VO vs. UGA
VO (Vanguard Mid-Cap ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - VO is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, VO returned 11.58%/yr vs 14.27%/yr for UGA. At a 0.27 correlation, their price movements are largely independent. VO charges 0.03%/yr vs 0.75%/yr for UGA.
Performance
VO vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, VO achieves a 10.92% return, which is significantly lower than UGA's 70.69% return. Over the past 10 years, VO has underperformed UGA with an annualized return of 11.58%, while UGA has yielded a comparatively higher 14.27% annualized return.
VO
- 1D
- 0.79%
- 1M
- 3.19%
- YTD
- 10.92%
- 6M
- 10.35%
- 1Y
- 19.49%
- 3Y*
- 17.10%
- 5Y*
- 8.04%
- 10Y*
- 11.58%
UGA
- 1D
- -2.73%
- 1M
- -12.25%
- YTD
- 70.69%
- 6M
- 59.72%
- 1Y
- 79.48%
- 3Y*
- 20.80%
- 5Y*
- 24.41%
- 10Y*
- 14.27%
VO vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VO Vanguard Mid-Cap ETF | 10.92% | 11.62% | 15.31% | 16.03% | -18.73% | 24.70% | 18.10% | 30.98% | -9.24% | 19.28% |
UGA United States Gasoline Fund LP | 70.69% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between VO 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 | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008 | 0.27 |
The correlation between VO and UGA shifts across timeframes, from -0.23 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VO vs. UGA — Risk / Return Rank
VO
UGA
VO vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap ETF (VO) 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.
| VO | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.37 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 5.37 | -2.97 |
| Martin ratioReturn relative to average drawdown | 9.13 | 12.86 | -3.73 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VO | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.59 | 2.27 | -0.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.46 | 0.71 | -0.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.61 | 0.38 | +0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.12 | +0.39 |
Drawdowns
VO vs. UGA - Drawdown Comparison
The maximum VO drawdown since its inception was -58.87%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for VO and UGA.
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Drawdown Indicators
| VO | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.87% | -86.59% | +27.72% |
Max Drawdown (1Y)Largest decline over 1 year | -8.17% | -14.88% | +6.71% |
Max Drawdown (3Y)Largest decline over 3 years | -19.02% | -26.68% | +7.66% |
Max Drawdown (5Y)Largest decline over 5 years | -27.57% | -38.11% | +10.54% |
Max Drawdown (10Y)Largest decline over 10 years | -39.37% | -75.89% | +36.52% |
Current DrawdownCurrent decline from peak | 0.00% | -14.75% | +14.75% |
Average DrawdownAverage peak-to-trough decline | -7.86% | -36.76% | +28.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.14% | 6.20% | -4.06% |
Volatility
VO vs. UGA - Volatility Comparison
The current volatility for Vanguard Mid-Cap ETF (VO) is 2.99%, while United States Gasoline Fund LP (UGA) has a volatility of 11.64%. This indicates that VO 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
| VO | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.99% | 11.64% | -8.65% |
Volatility (6M)Calculated over the trailing 6-month period | 9.24% | 30.48% | -21.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.33% | 35.27% | -22.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.60% | 34.40% | -16.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.94% | 37.27% | -18.33% |
VO vs. UGA - Expense Ratio Comparison
VO has a 0.03% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
VO vs. UGA - Dividend Comparison
VO's dividend yield for the trailing twelve months is around 1.35%, 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% |
VO Vanguard Mid-Cap ETF | 1.35% | 1.52% | 1.49% | 1.52% | 1.60% | 1.12% | 1.45% | 1.48% | 1.82% | 1.35% | 1.45% | 1.47% |
Frequently Asked Questions
VO 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 (11.64%) compared to VO (2.99%). In terms of maximum drawdown, VO dropped -58.87% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.27% vs 11.58% for VO. On fees, VO is cheaper at 0.03% per year. On volatility, VO has been the lower-risk option at 2.99%. 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 14.27% return vs 11.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VO is cheaper with a 0.03% expense ratio, compared with 0.75% for UGA.
VO has the higher dividend yield at 1.35%, compared with 0.00% for UGA.
VO is categorized as Mid Cap Blend Equities, while UGA is Oil & Gas. VO tracks CRSP US Mid Cap Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Vanguard and Concierge Technologies. Their fees differ too: 0.03% for VO and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.27 vs 1.59), 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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