VCRM vs. UGA

Last updated Aug 5, 2026

VCRM (Vanguard Core Tax-Exempt Bond ETF) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - VCRM is a Municipal Bonds fund tracking the S&P Broad AMT-Free Municipal Bond Index, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past year, VCRM returned 6.32% vs 71.86% for UGA. Their -0.27 correlation means they have often moved in opposite directions in the past. VCRM charges 0.12%/yr vs 1.02%/yr for UGA.

Performance

VCRM vs. UGA - Performance Comparison

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

Returns By Period

In the year-to-date period, VCRM achieves a 1.45% return, which is significantly lower than UGA's 73.74% return.

VCRM

• 1D: 0.29%
• 1M: -1.30%
• 6M: 0.59%
• YTD: 1.45%
• 1Y: 6.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.46%

UGA

• 1D: -4.00%
• 1M: 4.18%
• 6M: 57.40%
• YTD: 73.74%
• 1Y: 71.86%
• 3Y*: 15.08%
• 5Y*: 23.69%
• 10Y*: 16.34%
• ALL TIME*: 4.28%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
UGA United States Gasoline Fund, LP	$8.76M	$6.07M	$5.03M
VCRM Vanguard Core Tax-Exempt Bond ETF	$18.72M	$17.51M	$16.43M

VCRM vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VCRM Vanguard Core Tax-Exempt Bond ETF	1.45%	4.91%	-0.45%
UGA United States Gasoline Fund, LP	73.74%	-2.00%	0.64%

Correlation

The correlation between VCRM and UGA is -0.35, 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.	-0.35
Correlation (All Time) Calculated using the full available price history since Nov 21, 2024	-0.27

Return for Risk

VCRM vs. UGA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VCRM

VCRM Risk / Return Rank: 75
VCRM Sharpe Ratio Rank: 83
VCRM Sortino Ratio Rank: 82
VCRM Omega Ratio Rank: 90
VCRM Calmar Ratio Rank: 58
VCRM Martin Ratio Rank: 60

UGA

UGA Risk / Return Rank: 74
UGA Sharpe Ratio Rank: 77
UGA Sortino Ratio Rank: 67
UGA Omega Ratio Rank: 68
UGA Calmar Ratio Rank: 85
UGA Martin Ratio Rank: 71

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VCRM vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Core Tax-Exempt Bond ETF (VCRM) 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.

	VCRM	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.97	+0.15
Sortino ratio: Return per unit of downside risk	2.97	2.48	+0.50
Omega ratio: Gain probability vs. loss probability	1.45	1.32	+0.13
Calmar ratio: Return relative to maximum drawdown	2.33	3.56	-1.22
Martin ratio: Return relative to average drawdown	8.06	9.88	-1.82

VCRM vs. UGA - Sharpe Ratio Comparison

The current VCRM Sharpe Ratio is 2.13, which is comparable to the UGA Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of VCRM 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.

Drawdowns

VCRM vs. UGA - Drawdown Comparison

The maximum VCRM drawdown since its inception was -4.12%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for VCRM and UGA.

Drawdown Indicators

	VCRM	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-4.12%	-86.59%	+82.47%
Max Drawdown (1Y) Largest decline over 1 year	-2.72%	-20.32%	+17.60%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	-1.30%	-14.19%	+12.89%
Average Drawdown Average peak-to-trough decline	-1.07%	-36.52%	+35.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	7.30%	-6.51%

Volatility

VCRM vs. UGA - Volatility Comparison

The current volatility for Vanguard Core Tax-Exempt Bond ETF (VCRM) is 1.09%, while United States Gasoline Fund, LP (UGA) has a volatility of 13.00%. This indicates that VCRM 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.

Volatility by Period

	VCRM	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	13.00%	-11.91%
Volatility (6M) Calculated over the trailing 6-month period	2.41%	32.31%	-29.90%
Volatility (1Y) Calculated over the trailing 1-year period	2.99%	36.60%	-33.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.80%	34.73%	-30.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	37.32%	-33.52%

VCRM vs. UGA - Expense Ratio Comparison

VCRM has a 0.12% expense ratio, which is lower than UGA's 1.02% expense ratio.

Dividends

VCRM vs. UGA - Dividend Comparison

VCRM's dividend yield for the trailing twelve months is around 3.72%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024
UGA United States Gasoline Fund, LP	0.00%	0.00%	0.00%
VCRM Vanguard Core Tax-Exempt Bond ETF	3.72%	3.42%	0.40%

Frequently Asked Questions

Can I hold both VCRM and UGA in my portfolio?

VCRM and UGA have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCRM or UGA?

UGA has higher volatility (13.00%) compared to VCRM (1.09%). In terms of maximum drawdown, VCRM dropped -4.12% vs UGA's -86.59%.

Which ETF is better, VCRM or UGA?

On 1-year performance, UGA leads with 71.86% vs 6.32% for VCRM. On fees, VCRM is cheaper at 0.12% per year. On volatility, VCRM has been the lower-risk option at 1.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VCRM or UGA?

Over the 1-year period, UGA has performed better with a 71.86% return vs 6.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VCRM or UGA?

VCRM is cheaper with a 0.12% expense ratio, compared with 1.02% for UGA.

Which ETF pays a higher dividend yield, VCRM or UGA?

VCRM has the higher dividend yield at 3.72%, compared with 0.00% for UGA.

What is the main difference between VCRM and UGA?

VCRM is categorized as Municipal Bonds, while UGA is Oil & Gas. VCRM tracks S&P Broad AMT-Free Municipal Bond Index, while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. They also come from different issuers: Vanguard and USCF. Their fees differ too: 0.12% for VCRM and 1.02% for UGA.

Which has better risk-adjusted returns?

VCRM currently has the higher Sharpe Ratio (2.13 vs 1.97), 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.