BBCB vs. UCO
BBCB (JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - BBCB is a Corporate Bonds fund tracking the Bloomberg US Corporate Investment Grade, while UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%). Both are passively managed. Over the past 5 years, BBCB returned 0.84%/yr vs 22.16%/yr for UCO. At a correlation of -0.10, they often move in opposite directions. BBCB charges 0.09%/yr vs 0.95%/yr for UCO.
Performance
BBCB vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, BBCB achieves a 2.82% return, which is significantly lower than UCO's 149.12% return.
BBCB
- 1D
- -0.11%
- 1M
- 0.66%
- YTD
- 2.82%
- 6M
- 2.66%
- 1Y
- 8.37%
- 3Y*
- 5.98%
- 5Y*
- 0.84%
- 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%
BBCB vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BBCB JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF | 2.82% | 7.69% | 1.97% | 8.42% | -15.72% | -2.23% | 10.39% | 14.86% | 0.43% |
UCO ProShares Ultra Bloomberg Crude Oil | 149.12% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | -92.91% | 53.83% | -21.99% |
Correlation
The correlation between BBCB 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 | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Dec 17, 2018 | -0.10 |
Over the past year, the inverse relationship between BBCB and UCO has strengthened: their correlation has moved from -0.10 to -0.38, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BBCB vs. UCO — Risk / Return Rank
BBCB
UCO
BBCB vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF (BBCB) 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.
| BBCB | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.32 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 3.49 | -0.63 |
| Martin ratioReturn relative to average drawdown | 10.09 | 6.60 | +3.49 |
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
| BBCB | UCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.71 | 2.12 | -0.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | 0.37 | -0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.16 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | -0.34 | +0.80 |
Drawdowns
BBCB vs. UCO - Drawdown Comparison
The maximum BBCB drawdown since its inception was -22.48%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for BBCB and UCO.
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Drawdown Indicators
| BBCB | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.48% | -99.95% | +77.47% |
Max Drawdown (1Y)Largest decline over 1 year | -2.95% | -34.77% | +31.82% |
Max Drawdown (3Y)Largest decline over 3 years | -6.46% | -50.38% | +43.92% |
Max Drawdown (5Y)Largest decline over 5 years | -22.32% | -67.24% | +44.92% |
Max Drawdown (10Y)Largest decline over 10 years | — | -98.75% | — |
Current DrawdownCurrent decline from peak | -0.34% | -99.23% | +98.89% |
Average DrawdownAverage peak-to-trough decline | -6.66% | -85.49% | +78.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 18.33% | -17.50% |
Volatility
BBCB vs. UCO - Volatility Comparison
The current volatility for JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF (BBCB) is 1.41%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.83%. This indicates that BBCB 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
| BBCB | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.41% | 20.83% | -19.42% |
Volatility (6M)Calculated over the trailing 6-month period | 3.98% | 46.44% | -42.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.93% | 57.11% | -52.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.25% | 59.78% | -52.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.50% | 71.36% | -63.86% |
BBCB vs. UCO - Expense Ratio Comparison
BBCB has a 0.09% expense ratio, which is lower than UCO's 0.95% expense ratio.
Dividends
BBCB vs. UCO - Dividend Comparison
BBCB's dividend yield for the trailing twelve months is around 7.15%, while UCO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BBCB JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF | 7.15% | 5.02% | 5.22% | 4.22% | 3.39% | 3.47% | 4.59% | 5.25% | 0.20% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BBCB 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 BBCB (1.41%). In terms of maximum drawdown, BBCB dropped -22.48% vs UCO's -99.95%.
On 5-year performance, UCO leads with 22.16% vs 0.84% for BBCB. On fees, BBCB is cheaper at 0.09% per year. On volatility, BBCB has been the lower-risk option at 1.41%. 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 0.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BBCB is cheaper with a 0.09% expense ratio, compared with 0.95% for UCO.
BBCB has the higher dividend yield at 7.15%, compared with 0.00% for UCO.
BBCB is categorized as Corporate Bonds, while UCO is Leveraged Commodities. BBCB tracks Bloomberg US Corporate Investment Grade, while UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%). They also come from different issuers: JPMorgan and ProShares. Their fees differ too: 0.09% for BBCB and 0.95% for UCO.
UCO currently has the higher Sharpe Ratio (2.12 vs 1.71), 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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