VTP vs. UGA

Last updated Jul 15, 2026

VTP (Vanguard Total Inflation-Protected Securities ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - VTP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past year, VTP returned 3.27% vs 81.47% for UGA. At a correlation of -0.24, they often move in opposite directions. VTP charges 0.05%/yr vs 0.75%/yr for UGA.

Performance

VTP vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total Inflation-Protected Securities ETF (VTP) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTP achieves a 0.90% return, which is significantly lower than UGA's 85.58% return.

VTP

• 1D: 0.07%
• 1M: -0.50%
• 6M: 0.58%
• YTD: 0.90%
• 1Y: 3.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UGA

• 1D: 2.36%
• 1M: 8.96%
• 6M: 74.29%
• YTD: 85.58%
• 1Y: 81.47%
• 3Y*: 20.78%
• 5Y*: 26.16%
• 10Y*: 16.66%

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

VTP vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025
VTP Vanguard Total Inflation-Protected Securities ETF	0.90%	2.46%
UGA United States Gasoline Fund LP	85.58%	-3.09%

Correlation

The correlation between VTP and UGA is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	-0.24

Return for Risk

VTP vs. UGA — Risk / Return Rank

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

VTP

VTP Risk / Return Rank: 35
VTP Sharpe Ratio Rank: 33
VTP Sortino Ratio Rank: 32
VTP Omega Ratio Rank: 30
VTP Calmar Ratio Rank: 42
VTP Martin Ratio Rank: 38

UGA

UGA Risk / Return Rank: 82
UGA Sharpe Ratio Rank: 88
UGA Sortino Ratio Rank: 80
UGA Omega Ratio Rank: 79
UGA Calmar Ratio Rank: 88
UGA Martin Ratio Rank: 76

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. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Inflation-Protected Securities ETF (VTP) 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.

	VTP	UGA	Difference
Sharpe ratio: Return per unit of total volatility	0.98	2.29	-1.31
Sortino ratio: Return per unit of downside risk	1.43	2.81	-1.38
Omega ratio: Gain probability vs. loss probability	1.17	1.37	-0.19
Calmar ratio: Return relative to maximum drawdown	1.71	4.03	-2.32
Martin ratio: Return relative to average drawdown	4.86	11.21	-6.36

VTP vs. UGA - Sharpe Ratio Comparison

The current VTP Sharpe Ratio is 0.98, which is lower than the UGA Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of VTP and UGA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VTP vs. UGA - Drawdown Comparison

The maximum VTP drawdown since its inception was -1.92%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for VTP and UGA.

Drawdown Indicators

	VTP	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-1.92%	-86.59%	+84.67%
Max Drawdown (1Y) Largest decline over 1 year	-1.92%	-20.32%	+18.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	-0.94%	-7.31%	+6.37%
Average Drawdown Average peak-to-trough decline	-0.53%	-36.63%	+36.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	7.29%	-6.62%

Volatility

VTP vs. UGA - Volatility Comparison

The current volatility for Vanguard Total Inflation-Protected Securities ETF (VTP) is 1.19%, while United States Gasoline Fund LP (UGA) has a volatility of 11.56%. This indicates that VTP 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.

Volatility by Period

	VTP	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	11.56%	-10.37%
Volatility (6M) Calculated over the trailing 6-month period	2.48%	31.64%	-29.16%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	35.77%	-32.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.35%	34.66%	-31.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.35%	37.24%	-33.89%

VTP vs. UGA - Expense Ratio Comparison

VTP has a 0.05% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

VTP vs. UGA - Dividend Comparison

VTP's dividend yield for the trailing twelve months is around 2.98%, while UGA has not paid dividends to shareholders.

Position	TTM	2025
UGA United States Gasoline Fund LP	0.00%	0.00%
VTP Vanguard Total Inflation-Protected Securities ETF	2.98%	1.56%

Frequently Asked Questions

Can I hold both VTP and UGA in my portfolio?

VTP and UGA have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTP or UGA?

UGA has higher volatility (11.56%) compared to VTP (1.19%). In terms of maximum drawdown, VTP dropped -1.92% vs UGA's -86.59%.

Which ETF is better, VTP or UGA?

On 1-year performance, UGA leads with 81.47% vs 3.27% for VTP. On fees, VTP is cheaper at 0.05% per year. On volatility, VTP has been the lower-risk option at 1.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VTP or UGA?

Over the 1-year period, UGA has performed better with a 81.47% return vs 3.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VTP or UGA?

VTP is cheaper with a 0.05% expense ratio, compared with 0.75% for UGA.

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

VTP has the higher dividend yield at 2.98%, compared with 0.00% for UGA.

What is the main difference between VTP and UGA?

VTP is categorized as Inflation-Protected Bonds, while UGA is Oil & Gas. VTP tracks ICE U.S. Treasury Inflation Linked Bond Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Vanguard and Concierge Technologies. Their fees differ too: 0.05% for VTP and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (2.29 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.