ADFI vs. UCO
ADFI (Anfield Dynamic Fixed Income ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - ADFI is a Intermediate Core-Plus Bond fund actively managed by Anfield, while UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%). ADFI is actively managed, while UCO is passively managed. Over the past 5 years, ADFI returned -0.16%/yr vs 22.16%/yr for UCO. At a correlation of -0.08, they often move in opposite directions. ADFI charges 1.75%/yr vs 0.95%/yr for UCO.
Performance
ADFI vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, ADFI achieves a -0.02% return, which is significantly lower than UCO's 149.12% return.
ADFI
- 1D
- 0.06%
- 1M
- 0.43%
- YTD
- -0.02%
- 6M
- 0.01%
- 1Y
- 4.05%
- 3Y*
- 3.32%
- 5Y*
- -0.16%
- 10Y*
- —
UCO
- 1D
- 2.71%
- 1M
- -4.64%
- YTD
- 149.12%
- 6M
- 137.09%
- 1Y
- 120.48%
- 3Y*
- 25.90%
- 5Y*
- 22.16%
- 10Y*
- -11.31%
ADFI vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ADFI Anfield Dynamic Fixed Income ETF | -0.02% | 5.61% | 0.51% | 6.70% | -11.66% | -3.38% | 0.04% |
UCO ProShares Ultra Bloomberg Crude Oil | 149.12% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 7.82% |
Correlation
The correlation between ADFI and UCO is -0.38, 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 | -0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2020 | -0.08 |
Over the past year, the inverse relationship between ADFI and UCO has strengthened: their correlation has moved from -0.08 to -0.38, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
ADFI vs. UCO — Risk / Return Rank
ADFI
UCO
ADFI vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Anfield Dynamic Fixed Income ETF (ADFI) 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.
| ADFI | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.27 | ||
| Sortino ratioReturn per unit of downside risk | -1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.32 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.64 | 3.49 | -1.85 |
| Martin ratioReturn relative to average drawdown | 4.74 | 6.60 | -1.86 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ADFI | UCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.85 | 2.12 | -1.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.03 | 0.37 | -0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.16 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.10 | -0.34 | +0.24 |
Drawdowns
ADFI vs. UCO - Drawdown Comparison
The maximum ADFI drawdown since its inception was -17.62%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for ADFI and UCO.
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Drawdown Indicators
| ADFI | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.62% | -99.95% | +82.33% |
Max Drawdown (1Y)Largest decline over 1 year | -2.48% | -34.77% | +32.29% |
Max Drawdown (3Y)Largest decline over 3 years | -5.60% | -50.38% | +44.78% |
Max Drawdown (5Y)Largest decline over 5 years | -16.11% | -67.24% | +51.13% |
Max Drawdown (10Y)Largest decline over 10 years | — | -98.75% | — |
Current DrawdownCurrent decline from peak | -3.64% | -99.23% | +95.59% |
Average DrawdownAverage peak-to-trough decline | -7.61% | -85.49% | +77.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 18.33% | -17.47% |
Volatility
ADFI vs. UCO - Volatility Comparison
The current volatility for Anfield Dynamic Fixed Income ETF (ADFI) is 1.11%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.83%. This indicates that ADFI experiences smaller price fluctuations and is considered to be less risky than UCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ADFI | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 20.83% | -19.72% |
Volatility (6M)Calculated over the trailing 6-month period | 2.84% | 46.44% | -43.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.77% | 57.11% | -52.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.19% | 59.78% | -53.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.88% | 71.36% | -65.48% |
ADFI vs. UCO - Expense Ratio Comparison
ADFI has a 1.75% expense ratio, which is higher than UCO's 0.95% expense ratio.
Dividends
ADFI vs. UCO - Dividend Comparison
ADFI's dividend yield for the trailing twelve months is around 3.24%, while UCO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
ADFI Anfield Dynamic Fixed Income ETF | 3.24% | 3.30% | 3.17% | 2.90% | 1.60% | 0.80% | 0.50% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ADFI and UCO have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (20.83%) compared to ADFI (1.11%). In terms of maximum drawdown, ADFI dropped -17.62% vs UCO's -99.95%.
On 5-year performance, UCO leads with 22.16% vs -0.16% for ADFI. On fees, UCO is cheaper at 0.95% per year. On volatility, ADFI has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UCO has performed better with a 22.16% return vs -0.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCO is cheaper with a 0.95% expense ratio, compared with 1.75% for ADFI.
ADFI has the higher dividend yield at 3.24%, compared with 0.00% for UCO.
ADFI is categorized as Intermediate Core-Plus Bond, while UCO is Leveraged Commodities. They also come from different issuers: Anfield and ProShares. Their fees differ too: 1.75% for ADFI and 0.95% for UCO.
UCO currently has the higher Sharpe Ratio (2.12 vs 0.85), 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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