CPLB vs. UCO

Last updated Jun 3, 2026

CPLB (NYLI MacKay Core Plus Bond ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - CPLB is a Intermediate Core-Plus Bond fund actively managed by NYLI, while UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%). CPLB is actively managed, while UCO is passively managed. Over the past 3 years, CPLB returned 5.53%/yr vs 24.78%/yr for UCO. At a correlation of -0.14, they often move in opposite directions. CPLB charges 0.30%/yr vs 0.95%/yr for UCO.

Performance

CPLB vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI MacKay Core Plus Bond ETF (CPLB) 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, CPLB achieves a 0.81% return, which is significantly lower than UCO's 142.55% return.

CPLB

• 1D: 0.02%
• 1M: 0.19%
• YTD: 0.81%
• 6M: 0.97%
• 1Y: 5.72%
• 3Y*: 5.53%
• 5Y*: —
• 10Y*: —

UCO

• 1D: 2.52%
• 1M: 0.21%
• YTD: 142.55%
• 6M: 133.13%
• 1Y: 118.05%
• 3Y*: 24.78%
• 5Y*: 21.76%
• 10Y*: -11.55%

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

CPLB vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CPLB NYLI MacKay Core Plus Bond ETF	0.81%	7.76%	4.19%	7.16%	-14.44%	0.38%
UCO ProShares Ultra Bloomberg Crude Oil	142.55%	-29.75%	5.36%	-13.89%	39.71%	10.69%

Correlation

The correlation between CPLB and UCO is -0.36, 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	-0.36
Correlation (3Y) Calculated over the trailing 3-year period	-0.19
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021	-0.14

Over the past year, the inverse relationship between CPLB and UCO has strengthened: their correlation has moved from -0.14 to -0.36, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

CPLB vs. UCO — Risk / Return Rank

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

CPLB

CPLB Risk / Return Rank: 43
CPLB Sharpe Ratio Rank: 43
CPLB Sortino Ratio Rank: 44
CPLB Omega Ratio Rank: 42
CPLB Calmar Ratio Rank: 42
CPLB Martin Ratio Rank: 41

UCO

UCO Risk / Return Rank: 56
UCO Sharpe Ratio Rank: 61
UCO Sortino Ratio Rank: 49
UCO Omega Ratio Rank: 50
UCO Calmar Ratio Rank: 74
UCO Martin Ratio Rank: 44

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.

CPLB vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI MacKay Core Plus Bond ETF (CPLB) 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.

	CPLB	UCO	Difference
Sharpe ratio Return per unit of total volatility	1.54	2.08	-0.54
Sortino ratio Return per unit of downside risk	2.26	2.43	-0.17
Omega ratio Gain probability vs. loss probability	1.28	1.32	-0.04
Calmar ratio Return relative to maximum drawdown	2.16	3.78	-1.62
Martin ratio Return relative to average drawdown	6.64	7.17	-0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPLB vs. UCO - Sharpe Ratio Comparison

The current CPLB Sharpe Ratio is 1.54, which is comparable to the UCO Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of CPLB 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

	CPLB	UCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	2.08	-0.54
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	0.17	-0.34	+0.51

Drawdowns

CPLB vs. UCO - Drawdown Comparison

The maximum CPLB drawdown since its inception was -18.96%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for CPLB and UCO.

Drawdown Indicators

	CPLB	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-18.96%	-99.95%	+80.99%
Max Drawdown (1Y) Largest decline over 1 year	-2.60%	-34.77%	+32.17%
Max Drawdown (3Y) Largest decline over 3 years	-5.90%	-50.38%	+44.48%
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	-1.13%	-99.25%	+98.12%
Average Drawdown Average peak-to-trough decline	-7.08%	-85.48%	+78.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	18.32%	-17.47%

Volatility

CPLB vs. UCO - Volatility Comparison

The current volatility for NYLI MacKay Core Plus Bond ETF (CPLB) is 1.32%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 22.10%. This indicates that CPLB 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

	CPLB	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	22.10%	-20.78%
Volatility (6M) Calculated over the trailing 6-month period	2.75%	46.40%	-43.65%
Volatility (1Y) Calculated over the trailing 1-year period	3.73%	57.35%	-53.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.04%	59.77%	-54.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.04%	71.36%	-66.32%

CPLB vs. UCO - Expense Ratio Comparison

CPLB has a 0.30% expense ratio, which is lower than UCO's 0.95% expense ratio.

Dividends

CPLB vs. UCO - Dividend Comparison

CPLB's dividend yield for the trailing twelve months is around 5.49%, while UCO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
CPLB NYLI MacKay Core Plus Bond ETF	5.49%	5.46%	5.40%	4.82%	3.17%	0.95%
UCO ProShares Ultra Bloomberg Crude Oil	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPLB and UCO in my portfolio?

CPLB and UCO have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPLB or UCO?

UCO has higher volatility (22.10%) compared to CPLB (1.32%). In terms of maximum drawdown, CPLB dropped -18.96% vs UCO's -99.95%.

Which ETF is better, CPLB or UCO?

On 3-year performance, UCO leads with 24.78% vs 5.53% for CPLB. On fees, CPLB is cheaper at 0.30% per year. On volatility, CPLB has been the lower-risk option at 1.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPLB or UCO?

Over the 3-year period, UCO has performed better with a 24.78% return vs 5.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPLB or UCO?

CPLB is cheaper with a 0.30% expense ratio, compared with 0.95% for UCO.

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

CPLB has the higher dividend yield at 5.49%, compared with 0.00% for UCO.

What is the main difference between CPLB and UCO?

CPLB is categorized as Intermediate Core-Plus Bond, while UCO is Leveraged Commodities. They also come from different issuers: NYLI and ProShares. Their fees differ too: 0.30% for CPLB and 0.95% for UCO.

Which has better risk-adjusted returns?

UCO currently has the higher Sharpe Ratio (2.08 vs 1.54), 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.