IBTP vs. UCO
IBTP (iShares iBonds Dec 2034 Term Treasury ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - IBTP is a Government Bonds fund tracking the ICE 2034 Maturity US Treasury 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 year, IBTP returned 4.34% vs 120.48% for UCO. At a correlation of -0.29, they often move in opposite directions. IBTP charges 0.07%/yr vs 0.95%/yr for UCO.
Performance
IBTP vs. UCO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IBTP achieves a -0.59% return, which is significantly lower than UCO's 149.12% return.
IBTP
- 1D
- -0.24%
- 1M
- -0.12%
- YTD
- -0.59%
- 6M
- -1.11%
- 1Y
- 4.34%
- 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%
IBTP vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBTP iShares iBonds Dec 2034 Term Treasury ETF | -0.59% | 8.16% | 0.42% |
UCO ProShares Ultra Bloomberg Crude Oil | 149.12% | -29.75% | -12.34% |
Correlation
The correlation between IBTP and UCO is -0.40, 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 | -0.40 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2024 | -0.29 |
The correlation between IBTP and UCO shifts across timeframes, from -0.40 (1 year) to -0.29 (all time), reflecting how their relationship changes across market environments.
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
IBTP vs. UCO — Risk / Return Rank
IBTP
UCO
IBTP vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2034 Term Treasury ETF (IBTP) 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.
| IBTP | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.21 | ||
| Sortino ratioReturn per unit of downside risk | -1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.32 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 3.49 | -2.39 |
| Martin ratioReturn relative to average drawdown | 3.25 | 6.60 | -3.35 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| IBTP | UCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.91 | 2.12 | -1.21 |
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 | 0.67 | -0.34 | +1.01 |
Drawdowns
IBTP vs. UCO - Drawdown Comparison
The maximum IBTP drawdown since its inception was -7.40%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for IBTP and UCO.
Loading charts...
Drawdown Indicators
| IBTP | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.40% | -99.95% | +92.55% |
Max Drawdown (1Y)Largest decline over 1 year | -3.99% | -34.77% | +30.78% |
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 DrawdownCurrent decline from peak | -2.77% | -99.23% | +96.46% |
Average DrawdownAverage peak-to-trough decline | -2.11% | -85.49% | +83.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.34% | 18.33% | -16.99% |
Volatility
IBTP vs. UCO - Volatility Comparison
The current volatility for iShares iBonds Dec 2034 Term Treasury ETF (IBTP) is 1.49%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.83%. This indicates that IBTP 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
| IBTP | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.49% | 20.83% | -19.34% |
Volatility (6M)Calculated over the trailing 6-month period | 3.27% | 46.44% | -43.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.77% | 57.11% | -52.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.96% | 59.78% | -53.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.96% | 71.36% | -65.40% |
IBTP vs. UCO - Expense Ratio Comparison
IBTP has a 0.07% expense ratio, which is lower than UCO's 0.95% expense ratio.
Dividends
IBTP vs. UCO - Dividend Comparison
IBTP's dividend yield for the trailing twelve months is around 4.05%, while UCO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IBTP iShares iBonds Dec 2034 Term Treasury ETF | 4.05% | 3.92% | 1.78% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBTP and UCO have a correlation of -0.40, 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 IBTP (1.49%). In terms of maximum drawdown, IBTP dropped -7.40% vs UCO's -99.95%.
On 1-year performance, UCO leads with 120.48% vs 4.34% for IBTP. On fees, IBTP is cheaper at 0.07% per year. On volatility, IBTP has been the lower-risk option at 1.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, UCO has performed better with a 120.48% return vs 4.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTP is cheaper with a 0.07% expense ratio, compared with 0.95% for UCO.
IBTP has the higher dividend yield at 4.05%, compared with 0.00% for UCO.
IBTP is categorized as Government Bonds, while UCO is Leveraged Commodities. IBTP tracks ICE 2034 Maturity US Treasury 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: 0.07% for IBTP and 0.95% for UCO.
UCO currently has the higher Sharpe Ratio (2.12 vs 0.91), 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 IBTP 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