ASMG vs. UCO
ASMG (Leverage Shares 2X Long ASML Daily ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - ASMG is a Leveraged Equities fund actively managed by Leverage Shares, while UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%). ASMG is actively managed, while UCO is passively managed. Over the past year, ASMG returned 327.03% vs 115.57% for UCO. At a correlation of -0.15, they often move in opposite directions. ASMG charges 0.75%/yr vs 0.95%/yr for UCO.
Performance
ASMG vs. UCO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with ASMG having a 135.99% return and UCO slightly higher at 139.34%.
ASMG
- 1D
- 3.70%
- 1M
- 43.96%
- YTD
- 135.99%
- 6M
- 116.32%
- 1Y
- 327.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
ASMG vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ASMG Leverage Shares 2X Long ASML Daily ETF | 135.99% | 63.67% |
UCO ProShares Ultra Bloomberg Crude Oil | 139.34% | -36.17% |
Correlation
The correlation between ASMG and UCO is -0.29, 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 | -0.30 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025 | -0.15 |
The correlation between ASMG and UCO shifts across timeframes, from -0.29 (1 year) to -0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ASMG vs. UCO — Risk / Return Rank
ASMG
UCO
ASMG vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long ASML Daily ETF (ASMG) 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.
| ASMG | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.03 | ||
| Sortino ratioReturn per unit of downside risk | +1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.31 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 9.53 | 3.34 | +6.19 |
| Martin ratioReturn relative to average drawdown | 23.75 | 6.32 | +17.42 |
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
| ASMG | UCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.06 | 2.03 | +2.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.36 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.17 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.97 | -0.34 | +2.31 |
Drawdowns
ASMG vs. UCO - Drawdown Comparison
The maximum ASMG drawdown since its inception was -43.95%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for ASMG and UCO.
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Drawdown Indicators
| ASMG | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.95% | -99.95% | +56.00% |
Max Drawdown (1Y)Largest decline over 1 year | -34.56% | -34.77% | +0.21% |
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 | — | -98.75% | — |
Current DrawdownCurrent decline from peak | 0.00% | -99.26% | +99.26% |
Average DrawdownAverage peak-to-trough decline | -13.24% | -85.49% | +72.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.85% | 18.34% | -4.49% |
Volatility
ASMG vs. UCO - Volatility Comparison
Leverage Shares 2X Long ASML Daily ETF (ASMG) has a higher volatility of 28.61% compared to ProShares Ultra Bloomberg Crude Oil (UCO) at 20.99%. This indicates that ASMG's price experiences larger fluctuations and is considered to be riskier 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
| ASMG | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.61% | 20.99% | +7.62% |
Volatility (6M)Calculated over the trailing 6-month period | 64.25% | 46.57% | +17.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 81.20% | 57.26% | +23.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 84.41% | 59.81% | +24.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 84.41% | 71.35% | +13.06% |
ASMG vs. UCO - Expense Ratio Comparison
ASMG has a 0.75% expense ratio, which is lower than UCO's 0.95% expense ratio.
Dividends
ASMG vs. UCO - Dividend Comparison
ASMG's dividend yield for the trailing twelve months is around 4.75%, while UCO has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
ASMG Leverage Shares 2X Long ASML Daily ETF | 4.75% | 11.20% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% |
Frequently Asked Questions
ASMG and UCO have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ASMG has higher volatility (28.61%) compared to UCO (20.99%). In terms of maximum drawdown, ASMG dropped -43.95% vs UCO's -99.95%.
On 1-year performance, ASMG leads with 327.03% vs 115.57% for UCO. On fees, ASMG is cheaper at 0.75% per year. On volatility, UCO has been the lower-risk option at 20.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ASMG has performed better with a 327.03% return vs 115.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ASMG is cheaper with a 0.75% expense ratio, compared with 0.95% for UCO.
ASMG has the higher dividend yield at 4.75%, compared with 0.00% for UCO.
ASMG is categorized as Leveraged Equities, while UCO is Leveraged Commodities. They also come from different issuers: Leverage Shares and ProShares. Their fees differ too: 0.75% for ASMG and 0.95% for UCO.
ASMG currently has the higher Sharpe Ratio (4.06 vs 2.03), 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.
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