VO$_2$ is a unique phase change material with strongly anisotropic electronic properties. Recently, samples have been prepared that present a co-existence of phases and thus form metal-insulator junctions of the same chemical compound. Using first principles calculations, the optical properties of metallic and semiconducting VO$_2$ are here discussed to design self-contained natural optical metamaterials, avoiding coupling with other dielectric media. The analysis of the optical properties complements the experiments in the description of the vast change in reflectance and metallicity for both disordered and planar compounds. The present results also predict the possibility to realize ordered VO$_2$ junctions operating as efficient hyperbolic metamaterials in the THz-visible range, by simply adjusting the ratio between metallic and insulating VO$_2$ content. The possibility to excite propagating {em volume plasmom polariton} across the metamaterial is finally discussed.
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