VTEC vs. BPH

Last updated Jun 4, 2026

VTEC (Vanguard California Tax-Exempt Bond ETF) and BPH (BP p.l.c. ADRhedged ETF) are both exchange-traded funds - VTEC is a Municipal Bonds fund tracking the S&P California AMT-Free Municipal Bond Index, while BPH is a Oil & Gas fund actively managed by Precidian. VTEC is passively managed, while BPH is actively managed. At a correlation of -0.77, they often move in opposite directions. VTEC charges 0.08%/yr vs 0.19%/yr for BPH.

Performance

VTEC vs. BPH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard California Tax-Exempt Bond ETF (VTEC) and BP p.l.c. ADRhedged ETF (BPH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

VTEC

• 1D: -0.05%
• 1M: 0.62%
• YTD: 0.98%
• 6M: 1.25%
• 1Y: 6.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BPH

• 1D: 1.20%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

VTEC vs. BPH - Yearly Performance Comparison

	2026 (YTD)
VTEC Vanguard California Tax-Exempt Bond ETF	0.72%
BPH BP p.l.c. ADRhedged ETF	2.83%

Correlation

The correlation between VTEC and BPH is -0.77, 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 (All Time) Calculated using the full available price history since May 27, 2026	-0.77

Return for Risk

VTEC vs. BPH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VTEC

VTEC Risk / Return Rank: 66
VTEC Sharpe Ratio Rank: 73
VTEC Sortino Ratio Rank: 78
VTEC Omega Ratio Rank: 84
VTEC Calmar Ratio Rank: 48
VTEC Martin Ratio Rank: 47

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VTEC vs. BPH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard California Tax-Exempt Bond ETF (VTEC) and BP p.l.c. ADRhedged ETF (BPH). 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.

	VTEC	BPH	Difference
Sharpe ratio: Return per unit of total volatility	2.39	—	—
Sortino ratio: Return per unit of downside risk	3.53	—	—
Omega ratio: Gain probability vs. loss probability	1.52	—	—
Calmar ratio: Return relative to maximum drawdown	2.35	—	—
Martin ratio: Return relative to average drawdown	7.83	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	VTEC	BPH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	9.48	-8.75

Drawdowns

VTEC vs. BPH - Drawdown Comparison

The maximum VTEC drawdown since its inception was -4.50%, which is greater than BPH's maximum drawdown of -2.35%. Use the drawdown chart below to compare losses from any high point for VTEC and BPH.

Drawdown Indicators

	VTEC	BPH	Difference
Max Drawdown Largest peak-to-trough decline	-4.50%	-2.35%	-2.15%
Max Drawdown (1Y) Largest decline over 1 year	-2.85%	—	—
Current Drawdown Current decline from peak	-0.82%	0.00%	-0.82%
Average Drawdown Average peak-to-trough decline	-1.12%	-1.08%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	—	—

Volatility

Volatility by Period

	VTEC	BPH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.87%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.82%	25.75%	-22.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.76%	25.75%	-21.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.76%	25.75%	-21.99%

VTEC vs. BPH - Expense Ratio Comparison

VTEC has a 0.08% expense ratio, which is lower than BPH's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VTEC vs. BPH - Dividend Comparison

VTEC's dividend yield for the trailing twelve months is around 3.16%, while BPH has not paid dividends to shareholders.

Position	TTM	2025	2024
BPH BP p.l.c. ADRhedged ETF	0.00%	0.00%	0.00%
VTEC Vanguard California Tax-Exempt Bond ETF	3.16%	3.13%	2.54%

Frequently Asked Questions

Can I hold both VTEC and BPH in my portfolio?

VTEC and BPH have a correlation of -0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VTEC or BPH?

On fees, VTEC is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VTEC or BPH?

VTEC is cheaper with a 0.08% expense ratio, compared with 0.19% for BPH.

Which ETF pays a higher dividend yield, VTEC or BPH?

VTEC has the higher dividend yield at 3.16%, compared with 0.00% for BPH.

What is the main difference between VTEC and BPH?

VTEC is categorized as Municipal Bonds, while BPH is Oil & Gas. They also come from different issuers: Vanguard and Precidian. Their fees differ too: 0.08% for VTEC and 0.19% for BPH.