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BSV vs. UCO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BSV vs. UCO

Last updated Jun 4, 2026

BSV (Vanguard Short-Term Bond Index Fund ETF Shares) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - BSV is a Short-Term Bond fund tracking the Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index, while UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%). Both are passively managed. Over the past 10 years, BSV returned 1.95%/yr vs -11.31%/yr for UCO. At a correlation of -0.14, they often move in opposite directions. BSV charges 0.03%/yr vs 0.95%/yr for UCO.

Performance

BSV vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Bond Index Fund ETF Shares (BSV) and ProShares Ultra Bloomberg Crude Oil (UCO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BSV achieves a 0.29% return, which is significantly lower than UCO's 149.12% return. Over the past 10 years, BSV has outperformed UCO with an annualized return of 1.95%, while UCO has yielded a comparatively lower -11.31% annualized return.

BSV

1D
-0.08%
1M
0.06%
YTD
0.29%
6M
0.52%
1Y
3.68%
3Y*
4.41%
5Y*
1.62%
10Y*
1.95%

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

BSV vs. UCO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BSV
Vanguard Short-Term Bond Index Fund ETF Shares		0.29%6.00%3.78%4.90%-5.49%-1.09%4.70%4.98%1.34%1.20%
UCO
ProShares Ultra Bloomberg Crude Oil		149.12%-29.75%5.36%-13.89%39.71%139.26%-92.91%53.83%-43.26%0.34%

Correlation

The correlation between BSV and UCO is -0.39, 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

-0.39

Correlation (3Y)
Calculated over the trailing 3-year period

-0.21

Correlation (5Y)
Calculated over the trailing 5-year period

-0.14

Correlation (10Y)
Calculated over the trailing 10-year period

-0.14

Correlation (All Time)
Calculated using the full available price history since Nov 26, 2008

-0.14

Over the past year, the inverse relationship between BSV and UCO has strengthened: their correlation has moved from -0.14 to -0.39, meaning they now move in opposite directions more often than their long-term average.

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Vanguard Short-Term Bond Index Fund ETF Shares

ProShares Ultra Bloomberg Crude Oil

Often compared with BSV:
BSV vs. BNDBSV vs. VCSHBSV vs. SCHOBSV vs. SHYBSV vs. VUSBBSV vs. VBIRXBSV vs. ISTB
Often compared with UCO:
UCO vs. USOUCO vs. SCOUCO vs. OILUUCO vs. BOILUCO vs. ERXUCO vs. LABUUCO vs. OIH

Return for Risk

BSV vs. UCO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BSV
BSV Risk / Return Rank: 6161
Overall Rank
BSV Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
BSV Sortino Ratio Rank: 7171
Sortino Ratio Rank
BSV Omega Ratio Rank: 6363
Omega Ratio Rank
BSV Calmar Ratio Rank: 5757
Calmar Ratio Rank
BSV Martin Ratio Rank: 5757
Martin Ratio Rank
UCO
UCO Risk / Return Rank: 5454
Overall Rank
UCO Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
UCO Sortino Ratio Rank: 5050
Sortino Ratio Rank
UCO Omega Ratio Rank: 5050
Omega Ratio Rank
UCO Calmar Ratio Rank: 6969
Calmar Ratio Rank
UCO Martin Ratio Rank: 4141
Martin Ratio Rank
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.

BSV vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Bond Index Fund ETF Shares (BSV) 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.

BSVUCODifference
Sharpe ratioReturn per unit of total volatility
2.05
2.12

-0.08

Sortino ratioReturn per unit of downside risk
3.29
2.46

+0.83

Omega ratioGain probability vs. loss probability

1.39

1.32

+0.07

Calmar ratioReturn relative to maximum drawdown

2.87

3.49

-0.62

Martin ratioReturn relative to average drawdown

10.07

6.60

+3.48

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSV vs. UCO - Sharpe Ratio Comparison

The current BSV Sharpe Ratio is 2.05, which is comparable to the UCO Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of BSV 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.

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Sharpe Ratios by Period

BSVUCODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.05

2.12

-0.08

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.60

0.37

+0.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.83

-0.16

+0.98

Sharpe Ratio (All Time)

Calculated using the full available price history

0.85

-0.34

+1.19

Drawdowns

BSV vs. UCO - Drawdown Comparison

The maximum BSV drawdown since its inception was -8.54%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for BSV and UCO.

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Drawdown Indicators

BSVUCODifference

Max Drawdown

Largest peak-to-trough decline

-8.54%

-99.95%

+91.41%

Max Drawdown (1Y)

Largest decline over 1 year

-1.29%

-34.77%

+33.48%

Max Drawdown (3Y)

Largest decline over 3 years

-1.53%

-50.38%

+48.85%

Max Drawdown (5Y)

Largest decline over 5 years

-8.54%

-67.24%

+58.70%

Max Drawdown (10Y)

Largest decline over 10 years

-8.54%

-98.75%

+90.21%

Current Drawdown

Current decline from peak

-0.63%

-99.23%

+98.60%

Average Drawdown

Average peak-to-trough decline

-0.97%

-85.49%

+84.52%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.37%

18.33%

-17.96%

Volatility

BSV vs. UCO - Volatility Comparison

The current volatility for Vanguard Short-Term Bond Index Fund ETF Shares (BSV) is 0.52%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.83%. This indicates that BSV 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

BSVUCODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.52%

20.83%

-20.31%

Volatility (6M)

Calculated over the trailing 6-month period

1.26%

46.44%

-45.18%

Volatility (1Y)

Calculated over the trailing 1-year period

1.81%

57.11%

-55.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.72%

59.78%

-57.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.37%

71.36%

-68.99%

BSV vs. UCO - Expense Ratio Comparison

BSV has a 0.03% expense ratio, which is lower than UCO's 0.95% expense ratio.

Dividends

BSV vs. UCO - Dividend Comparison

BSV's dividend yield for the trailing twelve months is around 4.00%, while UCO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
BSV
Vanguard Short-Term Bond Index Fund ETF Shares		4.00%3.83%3.38%2.46%1.50%1.45%1.79%2.29%1.99%1.65%1.48%1.40%
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

BSV and UCO have a correlation of -0.39, 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 BSV (0.52%). In terms of maximum drawdown, BSV dropped -8.54% vs UCO's -99.95%.

On 10-year performance, BSV leads with 1.95% vs -11.31% for UCO. On fees, BSV is cheaper at 0.03% per year. On volatility, BSV has been the lower-risk option at 0.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, BSV has performed better with a 1.95% return vs -11.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BSV is cheaper with a 0.03% expense ratio, compared with 0.95% for UCO.

BSV has the higher dividend yield at 4.00%, compared with 0.00% for UCO.

BSV is categorized as Short-Term Bond, while UCO is Leveraged Commodities. BSV tracks Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index, while UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%). They also come from different issuers: Vanguard and ProShares. Their fees differ too: 0.03% for BSV and 0.95% for UCO.

UCO currently has the higher Sharpe Ratio (2.12 vs 2.05), 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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