AEM vs. UCO

Last updated Jun 5, 2026

AEM (Agnico Eagle Mines Limited) is a stock, while UCO (ProShares Ultra Bloomberg Crude Oil) is Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%). Over the past 10 years, AEM returned 15.58%/yr vs -11.98%/yr for UCO. At a 0.16 correlation, their price movements are largely independent.

Performance

AEM vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Agnico Eagle Mines Limited (AEM) 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, AEM achieves a 4.70% return, which is significantly lower than UCO's 139.34% return. Over the past 10 years, AEM has outperformed UCO with an annualized return of 15.58%, while UCO has yielded a comparatively lower -11.98% annualized return.

AEM

• 1D: 2.97%
• 1M: -0.54%
• YTD: 4.70%
• 6M: 3.54%
• 1Y: 44.33%
• 3Y*: 53.13%
• 5Y*: 23.00%
• 10Y*: 15.58%

UCO

• 1D: -3.93%
• 1M: -5.57%
• YTD: 139.34%
• 6M: 124.58%
• 1Y: 115.57%
• 3Y*: 24.38%
• 5Y*: 21.18%
• 10Y*: -11.98%

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

AEM vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AEM Agnico Eagle Mines Limited	4.70%	119.53%	46.04%	8.98%	1.08%	-22.81%	17.39%	54.18%	-11.51%	10.92%
UCO ProShares Ultra Bloomberg Crude Oil	139.34%	-29.75%	5.36%	-13.89%	39.71%	139.26%	-92.91%	53.83%	-43.26%	0.34%

Correlation

The correlation between AEM and UCO is -0.17, 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	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008	0.16

The correlation between AEM and UCO shifts across timeframes, from -0.17 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AEM vs. UCO — Risk / Return Rank

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

AEM

AEM Risk / Return Rank: 68
AEM Sharpe Ratio Rank: 73
AEM Sortino Ratio Rank: 65
AEM Omega Ratio Rank: 66
AEM Calmar Ratio Rank: 68
AEM Martin Ratio Rank: 70

UCO

UCO Risk / Return Rank: 54
UCO Sharpe Ratio Rank: 62
UCO Sortino Ratio Rank: 50
UCO Omega Ratio Rank: 51
UCO Calmar Ratio Rank: 68
UCO Martin Ratio Rank: 40

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.

AEM vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Agnico Eagle Mines Limited (AEM) 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.

	AEM	UCO	Difference
Sharpe ratio: Return per unit of total volatility	1.03	2.03	-1.00
Sortino ratio: Return per unit of downside risk	1.47	2.39	-0.92
Omega ratio: Gain probability vs. loss probability	1.20	1.31	-0.11
Calmar ratio: Return relative to maximum drawdown	1.40	3.34	-1.94
Martin ratio: Return relative to average drawdown	3.49	6.32	-2.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AEM vs. UCO - Sharpe Ratio Comparison

The current AEM Sharpe Ratio is 1.03, which is lower than the UCO Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of AEM and UCO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AEM	UCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.03	2.03	-1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.36	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	-0.17	+0.59
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	-0.34	+0.51

Drawdowns

AEM vs. UCO - Drawdown Comparison

The maximum AEM drawdown since its inception was -90.49%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for AEM and UCO.

Drawdown Indicators

	AEM	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-90.49%	-99.95%	+9.46%
Max Drawdown (1Y) Largest decline over 1 year	-31.77%	-34.77%	+3.00%
Max Drawdown (3Y) Largest decline over 3 years	-31.77%	-50.38%	+18.61%
Max Drawdown (5Y) Largest decline over 5 years	-46.22%	-67.24%	+21.02%
Max Drawdown (10Y) Largest decline over 10 years	-53.86%	-98.75%	+44.89%
Current Drawdown Current decline from peak	-29.74%	-99.26%	+69.52%
Average Drawdown Average peak-to-trough decline	-46.66%	-85.49%	+38.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.75%	18.34%	-5.59%

Volatility

AEM vs. UCO - Volatility Comparison

The current volatility for Agnico Eagle Mines Limited (AEM) is 14.02%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.99%. This indicates that AEM 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.

Volatility by Period

	AEM	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.02%	20.99%	-6.97%
Volatility (6M) Calculated over the trailing 6-month period	34.69%	46.57%	-11.88%
Volatility (1Y) Calculated over the trailing 1-year period	43.08%	57.26%	-14.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.82%	59.81%	-22.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.22%	71.35%	-34.13%

Dividends

AEM vs. UCO - Dividend Comparison

AEM's dividend yield for the trailing twelve months is around 0.96%, while UCO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEM Agnico Eagle Mines Limited	0.96%	0.94%	2.05%	2.92%	3.08%	2.63%	2.36%	0.89%	1.09%	0.89%	0.86%	1.22%
UCO ProShares Ultra Bloomberg Crude Oil	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AEM and UCO in my portfolio?

AEM and UCO have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AEM or UCO?

UCO has higher volatility (20.99%) compared to AEM (14.02%). In terms of maximum drawdown, AEM dropped -90.49% vs UCO's -99.95%.

Which has better risk-adjusted returns?

UCO currently has the higher Sharpe Ratio (2.03 vs 1.03), 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.