Y*
- 0.32%
- ALL TIME*
- 4.05%
UGA
- 1D
- -5.27%
- 1M
- 8.52%
- 6M
- 69.92%
- YTD
- 80.98%
- 1Y
- 78.20%
- 3Y*
- 16.66%
- 5Y*
- 25.31%
- 10Y*
- 16.82%
- ALL TIME*
- 4.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $51.99M | $52.76M | $45.16M | |
| $8.16M | $5.91M | $4.98M |
BLV vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | -2.38% | 6.44% | -3.65% | 7.35% | -26.95% | -2.89% | 16.13% | 18.99% | -4.17% | 10.74% |
UGA United States Gasoline Fund, LP | 80.98% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between BLV and UGA is -0.41, 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. | -0.41 |
Correlation (3Y) Balances recent behavior with more history. | -0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.13 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | -0.15 |
Over the past year, the inverse relationship between BLV and UGA has strengthened: their correlation has moved from -0.15 to -0.41, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BLV vs. UGA — Risk / Return Rank
BLV
UGA
BLV vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Bond ETF (BLV) 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.
| BLV | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.20 | ||
| Sortino ratioReturn per unit of downside risk | -2.66 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.35 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 3.87 | -3.92 |
| Martin ratioReturn relative to average drawdown | -0.11 | 10.83 | -10.94 |
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Drawdowns
BLV vs. UGA - Drawdown Comparison
The maximum BLV drawdown since its inception was -38.29%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for BLV and UGA.
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Drawdown Indicators
| BLV | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.29% | -86.59% | +48.30% |
Max Drawdown (1Y)Largest decline over 1 year | -5.92% | -20.32% | +14.40% |
Max Drawdown (3Y)Largest decline over 3 years | -11.70% | -26.68% | +14.98% |
Max Drawdown (5Y)Largest decline over 5 years | -36.27% | -38.11% | +1.84% |
Max Drawdown (10Y)Largest decline over 10 years | -38.29% | -75.89% | +37.60% |
Current DrawdownCurrent decline from peak | -26.16% | -10.61% | -15.55% |
Average DrawdownAverage peak-to-trough decline | -9.64% | -36.53% | +26.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 7.25% | -4.59% |
Volatility
BLV vs. UGA - Volatility Comparison
The current volatility for Vanguard Long-Term Bond ETF (BLV) is 2.19%, while United States Gasoline Fund, LP (UGA) has a volatility of 12.68%. This indicates that BLV 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
| BLV | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.19% | 12.68% | -10.49% |
Volatility (6M)Calculated over the trailing 6-month period | 5.97% | 32.51% | -26.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.77% | 36.42% | -28.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.91% | 34.68% | -21.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.95% | 37.30% | -25.35% |
BLV vs. UGA - Expense Ratio Comparison
BLV has a 0.03% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
BLV vs. UGA - Dividend Comparison
BLV's dividend yield for the trailing twelve months is around 4.97%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | 4.97% | 4.67% | 5.09% | 4.06% | 4.17% | 3.37% | 6.12% | 3.57% | 4.07% | 3.63% | 4.16% | 4.37% |
UGA United States Gasoline Fund, LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BLV and UGA have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (12.68%) compared to BLV (2.19%). In terms of maximum drawdown, BLV dropped -38.29% vs UGA's -86.59%.
On 10-year performance, UGA leads with 16.82% vs 0.32% for BLV. On fees, BLV is cheaper at 0.03% per year. On volatility, BLV has been the lower-risk option at 2.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGA has performed better with a 16.82% return vs 0.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BLV is cheaper with a 0.03% expense ratio, compared with 1.02% for UGA.
BLV has the higher dividend yield at 4.97%, compared with 0.00% for UGA.
BLV is categorized as Long-Term Bond, while UGA is Oil & Gas. BLV tracks Bloomberg U.S. Long Government/Credit Float Adjusted Index, while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. They also come from different issuers: Vanguard and USCF. Their fees differ too: 0.03% for BLV and 1.02% for UGA.
UGA currently has the higher Sharpe Ratio (2.16 vs -0.04), 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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