IBDW vs. UCO
IBDW (iShares iBonds Dec 2031 Term Corporate ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - IBDW is a Corporate Bonds fund tracking the Bloomberg December 2031 Maturity Corporate Index, while UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%). Both are passively managed. Over the past 3 years, IBDW returned 5.87%/yr vs 25.90%/yr for UCO. At a correlation of -0.12, they often move in opposite directions. IBDW charges 0.10%/yr vs 0.95%/yr for UCO.
Performance
IBDW vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, IBDW achieves a 0.14% return, which is significantly lower than UCO's 149.12% return.
IBDW
- 1D
- -0.10%
- 1M
- 0.11%
- YTD
- 0.14%
- 6M
- 0.26%
- 1Y
- 5.40%
- 3Y*
- 5.87%
- 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%
IBDW vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IBDW iShares iBonds Dec 2031 Term Corporate ETF | 0.14% | 9.07% | 2.96% | 9.40% | -17.13% | 0.36% |
UCO ProShares Ultra Bloomberg Crude Oil | 149.12% | -29.75% | 5.36% | -13.89% | 39.71% | 10.84% |
Correlation
The correlation between IBDW 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 (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2021 | -0.12 |
Over the past year, the inverse relationship between IBDW and UCO has strengthened: their correlation has moved from -0.12 to -0.39, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
IBDW vs. UCO — Risk / Return Rank
IBDW
UCO
IBDW vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2031 Term Corporate ETF (IBDW) 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.
| IBDW | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.32 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 3.49 | -1.25 |
| Martin ratioReturn relative to average drawdown | 7.54 | 6.60 | +0.94 |
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
| IBDW | UCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.54 | 2.12 | -0.58 |
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 | 0.06 | -0.34 | +0.41 |
Drawdowns
IBDW vs. UCO - Drawdown Comparison
The maximum IBDW drawdown since its inception was -23.87%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for IBDW and UCO.
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Drawdown Indicators
| IBDW | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.87% | -99.95% | +76.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.42% | -34.77% | +32.35% |
Max Drawdown (3Y)Largest decline over 3 years | -6.61% | -50.38% | +43.77% |
Max Drawdown (5Y)Largest decline over 5 years | — | -67.24% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -98.75% | — |
Current DrawdownCurrent decline from peak | -1.13% | -99.23% | +98.10% |
Average DrawdownAverage peak-to-trough decline | -9.47% | -85.49% | +76.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.72% | 18.33% | -17.61% |
Volatility
IBDW vs. UCO - Volatility Comparison
The current volatility for iShares iBonds Dec 2031 Term Corporate ETF (IBDW) is 1.02%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.83%. This indicates that IBDW 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
| IBDW | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 20.83% | -19.81% |
Volatility (6M)Calculated over the trailing 6-month period | 2.42% | 46.44% | -44.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.52% | 57.11% | -53.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.26% | 59.78% | -52.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.26% | 71.36% | -64.10% |
IBDW vs. UCO - Expense Ratio Comparison
IBDW has a 0.10% expense ratio, which is lower than UCO's 0.95% expense ratio.
Dividends
IBDW vs. UCO - Dividend Comparison
IBDW's dividend yield for the trailing twelve months is around 4.79%, while UCO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
IBDW iShares iBonds Dec 2031 Term Corporate ETF | 4.79% | 4.78% | 5.00% | 4.50% | 3.70% | 1.10% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBDW 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.
UCO has higher volatility (20.83%) compared to IBDW (1.02%). In terms of maximum drawdown, IBDW dropped -23.87% vs UCO's -99.95%.
On 3-year performance, UCO leads with 25.90% vs 5.87% for IBDW. On fees, IBDW is cheaper at 0.10% per year. On volatility, IBDW has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UCO has performed better with a 25.90% return vs 5.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBDW is cheaper with a 0.10% expense ratio, compared with 0.95% for UCO.
IBDW has the higher dividend yield at 4.79%, compared with 0.00% for UCO.
IBDW is categorized as Corporate Bonds, while UCO is Leveraged Commodities. IBDW tracks Bloomberg December 2031 Maturity Corporate Index, while UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.10% for IBDW and 0.95% for UCO.
UCO currently has the higher Sharpe Ratio (2.12 vs 1.54), 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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