DIG vs. UCO
DIG (ProShares Ultra Oil & Gas) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - DIG is a Leveraged Equities fund tracking the Dow Jones U.S. Oil & Gas Index (200%), while UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. Over the past 10 years, DIG returned 3.74%/yr vs 21.66%/yr for UCO. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
DIG vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, DIG achieves a 55.77% return, which is significantly lower than UCO's 100.52% return. Over the past 10 years, DIG has underperformed UCO with an annualized return of 3.74%, while UCO has yielded a comparatively higher 21.66% annualized return.
DIG
- 1D
- 5.98%
- 1M
- -2.01%
- 6M
- 45.87%
- YTD
- 55.77%
- 1Y
- 55.46%
- 3Y*
- 19.02%
- 5Y*
- 30.73%
- 10Y*
- 3.74%
UCO
- 1D
- 11.74%
- 1M
- -7.72%
- 6M
- 88.88%
- YTD
- 100.52%
- 1Y
- 57.67%
- 3Y*
- 13.74%
- 5Y*
- 14.86%
- 10Y*
- 21.66%
DIG vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DIG ProShares Ultra Oil & Gas | 55.77% | 2.73% | 0.93% | -13.04% | 125.34% | 115.63% | -70.36% | 12.51% | -40.11% | -7.39% |
UCO ProShares Ultra Bloomberg Crude Oil | 100.52% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
Correlation
The correlation between DIG and UCO is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.64 |
The correlation between DIG and UCO has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.
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Return for Risk
DIG vs. UCO — Risk / Return Rank
DIG
UCO
DIG vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Oil & Gas (DIG) 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.
| DIG | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.19 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.87 | 1.50 | +0.37 |
| Martin ratioReturn relative to average drawdown | 4.92 | 3.22 | +1.71 |
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Drawdowns
DIG vs. UCO - Drawdown Comparison
The maximum DIG drawdown since its inception was -97.04%, roughly equal to the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for DIG and UCO.
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Drawdown Indicators
| DIG | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.04% | -99.86% | +2.82% |
Max Drawdown (1Y)Largest decline over 1 year | -29.80% | -38.55% | +8.75% |
Max Drawdown (3Y)Largest decline over 3 years | -42.41% | -50.38% | +7.97% |
Max Drawdown (5Y)Largest decline over 5 years | -46.02% | -67.24% | +21.22% |
Max Drawdown (10Y)Largest decline over 10 years | -92.53% | -96.50% | +3.97% |
Current DrawdownCurrent decline from peak | -54.37% | -84.44% | +30.07% |
Average DrawdownAverage peak-to-trough decline | -64.31% | -82.12% | +17.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.38% | 17.99% | -6.61% |
Volatility
DIG vs. UCO - Volatility Comparison
The current volatility for ProShares Ultra Oil & Gas (DIG) is 14.59%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 21.64%. This indicates that DIG 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
| DIG | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.59% | 21.64% | -7.05% |
Volatility (6M)Calculated over the trailing 6-month period | 33.43% | 49.97% | -16.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.08% | 58.34% | -16.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.49% | 60.48% | -8.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.81% | 317.76% | -259.95% |
DIG vs. UCO - Expense Ratio Comparison
Both DIG and UCO have an expense ratio of 0.95%.
Dividends
DIG vs. UCO - Dividend Comparison
DIG's dividend yield for the trailing twelve months is around 1.59%, while UCO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIG ProShares Ultra Oil & Gas | 1.59% | 2.62% | 3.13% | 0.61% | 1.33% | 2.24% | 3.18% | 2.72% | 2.30% | 1.76% | 1.09% | 1.56% |
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
DIG and UCO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (21.64%) compared to DIG (14.59%). In terms of maximum drawdown, DIG dropped -97.04% vs UCO's -99.86%.
On 10-year performance, UCO leads with 21.66% vs 3.74% for DIG. Both ETFs have the same 0.95% expense ratio. On volatility, DIG has been the lower-risk option at 14.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UCO has performed better with a 21.66% return vs 3.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DIG and UCO have the same expense ratio: 0.95% per year.
DIG has the higher dividend yield at 1.59%, compared with 0.00% for UCO.
DIG is categorized as Leveraged Equities, while UCO is Oil & Gas. DIG tracks Dow Jones U.S. Oil & Gas Index (200%), while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%).
DIG currently has the higher Sharpe Ratio (1.33 vs 1.00), 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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