VMBS vs. UGA
VMBS (Vanguard Mortgage-Backed Securities ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - VMBS is a Mortgage Backed Securities fund tracking the Barclays Capital U.S. MBS Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, VMBS returned 1.40%/yr vs 13.99%/yr for UGA. At a correlation of -0.11, they often move in opposite directions. VMBS charges 0.04%/yr vs 0.75%/yr for UGA.
Performance
VMBS vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, VMBS achieves a 1.39% return, which is significantly lower than UGA's 59.54% return. Over the past 10 years, VMBS has underperformed UGA with an annualized return of 1.40%, while UGA has yielded a comparatively higher 13.99% annualized return.
VMBS
- 1D
- 0.47%
- 1M
- 1.10%
- YTD
- 1.39%
- 6M
- 1.26%
- 1Y
- 6.10%
- 3Y*
- 4.68%
- 5Y*
- 0.68%
- 10Y*
- 1.40%
UGA
- 1D
- -2.77%
- 1M
- -14.54%
- YTD
- 59.54%
- 6M
- 55.91%
- 1Y
- 62.68%
- 3Y*
- 17.85%
- 5Y*
- 22.22%
- 10Y*
- 13.99%
VMBS vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMBS Vanguard Mortgage-Backed Securities ETF | 1.39% | 8.36% | 1.70% | 5.34% | -11.90% | -1.28% | 3.76% | 6.19% | 0.91% | 2.47% |
UGA United States Gasoline Fund LP | 59.54% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between VMBS and UGA is -0.41, 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 | -0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009 | -0.11 |
Over the past year, the inverse relationship between VMBS and UGA has strengthened: their correlation has moved from -0.11 to -0.41, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
VMBS vs. UGA — Risk / Return Rank
VMBS
UGA
VMBS vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Mortgage-Backed Securities ETF (VMBS) 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.
| VMBS | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.31 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 3.10 | -0.82 |
| Martin ratioReturn relative to average drawdown | 7.24 | 9.66 | -2.43 |
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Drawdowns
VMBS vs. UGA - Drawdown Comparison
The maximum VMBS drawdown since its inception was -17.47%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for VMBS and UGA.
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Drawdown Indicators
| VMBS | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.47% | -86.59% | +69.12% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -20.32% | +17.64% |
Max Drawdown (3Y)Largest decline over 3 years | -7.65% | -26.68% | +19.03% |
Max Drawdown (5Y)Largest decline over 5 years | -17.12% | -38.11% | +20.99% |
Max Drawdown (10Y)Largest decline over 10 years | -17.47% | -75.89% | +58.42% |
Current DrawdownCurrent decline from peak | -0.61% | -20.32% | +19.71% |
Average DrawdownAverage peak-to-trough decline | -2.49% | -36.69% | +34.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 6.51% | -5.66% |
Volatility
VMBS vs. UGA - Volatility Comparison
The current volatility for Vanguard Mortgage-Backed Securities ETF (VMBS) is 1.26%, while United States Gasoline Fund LP (UGA) has a volatility of 9.45%. This indicates that VMBS 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
| VMBS | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 9.45% | -8.19% |
Volatility (6M)Calculated over the trailing 6-month period | 3.30% | 30.74% | -27.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.32% | 34.84% | -30.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.79% | 34.47% | -27.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.41% | 37.22% | -31.81% |
VMBS vs. UGA - Expense Ratio Comparison
VMBS has a 0.04% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
VMBS vs. UGA - Dividend Comparison
VMBS's dividend yield for the trailing twelve months is around 4.15%, 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% |
VMBS Vanguard Mortgage-Backed Securities ETF | 4.15% | 4.20% | 3.94% | 3.31% | 2.35% | 1.02% | 2.01% | 2.77% | 2.72% | 2.16% | 2.10% | 2.12% |
Frequently Asked Questions
VMBS 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 (9.45%) compared to VMBS (1.26%). In terms of maximum drawdown, VMBS dropped -17.47% vs UGA's -86.59%.
On 10-year performance, UGA leads with 13.99% vs 1.40% for VMBS. On fees, VMBS is cheaper at 0.04% per year. On volatility, VMBS has been the lower-risk option at 1.26%. 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 13.99% return vs 1.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VMBS is cheaper with a 0.04% expense ratio, compared with 0.75% for UGA.
VMBS has the higher dividend yield at 4.15%, compared with 0.00% for UGA.
VMBS is categorized as Mortgage Backed Securities, while UGA is Oil & Gas. VMBS tracks Barclays Capital U.S. MBS Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Vanguard and Concierge Technologies. Their fees differ too: 0.04% for VMBS and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.82 vs 1.42), 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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