IBDX vs. UCO
IBDX (iShares iBonds Dec 2032 Term Corporate ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - IBDX is a Corporate Bonds fund tracking the Bloomberg December 2032 Maturity Corporate Index, while UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. Over the past 3 years, IBDX returned 5.70%/yr vs 15.87%/yr for UCO. At a correlation of -0.11, they often move in opposite directions. IBDX charges 0.10%/yr vs 0.95%/yr for UCO.
Performance
IBDX vs. UCO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IBDX achieves a 0.12% return, which is significantly lower than UCO's 84.21% return.
IBDX
- 1D
- -0.14%
- 1M
- 0.32%
- YTD
- 0.12%
- 6M
- 0.36%
- 1Y
- 5.05%
- 3Y*
- 5.70%
- 5Y*
- —
- 10Y*
- —
UCO
- 1D
- -2.87%
- 1M
- -24.66%
- YTD
- 84.21%
- 6M
- 80.57%
- 1Y
- 27.70%
- 3Y*
- 15.87%
- 5Y*
- 12.83%
- 10Y*
- 19.62%
IBDX vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IBDX iShares iBonds Dec 2032 Term Corporate ETF | 0.12% | 9.05% | 2.39% | 9.42% | -1.92% |
UCO ProShares Ultra Bloomberg Crude Oil | 84.21% | -29.75% | 5.36% | -13.89% | -32.06% |
Correlation
The correlation between IBDX and UCO is -0.37, 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 | -0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.17 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | -0.11 |
Over the past year, the inverse relationship between IBDX and UCO has strengthened: their correlation has moved from -0.11 to -0.37, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IBDX vs. UCO — Risk / Return Rank
IBDX
UCO
IBDX vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2032 Term Corporate ETF (IBDX) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| IBDX | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.12 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.84 | 0.87 | +0.97 |
| Martin ratioReturn relative to average drawdown | 5.60 | 1.72 | +3.88 |
Loading charts...
Drawdowns
IBDX vs. UCO - Drawdown Comparison
The maximum IBDX drawdown since its inception was -12.51%, smaller than the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for IBDX and UCO.
Loading charts...
Drawdown Indicators
| IBDX | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.51% | -99.86% | +87.35% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -31.96% | +29.20% |
Max Drawdown (3Y)Largest decline over 3 years | -7.09% | -50.38% | +43.29% |
Max Drawdown (5Y)Largest decline over 5 years | — | -67.24% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -96.50% | — |
Current DrawdownCurrent decline from peak | -1.47% | -85.71% | +84.24% |
Average DrawdownAverage peak-to-trough decline | -2.38% | -82.11% | +79.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 18.90% | -18.00% |
Volatility
IBDX vs. UCO - Volatility Comparison
The current volatility for iShares iBonds Dec 2032 Term Corporate ETF (IBDX) is 1.24%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 16.18%. This indicates that IBDX 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.
Loading charts...
Volatility by Period
| IBDX | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.24% | 16.18% | -14.94% |
Volatility (6M)Calculated over the trailing 6-month period | 2.93% | 48.09% | -45.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.86% | 57.66% | -53.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.43% | 60.09% | -52.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.43% | 317.79% | -310.36% |
IBDX vs. UCO - Expense Ratio Comparison
IBDX has a 0.10% expense ratio, which is lower than UCO's 0.95% expense ratio.
Dividends
IBDX vs. UCO - Dividend Comparison
IBDX's dividend yield for the trailing twelve months is around 4.83%, while UCO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
IBDX iShares iBonds Dec 2032 Term Corporate ETF | 4.83% | 4.81% | 5.02% | 4.59% | 2.39% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBDX and UCO have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (16.18%) compared to IBDX (1.24%). In terms of maximum drawdown, IBDX dropped -12.51% vs UCO's -99.86%.
On 3-year performance, UCO leads with 15.87% vs 5.70% for IBDX. On fees, IBDX is cheaper at 0.10% per year. On volatility, IBDX has been the lower-risk option at 1.24%. 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 15.87% return vs 5.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBDX is cheaper with a 0.10% expense ratio, compared with 0.95% for UCO.
IBDX has the higher dividend yield at 4.83%, compared with 0.00% for UCO.
IBDX is categorized as Corporate Bonds, while UCO is Oil & Gas. IBDX tracks Bloomberg December 2032 Maturity Corporate Index, while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.10% for IBDX and 0.95% for UCO.
IBDX currently has the higher Sharpe Ratio (1.32 vs 0.48), 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.
Find the right allocation for IBDX and UCO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer