AZO vs. UCO

Last updated Jun 5, 2026

AZO (AutoZone, Inc.) 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, AZO returned 15.09%/yr vs -11.98%/yr for UCO. At a 0.09 correlation, their price movements are largely independent.

Performance

AZO vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AutoZone, Inc. (AZO) 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, AZO achieves a -9.13% return, which is significantly lower than UCO's 139.34% return. Over the past 10 years, AZO has outperformed UCO with an annualized return of 15.09%, while UCO has yielded a comparatively lower -11.98% annualized return.

AZO

• 1D: 0.66%
• 1M: -12.96%
• YTD: -9.13%
• 6M: -19.75%
• 1Y: -17.09%
• 3Y*: 9.62%
• 5Y*: 17.31%
• 10Y*: 15.09%

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)

AZO vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AZO AutoZone, Inc.	-9.13%	5.92%	23.84%	4.84%	17.64%	76.84%	-0.49%	42.10%	17.85%	-9.93%
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 AZO and UCO is -0.13, 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	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	-0.09
Correlation (5Y) Calculated over the trailing 5-year period	-0.02
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008	0.09

The correlation between AZO and UCO shifts across timeframes, from -0.13 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AZO vs. UCO — Risk / Return Rank

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

AZO

AZO Risk / Return Rank: 17
AZO Sharpe Ratio Rank: 14
AZO Sortino Ratio Rank: 16
AZO Omega Ratio Rank: 16
AZO Calmar Ratio Rank: 23
AZO Martin Ratio Rank: 17

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.

AZO vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AutoZone, Inc. (AZO) 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.

	AZO	UCO	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	2.03	-2.66
Sortino ratio: Return per unit of downside risk	-0.72	2.39	-3.11
Omega ratio: Gain probability vs. loss probability	0.91	1.31	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.53	3.34	-3.87
Martin ratio: Return relative to average drawdown	-1.15	6.32	-7.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AZO vs. UCO - Sharpe Ratio Comparison

The current AZO Sharpe Ratio is -0.63, which is lower than the UCO Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of AZO 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

	AZO	UCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.63	2.03	-2.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.36	+0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	-0.17	+0.74
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	-0.34	+0.97

Drawdowns

AZO vs. UCO - Drawdown Comparison

The maximum AZO drawdown since its inception was -46.32%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for AZO and UCO.

Drawdown Indicators

	AZO	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-46.32%	-99.95%	+53.63%
Max Drawdown (1Y) Largest decline over 1 year	-32.59%	-34.77%	+2.18%
Max Drawdown (3Y) Largest decline over 3 years	-32.59%	-50.38%	+17.79%
Max Drawdown (5Y) Largest decline over 5 years	-32.59%	-67.24%	+34.65%
Max Drawdown (10Y) Largest decline over 10 years	-42.14%	-98.75%	+56.61%
Current Drawdown Current decline from peak	-29.22%	-99.26%	+70.04%
Average Drawdown Average peak-to-trough decline	-10.87%	-85.49%	+74.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.86%	18.34%	-3.48%

Volatility

AZO vs. UCO - Volatility Comparison

The current volatility for AutoZone, Inc. (AZO) is 11.28%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.99%. This indicates that AZO 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

	AZO	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.28%	20.99%	-9.71%
Volatility (6M) Calculated over the trailing 6-month period	22.87%	46.57%	-23.70%
Volatility (1Y) Calculated over the trailing 1-year period	27.10%	57.26%	-30.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.44%	59.81%	-35.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.46%	71.35%	-44.89%

Dividends

AZO vs. UCO - Dividend Comparison

Neither AZO nor UCO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AZO and UCO in my portfolio?

AZO and UCO have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AZO or UCO?

UCO has higher volatility (20.99%) compared to AZO (11.28%). In terms of maximum drawdown, AZO dropped -46.32% vs UCO's -99.95%.

Which has better risk-adjusted returns?

UCO currently has the higher Sharpe Ratio (2.03 vs -0.63), 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.