VBR vs. UGA
VBR (Vanguard Small-Cap Value ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - VBR is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, VBR returned 11.01%/yr vs 14.31%/yr for UGA. At a 0.27 correlation, their price movements are largely independent. VBR charges 0.05%/yr vs 0.75%/yr for UGA.
Performance
VBR vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, VBR achieves a 13.29% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, VBR has underperformed UGA with an annualized return of 11.01%, while UGA has yielded a comparatively higher 14.31% annualized return.
VBR
- 1D
- -0.11%
- 1M
- 2.54%
- YTD
- 13.29%
- 6M
- 11.72%
- 1Y
- 26.18%
- 3Y*
- 16.90%
- 5Y*
- 8.59%
- 10Y*
- 11.01%
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
VBR vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBR Vanguard Small-Cap Value ETF | 13.29% | 9.09% | 12.40% | 16.00% | -9.38% | 28.08% | 5.90% | 22.78% | -12.28% | 11.81% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between VBR and UGA is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.27 |
The correlation between VBR and UGA shifts across timeframes, from -0.21 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VBR vs. UGA — Risk / Return Rank
VBR
UGA
VBR vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Value ETF (VBR) 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.
| VBR | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.30 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | 3.17 | -0.20 |
| Martin ratioReturn relative to average drawdown | 10.49 | 9.39 | +1.10 |
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Drawdowns
VBR vs. UGA - Drawdown Comparison
The maximum VBR drawdown since its inception was -61.98%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for VBR and UGA.
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Drawdown Indicators
| VBR | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.98% | -86.59% | +24.61% |
Max Drawdown (1Y)Largest decline over 1 year | -8.85% | -18.96% | +10.11% |
Max Drawdown (3Y)Largest decline over 3 years | -24.19% | -26.68% | +2.49% |
Max Drawdown (5Y)Largest decline over 5 years | -24.19% | -38.11% | +13.92% |
Max Drawdown (10Y)Largest decline over 10 years | -45.28% | -75.89% | +30.61% |
Current DrawdownCurrent decline from peak | -1.14% | -18.05% | +16.91% |
Average DrawdownAverage peak-to-trough decline | -8.25% | -36.69% | +28.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 6.43% | -3.93% |
Volatility
VBR vs. UGA - Volatility Comparison
The current volatility for Vanguard Small-Cap Value ETF (VBR) is 3.98%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that VBR 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
| VBR | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.98% | 9.24% | -5.26% |
Volatility (6M)Calculated over the trailing 6-month period | 10.66% | 30.57% | -19.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.30% | 35.22% | -19.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.73% | 34.45% | -14.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.71% | 37.22% | -15.51% |
VBR vs. UGA - Expense Ratio Comparison
VBR has a 0.05% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
VBR vs. UGA - Dividend Comparison
VBR's dividend yield for the trailing twelve months is around 1.73%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VBR Vanguard Small-Cap Value ETF | 1.73% | 1.95% | 1.98% | 2.12% | 2.03% | 1.75% | 1.68% | 2.06% | 2.35% | 1.79% | 1.77% | 1.99% |
Frequently Asked Questions
VBR and UGA have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to VBR (3.98%). In terms of maximum drawdown, VBR dropped -61.98% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 11.01% for VBR. On fees, VBR is cheaper at 0.05% per year. On volatility, VBR has been the lower-risk option at 3.98%. 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 14.31% return vs 11.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VBR is cheaper with a 0.05% expense ratio, compared with 0.75% for UGA.
VBR has the higher dividend yield at 1.73%, compared with 0.00% for UGA.
VBR is categorized as Small Cap Value Equities, while UGA is Oil & Gas. VBR tracks CRSP US Small Cap Value 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 VBR and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 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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