FOPC vs. UCO

Last updated Jun 5, 2026

FOPC (Frontier Asset Opportunistic Credit ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - FOPC is a Multisector Bonds fund actively managed by Frontier, while UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%). FOPC is actively managed, while UCO is passively managed. Over the past year, FOPC returned 4.52% vs 115.57% for UCO. At a correlation of -0.32, they often move in opposite directions. FOPC charges 0.87%/yr vs 0.95%/yr for UCO.

Performance

FOPC vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Frontier Asset Opportunistic Credit ETF (FOPC) 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, FOPC achieves a 0.58% return, which is significantly lower than UCO's 139.34% return.

FOPC

• 1D: 0.12%
• 1M: 0.20%
• YTD: 0.58%
• 6M: 0.74%
• 1Y: 4.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UCO

• 1D: -3.93%
• 1M: -5.57%
• YTD: 139.34%
• 6M: 124.58%
• 1Y: 115.57%
• 3Y*: 24.38%
• 5Y*: 21.18%
• 10Y*: -11.98%

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

FOPC vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FOPC Frontier Asset Opportunistic Credit ETF	0.58%	6.54%	-0.00%
UCO ProShares Ultra Bloomberg Crude Oil	139.34%	-29.75%	5.81%

Correlation

The correlation between FOPC and UCO is -0.39, 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	-0.39
Correlation (All Time) Calculated using the full available price history since Dec 23, 2024	-0.32

Return for Risk

FOPC vs. UCO — Risk / Return Rank

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

FOPC

FOPC Risk / Return Rank: 46
FOPC Sharpe Ratio Rank: 46
FOPC Sortino Ratio Rank: 49
FOPC Omega Ratio Rank: 46
FOPC Calmar Ratio Rank: 43
FOPC Martin Ratio Rank: 44

UCO

UCO Risk / Return Rank: 54
UCO Sharpe Ratio Rank: 62
UCO Sortino Ratio Rank: 50
UCO Omega Ratio Rank: 51
UCO Calmar Ratio Rank: 68
UCO Martin Ratio Rank: 40

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.

FOPC vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Frontier Asset Opportunistic Credit ETF (FOPC) 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.

	FOPC	UCO	Difference
Sharpe ratio: Return per unit of total volatility	1.59	2.03	-0.44
Sortino ratio: Return per unit of downside risk	2.36	2.39	-0.04
Omega ratio: Gain probability vs. loss probability	1.29	1.31	-0.03
Calmar ratio: Return relative to maximum drawdown	2.08	3.34	-1.27
Martin ratio: Return relative to average drawdown	7.03	6.32	+0.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FOPC vs. UCO - Sharpe Ratio Comparison

The current FOPC Sharpe Ratio is 1.59, which is comparable to the UCO Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of FOPC 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

	FOPC	UCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	2.03	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.36	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.17	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.59	-0.34	+1.94

Drawdowns

FOPC vs. UCO - Drawdown Comparison

The maximum FOPC drawdown since its inception was -2.18%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for FOPC and UCO.

Drawdown Indicators

	FOPC	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-2.18%	-99.95%	+97.77%
Max Drawdown (1Y) Largest decline over 1 year	-2.18%	-34.77%	+32.59%
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	—	-98.75%	—
Current Drawdown Current decline from peak	-0.86%	-99.26%	+98.40%
Average Drawdown Average peak-to-trough decline	-0.41%	-85.49%	+85.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	18.34%	-17.69%

Volatility

FOPC vs. UCO - Volatility Comparison

The current volatility for Frontier Asset Opportunistic Credit ETF (FOPC) is 1.03%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.99%. This indicates that FOPC 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

	FOPC	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	20.99%	-19.96%
Volatility (6M) Calculated over the trailing 6-month period	2.19%	46.57%	-44.38%
Volatility (1Y) Calculated over the trailing 1-year period	2.86%	57.26%	-54.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.10%	59.81%	-56.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.10%	71.35%	-68.25%

FOPC vs. UCO - Expense Ratio Comparison

FOPC has a 0.87% expense ratio, which is lower than UCO's 0.95% expense ratio.

Dividends

FOPC vs. UCO - Dividend Comparison

FOPC's dividend yield for the trailing twelve months is around 4.26%, while UCO has not paid dividends to shareholders.

Position	TTM	2025	2024
FOPC Frontier Asset Opportunistic Credit ETF	4.26%	4.42%	0.06%
UCO ProShares Ultra Bloomberg Crude Oil	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FOPC and UCO in my portfolio?

FOPC and UCO have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FOPC or UCO?

UCO has higher volatility (20.99%) compared to FOPC (1.03%). In terms of maximum drawdown, FOPC dropped -2.18% vs UCO's -99.95%.

Which ETF is better, FOPC or UCO?

On 1-year performance, UCO leads with 115.57% vs 4.52% for FOPC. On fees, FOPC is cheaper at 0.87% per year. On volatility, FOPC has been the lower-risk option at 1.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FOPC or UCO?

Over the 1-year period, UCO has performed better with a 115.57% return vs 4.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FOPC or UCO?

FOPC is cheaper with a 0.87% expense ratio, compared with 0.95% for UCO.

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

FOPC has the higher dividend yield at 4.26%, compared with 0.00% for UCO.

What is the main difference between FOPC and UCO?

FOPC is categorized as Multisector Bonds, while UCO is Leveraged Commodities. They also come from different issuers: Frontier and ProShares. Their fees differ too: 0.87% for FOPC and 0.95% for UCO.

Which has better risk-adjusted returns?

UCO currently has the higher Sharpe Ratio (2.03 vs 1.59), 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.