DDFO vs. UCO

Last updated Jul 11, 2026

DDFO (Innovator Equity Dual Directional 15 Buffer ETF - October) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - DDFO is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust, while UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. At a correlation of -0.20, they often move in opposite directions. DDFO charges 0.79%/yr vs 0.95%/yr for UCO.

Performance

DDFO vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Dual Directional 15 Buffer ETF - October (DDFO) 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, DDFO achieves a 4.46% return, which is significantly lower than UCO's 79.45% return.

DDFO

• 1D: 0.11%
• 1M: 0.94%
• 6M: 4.08%
• YTD: 4.46%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UCO

• 1D: 0.00%
• 1M: -17.41%
• 6M: 72.57%
• YTD: 79.45%
• 1Y: 41.11%
• 3Y*: 10.07%
• 5Y*: 11.79%
• 10Y*: 19.85%

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

DDFO vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025
DDFO Innovator Equity Dual Directional 15 Buffer ETF - October	4.46%	1.91%
UCO ProShares Ultra Bloomberg Crude Oil	79.45%	-14.06%

Correlation

The correlation between DDFO and UCO is -0.20, 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 (All Time) Calculated using the full available price history since Oct 1, 2025	-0.20

Return for Risk

DDFO vs. UCO — Risk / Return Rank

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

DDFO

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

UCO

UCO Risk / Return Rank: 28
UCO Sharpe Ratio Rank: 28
UCO Sortino Ratio Rank: 30
UCO Omega Ratio Rank: 29
UCO Calmar Ratio Rank: 30
UCO Martin Ratio Rank: 25

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.

DDFO vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Dual Directional 15 Buffer ETF - October (DDFO) 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.

	DDFO	UCO	Difference
Sharpe ratio: Return per unit of total volatility	—	0.83	—
Sortino ratio: Return per unit of downside risk	—	1.39	—
Omega ratio: Gain probability vs. loss probability	—	1.17	—
Calmar ratio: Return relative to maximum drawdown	—	1.23	—
Martin ratio: Return relative to average drawdown	—	2.65	—

Drawdowns

DDFO vs. UCO - Drawdown Comparison

The maximum DDFO drawdown since its inception was -2.79%, smaller than the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for DDFO and UCO.

Drawdown Indicators

	DDFO	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-2.79%	-99.86%	+97.07%
Max Drawdown (1Y) Largest decline over 1 year	—	-38.55%	—
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	0.00%	-86.08%	+86.08%
Average Drawdown Average peak-to-trough decline	-0.39%	-82.12%	+81.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	17.92%	—

Volatility

Volatility by Period

	DDFO	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	18.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	49.28%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.53%	57.30%	-52.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.53%	60.25%	-55.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.53%	317.63%	-313.10%

DDFO vs. UCO - Expense Ratio Comparison

DDFO has a 0.79% expense ratio, which is lower than UCO's 0.95% expense ratio.

Dividends

DDFO vs. UCO - Dividend Comparison

Neither DDFO nor UCO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DDFO and UCO in my portfolio?

DDFO 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, DDFO or UCO?

On fees, DDFO is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DDFO or UCO?

DDFO is cheaper with a 0.79% expense ratio, compared with 0.95% for UCO.

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

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

What is the main difference between DDFO and UCO?

DDFO is categorized as Defined Outcome, while UCO is Oil & Gas. DDFO tracks SPDR S&P 500 ETF Trust, while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%). They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for DDFO and 0.95% for UCO.