VPC vs. UGA
VPC (Virtus Private Credit ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - VPC is a Nontraditional Bonds fund tracking the Indxx Private Credit Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, VPC returned 1.17%/yr vs 25.10%/yr for UGA. At a 0.15 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.
Performance
VPC vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, VPC achieves a -9.26% return, which is significantly lower than UGA's 75.49% return.
VPC
- 1D
- -1.89%
- 1M
- -5.24%
- YTD
- -9.26%
- 6M
- -10.18%
- 1Y
- -12.88%
- 3Y*
- 2.85%
- 5Y*
- 1.17%
- 10Y*
- —
UGA
- 1D
- -0.19%
- 1M
- -12.35%
- YTD
- 75.49%
- 6M
- 64.35%
- 1Y
- 80.94%
- 3Y*
- 22.21%
- 5Y*
- 25.10%
- 10Y*
- 14.43%
VPC vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VPC Virtus Private Credit ETF | -9.26% | -6.75% | 10.52% | 22.20% | -11.70% | 34.18% | -9.50% | 9.32% |
UGA United States Gasoline Fund LP | 75.49% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 29.45% |
Correlation
The correlation between VPC and UGA is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2019 | 0.15 |
The correlation between VPC and UGA shifts across timeframes, from -0.10 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VPC vs. UGA — Risk / Return Rank
VPC
UGA
VPC vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus Private Credit ETF (VPC) 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.
| VPC | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.30 | ||
| Sortino ratioReturn per unit of downside risk | -4.08 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.37 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | 5.47 | -6.04 |
| Martin ratioReturn relative to average drawdown | -1.13 | 13.25 | -14.37 |
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
| VPC | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.98 | 2.32 | -3.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | 0.73 | -0.65 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.39 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.12 | +0.08 |
Drawdowns
VPC vs. UGA - Drawdown Comparison
The maximum VPC drawdown since its inception was -53.45%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for VPC and UGA.
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Drawdown Indicators
| VPC | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.45% | -86.59% | +33.14% |
Max Drawdown (1Y)Largest decline over 1 year | -22.76% | -14.88% | -7.88% |
Max Drawdown (3Y)Largest decline over 3 years | -24.86% | -26.68% | +1.82% |
Max Drawdown (5Y)Largest decline over 5 years | -24.86% | -38.11% | +13.25% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -19.63% | -12.35% | -7.28% |
Average DrawdownAverage peak-to-trough decline | -7.67% | -36.76% | +29.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.45% | 6.13% | +5.32% |
Volatility
VPC vs. UGA - Volatility Comparison
The current volatility for Virtus Private Credit ETF (VPC) is 3.27%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that VPC 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
| VPC | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.27% | 11.66% | -8.39% |
Volatility (6M)Calculated over the trailing 6-month period | 10.85% | 30.41% | -19.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.17% | 35.14% | -21.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.50% | 34.38% | -20.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.56% | 37.27% | -16.71% |
VPC vs. UGA - Expense Ratio Comparison
Both VPC and UGA have an expense ratio of 0.75%.
Dividends
VPC vs. UGA - Dividend Comparison
VPC's dividend yield for the trailing twelve months is around 17.30%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VPC Virtus Private Credit ETF | 17.30% | 14.33% | 11.26% | 11.71% | 10.74% | 6.31% | 10.06% | 8.19% |
Frequently Asked Questions
VPC and UGA have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.66%) compared to VPC (3.27%). In terms of maximum drawdown, VPC dropped -53.45% vs UGA's -86.59%.
On 5-year performance, UGA leads with 25.10% vs 1.17% for VPC. Both ETFs have the same 0.75% expense ratio. On volatility, VPC has been the lower-risk option at 3.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 25.10% return vs 1.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VPC and UGA have the same expense ratio: 0.75% per year.
VPC has the higher dividend yield at 17.30%, compared with 0.00% for UGA.
VPC is categorized as Nontraditional Bonds, while UGA is Oil & Gas. VPC tracks Indxx Private Credit Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Virtus Investment Partners and Concierge Technologies.
UGA currently has the higher Sharpe Ratio (2.32 vs -0.98), 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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