EEV vs. UCO
EEV (ProShares UltraShort MSCI Emerging Markets) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - EEV is a Leveraged Equities fund tracking the MSCI Emerging Markets Index (-200%), while UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%). Both are passively managed. Over the past 10 years, EEV returned -24.13%/yr vs -11.31%/yr for UCO. At a correlation of -0.35, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
EEV vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, EEV achieves a -42.06% return, which is significantly lower than UCO's 149.12% return. Over the past 10 years, EEV has underperformed UCO with an annualized return of -24.13%, while UCO has yielded a comparatively higher -11.31% annualized return.
EEV
- 1D
- 2.35%
- 1M
- -17.39%
- YTD
- -42.06%
- 6M
- -44.23%
- 1Y
- -60.04%
- 3Y*
- -34.25%
- 5Y*
- -15.62%
- 10Y*
- -24.13%
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%
EEV vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EEV ProShares UltraShort MSCI Emerging Markets | -42.06% | -43.35% | -8.08% | -13.08% | 37.05% | -4.99% | -48.93% | -30.87% | 24.06% | -49.03% |
UCO ProShares Ultra Bloomberg Crude Oil | 149.12% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | -92.91% | 53.83% | -43.26% | 0.34% |
Correlation
The correlation between EEV and UCO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.22 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | -0.35 |
The correlation between EEV and UCO shifts across timeframes, from -0.35 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EEV vs. UCO — Risk / Return Rank
EEV
UCO
EEV vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Emerging Markets (EEV) 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.
| EEV | UCO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.49 | 2.12 | -3.61 |
Sortino ratioReturn per unit of downside risk | -2.69 | 2.46 | -5.15 |
Omega ratioGain probability vs. loss probability | 0.69 | 1.32 | -0.63 |
Calmar ratioReturn relative to maximum drawdown | -1.01 | 3.49 | -4.49 |
Martin ratioReturn relative to average drawdown | -1.85 | 6.60 | -8.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EEV | UCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.49 | 2.12 | -3.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.41 | 0.37 | -0.78 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | -0.16 | -0.43 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.48 | -0.34 | -0.14 |
Drawdowns
EEV vs. UCO - Drawdown Comparison
The maximum EEV drawdown since its inception was -99.87%, roughly equal to the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for EEV and UCO.
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Drawdown Indicators
| EEV | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.87% | -99.95% | +0.08% |
Max Drawdown (1Y)Largest decline over 1 year | -59.83% | -34.77% | -25.06% |
Max Drawdown (3Y)Largest decline over 3 years | -76.45% | -50.38% | -26.07% |
Max Drawdown (5Y)Largest decline over 5 years | -80.25% | -67.24% | -13.01% |
Max Drawdown (10Y)Largest decline over 10 years | -94.21% | -98.75% | +4.54% |
Current DrawdownCurrent decline from peak | -99.87% | -99.23% | -0.64% |
Average DrawdownAverage peak-to-trough decline | -93.00% | -85.49% | -7.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.15% | 18.33% | +15.82% |
Volatility
EEV vs. UCO - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Emerging Markets (EEV) is 17.59%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.83%. This indicates that EEV 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
| EEV | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.59% | 20.83% | -3.24% |
Volatility (6M)Calculated over the trailing 6-month period | 35.59% | 46.44% | -10.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.37% | 57.11% | -16.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.25% | 59.78% | -21.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.13% | 71.36% | -30.23% |
EEV vs. UCO - Expense Ratio Comparison
Both EEV and UCO have an expense ratio of 0.95%.
Dividends
EEV vs. UCO - Dividend Comparison
EEV's dividend yield for the trailing twelve months is around 7.46%, while UCO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EEV ProShares UltraShort MSCI Emerging Markets | 7.46% | 5.40% | 4.45% | 3.45% | 0.27% | 0.00% | 0.14% | 1.34% | 0.38% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EEV and UCO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (20.83%) compared to EEV (17.59%). In terms of maximum drawdown, EEV dropped -99.87% vs UCO's -99.95%.
On 10-year performance, UCO leads with -11.31% vs -24.13% for EEV. Both ETFs have the same 0.95% expense ratio. On volatility, EEV has been the lower-risk option at 17.59%. 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 -11.31% return vs -24.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EEV and UCO have the same expense ratio: 0.95% per year.
EEV has the higher dividend yield at 7.46%, compared with 0.00% for UCO.
EEV is categorized as Leveraged Equities, while UCO is Leveraged Commodities. EEV tracks MSCI Emerging Markets Index (-200%), while UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%).
UCO currently has the higher Sharpe Ratio (2.12 vs -1.49), 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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