VPU vs. UGA
VPU (Vanguard Utilities ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - VPU is a Utilities Equities fund tracking the MSCI US Investable Market Utilities 25/50 Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, VPU returned 9.25%/yr vs 14.31%/yr for UGA. At a 0.14 correlation, their price movements are largely independent. VPU charges 0.09%/yr vs 0.75%/yr for UGA.
Performance
VPU vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, VPU achieves a 6.78% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, VPU has underperformed UGA with an annualized return of 9.25%, while UGA has yielded a comparatively higher 14.31% annualized return.
VPU
- 1D
- 0.75%
- 1M
- -0.09%
- YTD
- 6.78%
- 6M
- 6.90%
- 1Y
- 13.99%
- 3Y*
- 14.85%
- 5Y*
- 10.36%
- 10Y*
- 9.25%
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
VPU vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VPU Vanguard Utilities ETF | 6.78% | 16.46% | 23.04% | -7.45% | 1.06% | 17.40% | -0.74% | 24.89% | 4.38% | 12.44% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between VPU and UGA is -0.09, 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 | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.14 |
The correlation between VPU and UGA shifts across timeframes, from -0.09 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VPU vs. UGA — Risk / Return Rank
VPU
UGA
VPU vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Utilities ETF (VPU) 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.
| VPU | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.30 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 3.17 | -1.59 |
| Martin ratioReturn relative to average drawdown | 3.36 | 9.39 | -6.03 |
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Drawdowns
VPU vs. UGA - Drawdown Comparison
The maximum VPU drawdown since its inception was -46.31%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for VPU and UGA.
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Drawdown Indicators
| VPU | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.31% | -86.59% | +40.28% |
Max Drawdown (1Y)Largest decline over 1 year | -8.90% | -18.96% | +10.06% |
Max Drawdown (3Y)Largest decline over 3 years | -17.34% | -26.68% | +9.34% |
Max Drawdown (5Y)Largest decline over 5 years | -25.15% | -38.11% | +12.96% |
Max Drawdown (10Y)Largest decline over 10 years | -36.42% | -75.89% | +39.47% |
Current DrawdownCurrent decline from peak | -4.02% | -18.05% | +14.03% |
Average DrawdownAverage peak-to-trough decline | -7.78% | -36.69% | +28.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.17% | 6.43% | -2.26% |
Volatility
VPU vs. UGA - Volatility Comparison
The current volatility for Vanguard Utilities ETF (VPU) is 5.15%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that VPU 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
| VPU | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.15% | 9.24% | -4.09% |
Volatility (6M)Calculated over the trailing 6-month period | 11.52% | 30.57% | -19.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.44% | 35.22% | -20.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.03% | 34.45% | -17.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.15% | 37.22% | -18.07% |
VPU vs. UGA - Expense Ratio Comparison
VPU has a 0.09% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
VPU vs. UGA - Dividend Comparison
VPU's dividend yield for the trailing twelve months is around 2.59%, 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% |
VPU Vanguard Utilities ETF | 2.59% | 2.73% | 3.02% | 3.49% | 2.98% | 2.70% | 3.17% | 2.83% | 3.23% | 3.18% | 3.19% | 3.63% |
Frequently Asked Questions
VPU and UGA have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to VPU (5.15%). In terms of maximum drawdown, VPU dropped -46.31% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 9.25% for VPU. On fees, VPU is cheaper at 0.09% per year. On volatility, VPU has been the lower-risk option at 5.15%. 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 14.31% return vs 9.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VPU is cheaper with a 0.09% expense ratio, compared with 0.75% for UGA.
VPU has the higher dividend yield at 2.59%, compared with 0.00% for UGA.
VPU is categorized as Utilities Equities, while UGA is Oil & Gas. VPU tracks MSCI US Investable Market Utilities 25/50 Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Vanguard and Concierge Technologies. Their fees differ too: 0.09% for VPU and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 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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