JMHI vs. UCO

Last updated Jun 25, 2026

JMHI (JPMorgan High Yield Municipal ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - JMHI is a High Yield Muni fund actively managed by JPMorgan, while UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). JMHI is actively managed, while UCO is passively managed. Over the past year, JMHI returned 6.56% vs 44.07% for UCO. At a correlation of -0.14, they often move in opposite directions. JMHI charges 0.35%/yr vs 0.95%/yr for UCO.

Performance

JMHI vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan High Yield Municipal ETF (JMHI) 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, JMHI achieves a 2.29% return, which is significantly lower than UCO's 69.20% return.

JMHI

• 1D: 0.29%
• 1M: 1.69%
• YTD: 2.29%
• 6M: 2.46%
• 1Y: 6.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UCO

• 1D: -6.97%
• 1M: -30.80%
• YTD: 69.20%
• 6M: 64.11%
• 1Y: 44.07%
• 3Y*: 12.63%
• 5Y*: 10.47%
• 10Y*: 18.60%

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

JMHI vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JMHI JPMorgan High Yield Municipal ETF	2.29%	4.60%	5.92%	1.48%
UCO ProShares Ultra Bloomberg Crude Oil	69.20%	-29.75%	5.36%	-0.87%

Correlation

The correlation between JMHI and UCO is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since Jul 17, 2023	-0.14

The correlation between JMHI and UCO shifts across timeframes, from -0.26 (1 year) to -0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JMHI vs. UCO — Risk / Return Rank

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

JMHI

JMHI Risk / Return Rank: 68
JMHI Sharpe Ratio Rank: 75
JMHI Sortino Ratio Rank: 78
JMHI Omega Ratio Rank: 82
JMHI Calmar Ratio Rank: 52
JMHI Martin Ratio Rank: 52

UCO

UCO Risk / Return Rank: 25
UCO Sharpe Ratio Rank: 24
UCO Sortino Ratio Rank: 26
UCO Omega Ratio Rank: 25
UCO Calmar Ratio Rank: 26
UCO Martin Ratio Rank: 23

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.

JMHI vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan High Yield Municipal ETF (JMHI) 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.

	JMHI	UCO	Difference
Sharpe ratio: Return per unit of total volatility	2.07	0.79	+1.29
Sortino ratio: Return per unit of downside risk	3.01	1.34	+1.67
Omega ratio: Gain probability vs. loss probability	1.42	1.16	+0.26
Calmar ratio: Return relative to maximum drawdown	2.24	1.19	+1.05
Martin ratio: Return relative to average drawdown	7.81	2.71	+5.11

JMHI vs. UCO - Sharpe Ratio Comparison

The current JMHI Sharpe Ratio is 2.07, which is higher than the UCO Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of JMHI and UCO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JMHI vs. UCO - Drawdown Comparison

The maximum JMHI drawdown since its inception was -7.11%, smaller than the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for JMHI and UCO.

Drawdown Indicators

	JMHI	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-7.11%	-99.86%	+92.75%
Max Drawdown (1Y) Largest decline over 1 year	-2.93%	-37.09%	+34.16%
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	—	-96.50%	—
Current Drawdown Current decline from peak	0.00%	-86.87%	+86.87%
Average Drawdown Average peak-to-trough decline	-1.27%	-82.11%	+80.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.84%	16.32%	-15.48%

Volatility

JMHI vs. UCO - Volatility Comparison

The current volatility for JPMorgan High Yield Municipal ETF (JMHI) is 0.80%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 17.09%. This indicates that JMHI 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.

Volatility by Period

	JMHI	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	17.09%	-16.29%
Volatility (6M) Calculated over the trailing 6-month period	2.37%	48.66%	-46.29%
Volatility (1Y) Calculated over the trailing 1-year period	3.17%	56.87%	-53.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.46%	60.17%	-55.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.46%	317.72%	-313.26%

JMHI vs. UCO - Expense Ratio Comparison

JMHI has a 0.35% expense ratio, which is lower than UCO's 0.95% expense ratio.

Dividends

JMHI vs. UCO - Dividend Comparison

JMHI's dividend yield for the trailing twelve months is around 4.51%, while UCO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
JMHI JPMorgan High Yield Municipal ETF	4.51%	4.42%	4.49%	2.48%
UCO ProShares Ultra Bloomberg Crude Oil	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JMHI and UCO in my portfolio?

JMHI and UCO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JMHI or UCO?

UCO has higher volatility (17.09%) compared to JMHI (0.80%). In terms of maximum drawdown, JMHI dropped -7.11% vs UCO's -99.86%.

Which ETF is better, JMHI or UCO?

On 1-year performance, UCO leads with 44.07% vs 6.56% for JMHI. On fees, JMHI is cheaper at 0.35% per year. On volatility, JMHI has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMHI or UCO?

Over the 1-year period, UCO has performed better with a 44.07% return vs 6.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMHI or UCO?

JMHI is cheaper with a 0.35% expense ratio, compared with 0.95% for UCO.

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

JMHI has the higher dividend yield at 4.51%, compared with 0.00% for UCO.

What is the main difference between JMHI and UCO?

JMHI is categorized as High Yield Muni, while UCO is Oil & Gas. They also come from different issuers: JPMorgan and ProShares. Their fees differ too: 0.35% for JMHI and 0.95% for UCO.

Which has better risk-adjusted returns?

JMHI currently has the higher Sharpe Ratio (2.07 vs 0.79), 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.