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VBK vs. UGA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VBK vs. UGA

Last updated Jun 4, 2026

VBK (Vanguard Small-Cap Growth ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - VBK is a Small Cap Growth Equities fund tracking the CRSP US Small Cap Growth Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, VBK returned 11.74%/yr vs 14.43%/yr for UGA. At a 0.25 correlation, their price movements are largely independent. VBK charges 0.05%/yr vs 0.75%/yr for UGA.

Performance

VBK vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap Growth ETF (VBK) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VBK achieves a 17.41% return, which is significantly lower than UGA's 75.49% return. Over the past 10 years, VBK has underperformed UGA with an annualized return of 11.74%, while UGA has yielded a comparatively higher 14.43% annualized return.

VBK

1D
-1.06%
1M
4.84%
YTD
17.41%
6M
16.96%
1Y
32.77%
3Y*
17.73%
5Y*
5.68%
10Y*
11.74%

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

VBK vs. UGA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VBK
Vanguard Small-Cap Growth ETF		17.41%8.50%16.50%21.45%-28.44%5.66%35.44%32.75%-5.70%21.87%
UGA
United States Gasoline Fund LP		75.49%-2.00%3.77%1.27%46.34%68.49%-24.88%41.25%-28.07%1.69%

Correlation

The correlation between VBK and UGA is -0.23, 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

-0.23

Correlation (3Y)
Calculated over the trailing 3-year period

-0.01

Correlation (5Y)
Calculated over the trailing 5-year period

0.09

Correlation (10Y)
Calculated over the trailing 10-year period

0.17

Correlation (All Time)
Calculated using the full available price history since Feb 29, 2008

0.25

The correlation between VBK and UGA shifts across timeframes, from -0.23 (1 year) to 0.25 (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.

Vanguard Small-Cap Growth ETF

United States Gasoline Fund LP

Often compared with VBK:
VBK vs. VBVBK vs. VBRVBK vs. AVUVVBK vs. VOOVBK vs. IJRVBK vs. SCHAVBK vs. VIOG
Often compared with UGA:
UGA vs. URAUGA vs. FCGUGA vs. QQQUGA vs. VOOUGA vs. USOUGA vs. SPYUGA vs. FNGS

Return for Risk

VBK vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VBK
VBK Risk / Return Rank: 5151
Overall Rank
VBK Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
VBK Sortino Ratio Rank: 4646
Sortino Ratio Rank
VBK Omega Ratio Rank: 4444
Omega Ratio Rank
VBK Calmar Ratio Rank: 5757
Calmar Ratio Rank
VBK Martin Ratio Rank: 6060
Martin Ratio Rank
UGA
UGA Risk / Return Rank: 6969
Overall Rank
UGA Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
UGA Sortino Ratio Rank: 5757
Sortino Ratio Rank
UGA Omega Ratio Rank: 6060
Omega Ratio Rank
UGA Calmar Ratio Rank: 8989
Calmar Ratio Rank
UGA Martin Ratio Rank: 7171
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VBK vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Growth ETF (VBK) 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.

VBKUGADifference
Sharpe ratioReturn per unit of total volatility
1.72
2.32

-0.60

Sortino ratioReturn per unit of downside risk
2.38
2.75

-0.37

Omega ratioGain probability vs. loss probability

1.29

1.37

-0.09

Calmar ratioReturn relative to maximum drawdown

2.88

5.47

-2.59

Martin ratioReturn relative to average drawdown

10.98

13.25

-2.27

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VBK vs. UGA - Sharpe Ratio Comparison

The current VBK Sharpe Ratio is 1.72, which is comparable to the UGA Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of VBK 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.

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Sharpe Ratios by Period

VBKUGADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.72

2.32

-0.60

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.24

0.73

-0.49

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.52

0.39

+0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.43

0.12

+0.31

Drawdowns

VBK vs. UGA - Drawdown Comparison

The maximum VBK drawdown since its inception was -58.68%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for VBK and UGA.

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Drawdown Indicators

VBKUGADifference

Max Drawdown

Largest peak-to-trough decline

-58.68%

-86.59%

+27.91%

Max Drawdown (1Y)

Largest decline over 1 year

-11.44%

-14.88%

+3.44%

Max Drawdown (3Y)

Largest decline over 3 years

-27.54%

-26.68%

-0.86%

Max Drawdown (5Y)

Largest decline over 5 years

-38.39%

-38.11%

-0.28%

Max Drawdown (10Y)

Largest decline over 10 years

-38.70%

-75.89%

+37.19%

Current Drawdown

Current decline from peak

-1.06%

-12.35%

+11.29%

Average Drawdown

Average peak-to-trough decline

-10.15%

-36.76%

+26.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.99%

6.13%

-3.14%

Volatility

VBK vs. UGA - Volatility Comparison

The current volatility for Vanguard Small-Cap Growth ETF (VBK) is 5.37%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that VBK 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

VBKUGADifference

Volatility (1M)

Calculated over the trailing 1-month period

5.37%

11.66%

-6.29%

Volatility (6M)

Calculated over the trailing 6-month period

14.62%

30.41%

-15.79%

Volatility (1Y)

Calculated over the trailing 1-year period

19.21%

35.14%

-15.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.48%

34.38%

-10.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.86%

37.27%

-14.41%

VBK vs. UGA - Expense Ratio Comparison

VBK has a 0.05% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

VBK vs. UGA - Dividend Comparison

VBK's dividend yield for the trailing twelve months is around 0.45%, while UGA has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
VBK
Vanguard Small-Cap Growth ETF		0.45%0.54%0.54%0.68%0.55%0.36%0.44%0.57%0.79%0.82%1.08%0.98%

Frequently Asked Questions

VBK and UGA have a correlation of -0.23, 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 VBK (5.37%). In terms of maximum drawdown, VBK dropped -58.68% vs UGA's -86.59%.

On 10-year performance, UGA leads with 14.43% vs 11.74% for VBK. On fees, VBK is cheaper at 0.05% per year. On volatility, VBK has been the lower-risk option at 5.37%. 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 14.43% return vs 11.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VBK is cheaper with a 0.05% expense ratio, compared with 0.75% for UGA.

VBK has the higher dividend yield at 0.45%, compared with 0.00% for UGA.

VBK is categorized as Small Cap Growth Equities, while UGA is Oil & Gas. VBK tracks CRSP US Small Cap Growth Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Vanguard and Concierge Technologies. Their fees differ too: 0.05% for VBK and 0.75% for UGA.

UGA currently has the higher Sharpe Ratio (2.32 vs 1.72), 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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