LABU vs. UCO

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily S&P Biotech Bull 3x Shares (LABU) and ProShares Ultra Bloomberg Crude Oil (UCO).

LABU and UCO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. LABU is a passively managed fund by Direxion that tracks the performance of the S&P Biotechnology Select Industry Index (300%). It was launched on May 28, 2015. UCO is a passively managed fund by ProShares that tracks the performance of the Dow Jones-UBS Crude Oil Sub-Index (200%). It was launched on Nov 24, 2008. Both LABU and UCO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

LABU vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P Biotech Bull 3x Shares (LABU) and ProShares Ultra Bloomberg Crude Oil (UCO). The values are adjusted to include any dividend payments, if applicable.

LABU vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LABU Direxion Daily S&P Biotech Bull 3x Shares	4.20%	79.17%	-26.02%	-13.41%	-80.36%	-64.15%	74.66%	75.50%	-57.61%	149.12%
UCO ProShares Ultra Bloomberg Crude Oil	103.42%	-29.75%	5.36%	-13.89%	39.71%	139.26%	-92.91%	53.83%	-43.26%	0.34%

Returns By Period

In the year-to-date period, LABU achieves a 4.20% return, which is significantly lower than UCO's 103.42% return. Over the past 10 years, LABU has underperformed UCO with an annualized return of -11.81%, while UCO has yielded a comparatively higher -9.17% annualized return.

LABU

• 1D: 22.31%
• 1M: -3.83%
• YTD: 4.20%
• 6M: 78.34%
• 1Y: 175.22%
• 3Y*: 19.86%
• 5Y*: -36.38%
• 10Y*: -11.81%

UCO

• 1D: -8.13%
• 1M: 53.88%
• YTD: 103.42%
• 6M: 74.82%
• 1Y: 45.23%
• 3Y*: 14.08%
• 5Y*: 22.69%
• 10Y*: -9.17%

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

LABU vs. UCO - Expense Ratio Comparison

LABU has a 1.12% expense ratio, which is higher than UCO's 0.95% expense ratio.

LABU

Direxion Daily S&P Biotech Bull 3x Shares

UCO

ProShares Ultra Bloomberg Crude Oil

Return for Risk

LABU vs. UCO — Risk / Return Rank

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

LABU

LABU Risk / Return Rank: 90
LABU Sharpe Ratio Rank: 92
LABU Sortino Ratio Rank: 90
LABU Omega Ratio Rank: 82
LABU Calmar Ratio Rank: 94
LABU Martin Ratio Rank: 91

UCO

UCO Risk / Return Rank: 48
UCO Sharpe Ratio Rank: 47
UCO Sortino Ratio Rank: 54
UCO Omega Ratio Rank: 47
UCO Calmar Ratio Rank: 63
UCO Martin Ratio Rank: 31

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.

LABU vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P Biotech Bull 3x Shares (LABU) 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.

	LABU	UCO	Difference
Sharpe ratio Return per unit of total volatility	2.04	0.80	+1.24
Sortino ratio Return per unit of downside risk	2.48	1.34	+1.14
Omega ratio Gain probability vs. loss probability	1.31	1.17	+0.14
Calmar ratio Return relative to maximum drawdown	3.74	1.50	+2.23
Martin ratio Return relative to average drawdown	11.90	2.52	+9.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LABU vs. UCO - Sharpe Ratio Comparison

The current LABU Sharpe Ratio is 2.04, which is higher than the UCO Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of LABU and UCO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LABU	UCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	0.80	+1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.38	0.39	-0.77
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.12	-0.13	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	-0.24	-0.36	+0.12

Correlation

The correlation between LABU and UCO is 0.13, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

LABU vs. UCO - Dividend Comparison

LABU's dividend yield for the trailing twelve months is around 0.74%, while UCO has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
LABU Direxion Daily S&P Biotech Bull 3x Shares	0.74%	0.84%	0.35%	0.35%	0.00%	0.00%	0.00%	0.28%	0.64%	0.17%
UCO ProShares Ultra Bloomberg Crude Oil	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

LABU vs. UCO - Drawdown Comparison

The maximum LABU drawdown since its inception was -99.18%, roughly equal to the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for LABU and UCO.

Drawdown Indicators

	LABU	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-99.18%	-99.95%	+0.77%
Max Drawdown (1Y) Largest decline over 1 year	-36.66%	-34.77%	-1.89%
Max Drawdown (5Y) Largest decline over 5 years	-97.75%	-67.24%	-30.51%
Max Drawdown (10Y) Largest decline over 10 years	-98.96%	-98.75%	-0.21%
Current Drawdown Current decline from peak	-96.33%	-99.37%	+3.04%
Average Drawdown Average peak-to-trough decline	-81.45%	-85.35%	+3.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.01%	20.74%	-8.73%

Volatility

LABU vs. UCO - Volatility Comparison

Direxion Daily S&P Biotech Bull 3x Shares (LABU) has a higher volatility of 33.99% compared to ProShares Ultra Bloomberg Crude Oil (UCO) at 24.72%. This indicates that LABU's price experiences larger fluctuations and is considered to be riskier than UCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LABU	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.99%	24.72%	+9.27%
Volatility (6M) Calculated over the trailing 6-month period	56.88%	40.37%	+16.51%
Volatility (1Y) Calculated over the trailing 1-year period	87.36%	57.29%	+30.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	95.74%	59.14%	+36.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	95.91%	71.30%	+24.61%