BOEG vs. UCO

Last updated Jun 26, 2026

BOEG (Leverage Shares 2X Long BA Daily ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - BOEG is a Leveraged Equities fund actively managed by Leverage Shares, while UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). BOEG is actively managed, while UCO is passively managed. Over the past year, BOEG returned -4.03% vs 53.08% for UCO. At a correlation of -0.19, they often move in opposite directions. BOEG charges 0.75%/yr vs 0.95%/yr for UCO.

Performance

BOEG vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long BA Daily ETF (BOEG) 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, BOEG achieves a -9.75% return, which is significantly lower than UCO's 77.33% return.

BOEG

• 1D: -2.13%
• 1M: -3.15%
• YTD: -9.75%
• 6M: -11.04%
• 1Y: -4.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UCO

• 1D: 4.80%
• 1M: -24.44%
• YTD: 77.33%
• 6M: 71.99%
• 1Y: 53.08%
• 3Y*: 14.02%
• 5Y*: 11.51%
• 10Y*: 19.59%

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

BOEG vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025
BOEG Leverage Shares 2X Long BA Daily ETF	-9.75%	6.85%
UCO ProShares Ultra Bloomberg Crude Oil	77.33%	-19.63%

Correlation

The correlation between BOEG and UCO is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since Jun 13, 2025	-0.19

Return for Risk

BOEG vs. UCO — Risk / Return Rank

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

BOEG

BOEG Risk / Return Rank: 9
BOEG Sharpe Ratio Rank: 9
BOEG Sortino Ratio Rank: 11
BOEG Omega Ratio Rank: 10
BOEG Calmar Ratio Rank: 8
BOEG Martin Ratio Rank: 8

UCO

UCO Risk / Return Rank: 29
UCO Sharpe Ratio Rank: 29
UCO Sortino Ratio Rank: 30
UCO Omega Ratio Rank: 29
UCO Calmar Ratio Rank: 31
UCO Martin Ratio Rank: 26

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.

BOEG vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long BA Daily ETF (BOEG) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BOEG	UCO	Difference
Sharpe ratio: Return per unit of total volatility	-0.06	0.95	-1.01
Sortino ratio: Return per unit of downside risk	0.39	1.50	-1.11
Omega ratio: Gain probability vs. loss probability	1.04	1.18	-0.14
Calmar ratio: Return relative to maximum drawdown	-0.09	1.44	-1.53
Martin ratio: Return relative to average drawdown	-0.17	3.23	-3.40

BOEG vs. UCO - Sharpe Ratio Comparison

The current BOEG Sharpe Ratio is -0.06, which is lower than the UCO Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of BOEG 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.

Drawdowns

BOEG vs. UCO - Drawdown Comparison

The maximum BOEG drawdown since its inception was -46.47%, smaller than the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for BOEG and UCO.

Drawdown Indicators

	BOEG	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-46.47%	-99.86%	+53.39%
Max Drawdown (1Y) Largest decline over 1 year	-46.47%	-37.09%	-9.38%
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	—	-96.50%	—
Current Drawdown Current decline from peak	-32.24%	-86.24%	+54.00%
Average Drawdown Average peak-to-trough decline	-19.66%	-82.11%	+62.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.64%	16.46%	+7.18%

Volatility

BOEG vs. UCO - Volatility Comparison

Leverage Shares 2X Long BA Daily ETF (BOEG) has a higher volatility of 21.94% compared to ProShares Ultra Bloomberg Crude Oil (UCO) at 18.06%. This indicates that BOEG'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.

Volatility by Period

	BOEG	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.94%	18.06%	+3.88%
Volatility (6M) Calculated over the trailing 6-month period	46.89%	48.70%	-1.81%
Volatility (1Y) Calculated over the trailing 1-year period	64.38%	56.42%	+7.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.91%	60.21%	+3.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.91%	317.66%	-253.75%

BOEG vs. UCO - Expense Ratio Comparison

BOEG has a 0.75% expense ratio, which is lower than UCO's 0.95% expense ratio.

Dividends

BOEG vs. UCO - Dividend Comparison

Neither BOEG nor UCO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BOEG and UCO in my portfolio?

BOEG and UCO have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BOEG or UCO?

BOEG has higher volatility (21.94%) compared to UCO (18.06%). In terms of maximum drawdown, BOEG dropped -46.47% vs UCO's -99.86%.

Which ETF is better, BOEG or UCO?

On 1-year performance, UCO leads with 53.08% vs -4.03% for BOEG. On fees, BOEG is cheaper at 0.75% per year. On volatility, UCO has been the lower-risk option at 18.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOEG or UCO?

Over the 1-year period, UCO has performed better with a 53.08% return vs -4.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOEG or UCO?

BOEG is cheaper with a 0.75% expense ratio, compared with 0.95% for UCO.

Which ETF pays a higher dividend yield, BOEG or UCO?

BOEG and UCO have nearly identical dividend yields, around 0.00%.

What is the main difference between BOEG and UCO?

BOEG is categorized as Leveraged Equities, while UCO is Oil & Gas. They also come from different issuers: Leverage Shares and ProShares. Their fees differ too: 0.75% for BOEG and 0.95% for UCO.

Which has better risk-adjusted returns?

UCO currently has the higher Sharpe Ratio (0.95 vs -0.06), 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.