GSGO vs. UCO

Last updated Jun 6, 2026

GSGO (Goldman Sachs Growth Opportunities ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - GSGO is a Large Cap Growth Equities fund actively managed by Goldman Sachs, while UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%). GSGO is actively managed, while UCO is passively managed. At a correlation of -0.34, they often move in opposite directions. GSGO charges 0.45%/yr vs 0.95%/yr for UCO.

Performance

GSGO vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Growth Opportunities ETF (GSGO) 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, GSGO achieves a 8.99% return, which is significantly lower than UCO's 131.94% return.

GSGO

• 1D: -3.46%
• 1M: 2.75%
• YTD: 8.99%
• 6M: 7.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UCO

• 1D: -3.09%
• 1M: 3.56%
• YTD: 131.94%
• 6M: 114.50%
• 1Y: 106.12%
• 3Y*: 23.38%
• 5Y*: 20.42%
• 10Y*: -12.52%

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

GSGO vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025
GSGO Goldman Sachs Growth Opportunities ETF	8.99%	1.36%
UCO ProShares Ultra Bloomberg Crude Oil	131.94%	-7.82%

Correlation

The correlation between GSGO and UCO is -0.34, 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 Nov 18, 2025	-0.34

Return for Risk

GSGO 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: 51
UCO Sharpe Ratio Rank: 57
UCO Sortino Ratio Rank: 47
UCO Omega Ratio Rank: 48
UCO Calmar Ratio Rank: 63
UCO Martin Ratio Rank: 39

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.

GSGO vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Growth Opportunities ETF (GSGO) 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

	GSGO	UCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.86	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.34	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.18	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.09	-0.35	+1.44

Drawdowns

GSGO vs. UCO - Drawdown Comparison

The maximum GSGO drawdown since its inception was -13.88%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for GSGO and UCO.

Drawdown Indicators

	GSGO	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-13.88%	-99.95%	+86.07%
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	-3.79%	-99.28%	+95.49%
Average Drawdown Average peak-to-trough decline	-2.94%	-85.49%	+82.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	18.36%	—

Volatility

Volatility by Period

	GSGO	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	17.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	46.72%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.46%	57.32%	-38.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.46%	59.80%	-41.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.46%	71.35%	-52.89%

GSGO vs. UCO - Expense Ratio Comparison

GSGO has a 0.45% expense ratio, which is lower than UCO's 0.95% expense ratio.

Dividends

GSGO vs. UCO - Dividend Comparison

Neither GSGO nor UCO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GSGO and UCO in my portfolio?

GSGO and UCO have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GSGO or UCO?

On fees, GSGO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GSGO or UCO?

GSGO is cheaper with a 0.45% expense ratio, compared with 0.95% for UCO.

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

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

What is the main difference between GSGO and UCO?

GSGO is categorized as Large Cap Growth Equities, while UCO is Leveraged Commodities. They also come from different issuers: Goldman Sachs and ProShares. Their fees differ too: 0.45% for GSGO and 0.95% for UCO.