VTP vs. UCO

Last updated Jun 24, 2026

VTP (Vanguard Total Inflation-Protected Securities ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - VTP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index 0-5, while UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. At a correlation of -0.20, they often move in opposite directions. VTP charges 0.05%/yr vs 0.95%/yr for UCO.

Performance

VTP vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total Inflation-Protected Securities ETF (VTP) and ProShares Ultra Bloomberg Crude Oil (UCO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTP achieves a 0.75% return, which is significantly lower than UCO's 81.88% return.

VTP

• 1D: -0.02%
• 1M: -0.12%
• YTD: 0.75%
• 6M: 0.95%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UCO

• 1D: -1.26%
• 1M: -25.61%
• YTD: 81.88%
• 6M: 76.32%
• 1Y: 42.04%
• 3Y*: 15.38%
• 5Y*: 12.42%
• 10Y*: 19.46%

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

VTP vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025
VTP Vanguard Total Inflation-Protected Securities ETF	0.75%	2.46%
UCO ProShares Ultra Bloomberg Crude Oil	81.88%	-20.69%

Correlation

The correlation between VTP and UCO is -0.20, 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 Jul 9, 2025	-0.20

Return for Risk

VTP vs. UCO — Risk / Return Rank

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

VTP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

UCO

UCO Risk / Return Rank: 24
UCO Sharpe Ratio Rank: 22
UCO Sortino Ratio Rank: 24
UCO Omega Ratio Rank: 24
UCO Calmar Ratio Rank: 27
UCO Martin Ratio Rank: 22

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.

VTP vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Inflation-Protected Securities ETF (VTP) and ProShares Ultra Bloomberg Crude Oil (UCO). 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.

	VTP	UCO	Difference
Sharpe ratio: Return per unit of total volatility	—	0.75	—
Sortino ratio: Return per unit of downside risk	—	1.30	—
Omega ratio: Gain probability vs. loss probability	—	1.16	—
Calmar ratio: Return relative to maximum drawdown	—	1.30	—
Martin ratio: Return relative to average drawdown	—	2.61	—

Drawdowns

VTP vs. UCO - Drawdown Comparison

The maximum VTP drawdown since its inception was -1.92%, smaller than the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for VTP and UCO.

Drawdown Indicators

	VTP	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-1.92%	-99.86%	+97.94%
Max Drawdown (1Y) Largest decline over 1 year	—	-32.37%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-50.38%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-67.24%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-96.50%	—
Current Drawdown Current decline from peak	-1.09%	-85.89%	+84.80%
Average Drawdown Average peak-to-trough decline	-0.52%	-82.11%	+81.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	16.23%	—

Volatility

Volatility by Period

	VTP	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	16.11%	—
Volatility (6M) Calculated over the trailing 6-month period	—	48.06%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.34%	57.57%	-54.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.34%	60.09%	-56.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.34%	317.77%	-314.43%

VTP vs. UCO - Expense Ratio Comparison

VTP has a 0.05% expense ratio, which is lower than UCO's 0.95% expense ratio.

Dividends

VTP vs. UCO - Dividend Comparison

VTP's dividend yield for the trailing twelve months is around 1.62%, while UCO has not paid dividends to shareholders.

Position	TTM	2025
UCO ProShares Ultra Bloomberg Crude Oil	0.00%	0.00%
VTP Vanguard Total Inflation-Protected Securities ETF	1.62%	1.56%

Frequently Asked Questions

Can I hold both VTP and UCO in my portfolio?

VTP and UCO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VTP or UCO?

On fees, VTP is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VTP or UCO?

VTP is cheaper with a 0.05% expense ratio, compared with 0.95% for UCO.

Which ETF pays a higher dividend yield, VTP or UCO?

VTP has the higher dividend yield at 1.62%, compared with 0.00% for UCO.

What is the main difference between VTP and UCO?

VTP is categorized as Inflation-Protected Bonds, while UCO is Oil & Gas. VTP tracks ICE U.S. Treasury Inflation Linked Bond Index 0-5, while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%). They also come from different issuers: Vanguard and ProShares. Their fees differ too: 0.05% for VTP and 0.95% for UCO.