CAS vs. UCO

Last updated Jun 4, 2026

CAS (Simplify China A Shares PLUS Income ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - CAS is a China Equities fund actively managed by Simplify, while UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%). CAS is actively managed, while UCO is passively managed. At a 0.20 correlation, their price movements are largely independent. CAS charges 0.88%/yr vs 0.95%/yr for UCO.

Performance

CAS vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify China A Shares PLUS Income ETF (CAS) and ProShares Ultra Bloomberg Crude Oil (UCO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CAS

• 1D: -0.49%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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%

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

CAS vs. UCO - Yearly Performance Comparison

	2026 (YTD)
CAS Simplify China A Shares PLUS Income ETF	-1.66%
UCO ProShares Ultra Bloomberg Crude Oil	8.33%

Correlation

The correlation between CAS and UCO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	0.20

Return for Risk

CAS vs. UCO — Risk / Return Rank

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

UCO

UCO Risk / Return Rank: 54
UCO Sharpe Ratio Rank: 62
UCO Sortino Ratio Rank: 50
UCO Omega Ratio Rank: 50
UCO Calmar Ratio Rank: 69
UCO Martin Ratio Rank: 41

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.

CAS vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify China A Shares PLUS Income ETF (CAS) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CAS	UCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.12	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.37	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	-3.61	-0.34	-3.27

Drawdowns

CAS vs. UCO - Drawdown Comparison

The maximum CAS drawdown since its inception was -2.59%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for CAS and UCO.

Drawdown Indicators

	CAS	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-2.59%	-99.95%	+97.36%
Max Drawdown (1Y) Largest decline over 1 year	—	-34.77%	—
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 Drawdown Current decline from peak	-1.66%	-99.23%	+97.57%
Average Drawdown Average peak-to-trough decline	-1.72%	-85.49%	+83.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	18.33%	—

Volatility

Volatility by Period

	CAS	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	20.83%	—
Volatility (6M) Calculated over the trailing 6-month period	—	46.44%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.83%	57.11%	-36.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.83%	59.78%	-38.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.83%	71.36%	-50.53%

CAS vs. UCO - Expense Ratio Comparison

CAS has a 0.88% expense ratio, which is lower than UCO's 0.95% expense ratio.

Dividends

CAS vs. UCO - Dividend Comparison

Neither CAS nor UCO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CAS and UCO in my portfolio?

CAS and UCO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CAS or UCO?

On fees, CAS is cheaper at 0.88% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAS or UCO?

CAS is cheaper with a 0.88% expense ratio, compared with 0.95% for UCO.

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

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

What is the main difference between CAS and UCO?

CAS is categorized as China Equities, while UCO is Leveraged Commodities. They also come from different issuers: Simplify and ProShares. Their fees differ too: 0.88% for CAS and 0.95% for UCO.