CPXR vs. UCO

Last updated Jun 25, 2026

CPXR (USCF Daily Target 2X Copper Index ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - CPXR is a Copper fund tracking the SummerHaven Copper Index, while UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. Over the past year, CPXR returned 14.65% vs 44.07% for UCO. At a 0.04 correlation, their price movements are largely independent. CPXR charges 1.20%/yr vs 0.95%/yr for UCO.

Performance

CPXR vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Daily Target 2X Copper Index ETF (CPXR) 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, CPXR achieves a 2.23% return, which is significantly lower than UCO's 69.20% return.

CPXR

• 1D: -5.58%
• 1M: -13.49%
• YTD: 2.23%
• 6M: 5.86%
• 1Y: 14.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UCO

• 1D: -6.97%
• 1M: -30.80%
• YTD: 69.20%
• 6M: 64.11%
• 1Y: 44.07%
• 3Y*: 12.63%
• 5Y*: 10.47%
• 10Y*: 18.60%

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

CPXR vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025
CPXR USCF Daily Target 2X Copper Index ETF	2.23%	35.65%
UCO ProShares Ultra Bloomberg Crude Oil	69.20%	-35.77%

Correlation

The correlation between CPXR and UCO is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Jan 22, 2025	0.04

Return for Risk

CPXR vs. UCO — Risk / Return Rank

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

CPXR

CPXR Risk / Return Rank: 14
CPXR Sharpe Ratio Rank: 12
CPXR Sortino Ratio Rank: 16
CPXR Omega Ratio Rank: 19
CPXR Calmar Ratio Rank: 12
CPXR Martin Ratio Rank: 12

UCO

UCO Risk / Return Rank: 25
UCO Sharpe Ratio Rank: 24
UCO Sortino Ratio Rank: 26
UCO Omega Ratio Rank: 25
UCO Calmar Ratio Rank: 26
UCO Martin Ratio Rank: 23

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.

CPXR vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Daily Target 2X Copper Index ETF (CPXR) 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.

	CPXR	UCO	Difference
Sharpe ratio: Return per unit of total volatility	0.21	0.79	-0.58
Sortino ratio: Return per unit of downside risk	0.75	1.34	-0.59
Omega ratio: Gain probability vs. loss probability	1.12	1.16	-0.04
Calmar ratio: Return relative to maximum drawdown	0.31	1.19	-0.89
Martin ratio: Return relative to average drawdown	0.56	2.71	-2.14

CPXR vs. UCO - Sharpe Ratio Comparison

The current CPXR Sharpe Ratio is 0.21, which is lower than the UCO Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of CPXR 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

CPXR vs. UCO - Drawdown Comparison

The maximum CPXR drawdown since its inception was -47.87%, smaller than the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for CPXR and UCO.

Drawdown Indicators

	CPXR	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-47.87%	-99.86%	+51.99%
Max Drawdown (1Y) Largest decline over 1 year	-47.87%	-37.09%	-10.78%
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	-20.22%	-86.87%	+66.65%
Average Drawdown Average peak-to-trough decline	-19.43%	-82.11%	+62.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.05%	16.32%	+9.73%

Volatility

CPXR vs. UCO - Volatility Comparison

USCF Daily Target 2X Copper Index ETF (CPXR) has a higher volatility of 18.23% compared to ProShares Ultra Bloomberg Crude Oil (UCO) at 17.09%. This indicates that CPXR'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

	CPXR	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.23%	17.09%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	46.72%	48.66%	-1.94%
Volatility (1Y) Calculated over the trailing 1-year period	69.92%	56.87%	+13.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.43%	60.17%	+8.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.43%	317.72%	-249.29%

CPXR vs. UCO - Expense Ratio Comparison

CPXR has a 1.20% expense ratio, which is higher than UCO's 0.95% expense ratio.

Dividends

CPXR vs. UCO - Dividend Comparison

CPXR's dividend yield for the trailing twelve months is around 0.69%, while UCO has not paid dividends to shareholders.

Position	TTM	2025
CPXR USCF Daily Target 2X Copper Index ETF	0.69%	0.70%
UCO ProShares Ultra Bloomberg Crude Oil	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPXR and UCO in my portfolio?

CPXR and UCO have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPXR or UCO?

CPXR has higher volatility (18.23%) compared to UCO (17.09%). In terms of maximum drawdown, CPXR dropped -47.87% vs UCO's -99.86%.

Which ETF is better, CPXR or UCO?

On 1-year performance, UCO leads with 44.07% vs 14.65% for CPXR. On fees, UCO is cheaper at 0.95% per year. On volatility, UCO has been the lower-risk option at 17.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPXR or UCO?

Over the 1-year period, UCO has performed better with a 44.07% return vs 14.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPXR or UCO?

UCO is cheaper with a 0.95% expense ratio, compared with 1.20% for CPXR.

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

CPXR has the higher dividend yield at 0.69%, compared with 0.00% for UCO.

What is the main difference between CPXR and UCO?

CPXR is categorized as Copper, while UCO is Oil & Gas. CPXR tracks SummerHaven Copper Index, while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%). They also come from different issuers: USCF and ProShares. Their fees differ too: 1.20% for CPXR and 0.95% for UCO.

Which has better risk-adjusted returns?

UCO currently has the higher Sharpe Ratio (0.79 vs 0.21), 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.