GPZ vs. UCO

Last updated Jun 4, 2026

GPZ (VanEck Alternative Asset Manager ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - GPZ is a Financials Equities fund tracking the MarketVector Alternative Asset Managers Index, while UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%). Both are passively managed. At a correlation of -0.20, they often move in opposite directions. GPZ charges 0.40%/yr vs 0.95%/yr for UCO.

Performance

GPZ vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Alternative Asset Manager ETF (GPZ) 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, GPZ achieves a -19.37% return, which is significantly lower than UCO's 149.12% return.

GPZ

• 1D: -4.70%
• 1M: -6.69%
• YTD: -19.37%
• 6M: -16.71%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

GPZ vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025
GPZ VanEck Alternative Asset Manager ETF	-19.37%	9.43%
UCO ProShares Ultra Bloomberg Crude Oil	149.12%	-11.13%

Correlation

The correlation between GPZ 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 Jun 6, 2025	-0.20

Return for Risk

GPZ vs. UCO — Risk / Return Rank

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

UCO

UCO Risk / Return Rank: 54
UCO Sharpe Ratio Rank: 62
UCO Sortino Ratio Rank: 50
UCO Omega Ratio Rank: 50
UCO Calmar Ratio Rank: 69
UCO Martin Ratio Rank: 41

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.

GPZ vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Alternative Asset Manager ETF (GPZ) 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.

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

Sharpe Ratios by Period

	GPZ	UCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.12	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.37	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.44	-0.34	-0.10

Drawdowns

GPZ vs. UCO - Drawdown Comparison

The maximum GPZ drawdown since its inception was -31.72%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for GPZ and UCO.

Drawdown Indicators

	GPZ	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-31.72%	-99.95%	+68.23%
Max Drawdown (1Y) Largest decline over 1 year	—	-34.77%	—
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	-25.93%	-99.23%	+73.30%
Average Drawdown Average peak-to-trough decline	-11.74%	-85.49%	+73.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	18.33%	—

Volatility

Volatility by Period

	GPZ	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	20.83%	—
Volatility (6M) Calculated over the trailing 6-month period	—	46.44%	—
Volatility (1Y) Calculated over the trailing 1-year period	27.33%	57.11%	-29.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.33%	59.78%	-32.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.33%	71.36%	-44.03%

GPZ vs. UCO - Expense Ratio Comparison

GPZ has a 0.40% expense ratio, which is lower than UCO's 0.95% expense ratio.

Dividends

GPZ vs. UCO - Dividend Comparison

GPZ's dividend yield for the trailing twelve months is around 1.03%, while UCO has not paid dividends to shareholders.

Position	TTM	2025
GPZ VanEck Alternative Asset Manager ETF	1.03%	0.83%
UCO ProShares Ultra Bloomberg Crude Oil	0.00%	0.00%

Frequently Asked Questions

Can I hold both GPZ and UCO in my portfolio?

GPZ 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, GPZ or UCO?

On fees, GPZ is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GPZ or UCO?

GPZ is cheaper with a 0.40% expense ratio, compared with 0.95% for UCO.

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

GPZ has the higher dividend yield at 1.03%, compared with 0.00% for UCO.

What is the main difference between GPZ and UCO?

GPZ is categorized as Financials Equities, while UCO is Leveraged Commodities. GPZ tracks MarketVector Alternative Asset Managers Index, while UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%). They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.40% for GPZ and 0.95% for UCO.