VGLT vs. UGA
VGLT (Vanguard Long-Term Treasury ETF) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - VGLT is a Government Bonds fund tracking the Bloomberg U.S. Long Treasury 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, VGLT returned -1.80%/yr vs 18.03%/yr for UGA. Their -0.19 correlation means they have often moved in opposite directions in the past. VGLT charges 0.03%/yr vs 1.02%/yr for UGA.
Performance
VGLT vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, VGLT achieves a -3.26% return, which is significantly lower than UGA's 91.06% return. Over the past 10 years, VGLT has underperformed UGA with an annualized return of -1.80%, while UGA has yielded a comparatively higher 18.03% annualized return.
VGLT
- 1D
- -0.62%
- 1M
- -3.51%
- 6M
- -3.14%
- YTD
- -3.26%
- 1Y
- -1.67%
- 3Y*
- -0.62%
- 5Y*
- -7.07%
- 10Y*
- -1.80%
- ALL TIME*
- 2.27%
UGA
- 1D
- -0.01%
- 1M
- 14.56%
- 6M
- 70.02%
- YTD
- 91.06%
- 1Y
- 88.12%
- 3Y*
- 17.55%
- 5Y*
- 25.78%
- 10Y*
- 18.03%
- ALL TIME*
- 4.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.47M | $5.01M | $4.85M | |
| $95.69M | $98.86M | $108.97M |
VGLT vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGLT Vanguard Long-Term Treasury ETF | -3.26% | 5.35% | -6.28% | 3.27% | -29.34% | -4.98% | 17.57% | 14.30% | -1.54% | 8.64% |
UGA United States Gasoline Fund, LP | 91.06% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between VGLT 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. | -0.17 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.17 |
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009 | -0.19 |
Over the past year, the inverse relationship between VGLT and UGA has strengthened: their correlation has moved from -0.19 to -0.41, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
VGLT vs. UGA — Risk / Return Rank
VGLT
UGA
VGLT vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Treasury ETF (VGLT) 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.
| VGLT | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.36 | ||
| Sortino ratioReturn per unit of downside risk | -2.82 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.37 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 4.12 | -4.17 |
| Martin ratioReturn relative to average drawdown | -0.12 | 11.57 | -11.69 |
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Drawdowns
VGLT vs. UGA - Drawdown Comparison
The maximum VGLT drawdown since its inception was -46.18%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for VGLT and UGA.
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Drawdown Indicators
| VGLT | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.18% | -86.59% | +40.41% |
Max Drawdown (1Y)Largest decline over 1 year | -7.03% | -20.32% | +13.29% |
Max Drawdown (3Y)Largest decline over 3 years | -13.38% | -26.68% | +13.30% |
Max Drawdown (5Y)Largest decline over 5 years | -40.98% | -38.11% | -2.87% |
Max Drawdown (10Y)Largest decline over 10 years | -46.18% | -75.89% | +29.71% |
Current DrawdownCurrent decline from peak | -38.64% | -5.63% | -33.01% |
Average DrawdownAverage peak-to-trough decline | -15.26% | -36.53% | +21.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.19% | 7.26% | -4.07% |
Volatility
VGLT vs. UGA - Volatility Comparison
The current volatility for Vanguard Long-Term Treasury ETF (VGLT) is 2.24%, while United States Gasoline Fund, LP (UGA) has a volatility of 11.28%. This indicates that VGLT 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
| VGLT | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.24% | 11.28% | -9.04% |
Volatility (6M)Calculated over the trailing 6-month period | 6.31% | 31.98% | -25.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.47% | 36.11% | -27.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.45% | 34.60% | -20.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.75% | 37.26% | -23.51% |
VGLT vs. UGA - Expense Ratio Comparison
VGLT has a 0.03% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
VGLT vs. UGA - Dividend Comparison
VGLT's dividend yield for the trailing twelve months is around 4.77%, 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% |
VGLT Vanguard Long-Term Treasury ETF | 4.37% | 4.44% | 4.33% | 3.33% | 2.84% | 1.82% | 2.15% | 2.46% | 2.71% | 2.55% | 2.69% | 3.21% |
Frequently Asked Questions
VGLT 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 (11.28%) compared to VGLT (2.24%). In terms of maximum drawdown, VGLT dropped -46.18% vs UGA's -86.59%.
On 10-year performance, UGA leads with 18.03% vs -1.80% for VGLT. On fees, VGLT is cheaper at 0.03% per year. On volatility, VGLT has been the lower-risk option at 2.24%. 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 18.03% return vs -1.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGLT is cheaper with a 0.03% expense ratio, compared with 1.02% for UGA.
VGLT has the higher dividend yield at 4.37%, compared with 0.00% for UGA.
VGLT is categorized as Government Bonds, while UGA is Oil & Gas. VGLT tracks Bloomberg U.S. Long Treasury 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 VGLT and 1.02% for UGA.
UGA currently has the higher Sharpe Ratio (2.32 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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