LGOV vs. UCO
LGOV (First Trust Long Duration Opportunities ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - LGOV is a Mortgage Backed Securities fund actively managed by First Trust, while UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). LGOV is actively managed, while UCO is passively managed. Over the past 5 years, LGOV returned -2.47%/yr vs 14.50%/yr for UCO. Their -0.18 correlation means they have often moved in opposite directions in the past. LGOV charges 0.70%/yr vs 0.95%/yr for UCO.
Performance
LGOV vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, LGOV achieves a -1.07% return, which is significantly lower than UCO's 84.37% return.
LGOV
- 1D
- 0.62%
- 1M
- -0.95%
- 6M
- -1.02%
- YTD
- -1.07%
- 1Y
- 2.01%
- 3Y*
- 3.66%
- 5Y*
- -2.47%
- 10Y*
- —
- ALL TIME*
- 1.08%
UCO
- 1D
- -5.69%
- 1M
- 10.04%
- 6M
- 54.80%
- YTD
- 84.37%
- 1Y
- 48.98%
- 3Y*
- 4.60%
- 5Y*
- 14.50%
- 10Y*
- 23.34%
- ALL TIME*
- -9.84%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.60M | $4.03M | $4.23M | |
| $135.32M | $139.41M | $146.61M |
LGOV vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
LGOV First Trust Long Duration Opportunities ETF | -1.07% | 9.13% | -2.05% | 4.91% | -19.73% | -1.93% | 11.31% | 11.53% |
UCO ProShares Ultra Bloomberg Crude Oil | 84.37% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 17.32% |
Correlation
The correlation between LGOV and UCO is -0.40, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.40 |
Correlation (3Y) Balances recent behavior with more history. | -0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.19 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2019 | -0.18 |
Over the past year, the inverse relationship between LGOV and UCO has strengthened: their correlation has moved from -0.18 to -0.40, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
LGOV vs. UCO — Risk / Return Rank
LGOV
UCO
LGOV vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Long Duration Opportunities ETF (LGOV) 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.
| LGOV | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.17 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.36 | 1.28 | -0.92 |
| Martin ratioReturn relative to average drawdown | 0.82 | 3.25 | -2.43 |
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Drawdowns
LGOV vs. UCO - Drawdown Comparison
The maximum LGOV drawdown since its inception was -30.86%, smaller than the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for LGOV and UCO.
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Drawdown Indicators
| LGOV | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.86% | -99.86% | +69.00% |
Max Drawdown (1Y)Largest decline over 1 year | -5.62% | -38.55% | +32.93% |
Max Drawdown (3Y)Largest decline over 3 years | -10.04% | -50.38% | +40.34% |
Max Drawdown (5Y)Largest decline over 5 years | -28.10% | -67.24% | +39.14% |
Max Drawdown (10Y)Largest decline over 10 years | — | -96.50% | — |
Current DrawdownCurrent decline from peak | -15.71% | -85.69% | +69.98% |
Average DrawdownAverage peak-to-trough decline | -13.12% | -82.13% | +69.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.47% | 15.16% | -12.69% |
Volatility
LGOV vs. UCO - Volatility Comparison
The current volatility for First Trust Long Duration Opportunities ETF (LGOV) is 2.11%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 24.57%. This indicates that LGOV 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
| LGOV | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.11% | 24.57% | -22.46% |
Volatility (6M)Calculated over the trailing 6-month period | 5.66% | 51.63% | -45.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.93% | 60.27% | -53.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.05% | 60.48% | -51.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.20% | 317.78% | -308.58% |
LGOV vs. UCO - Expense Ratio Comparison
LGOV has a 0.70% expense ratio, which is lower than UCO's 0.95% expense ratio.
Dividends
LGOV vs. UCO - Dividend Comparison
LGOV's dividend yield for the trailing twelve months is around 4.37%, while UCO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
LGOV First Trust Long Duration Opportunities ETF | 4.37% | 4.02% | 4.03% | 3.59% | 1.97% | 2.58% | 3.75% | 3.01% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
LGOV 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 (24.57%) compared to LGOV (2.11%). In terms of maximum drawdown, LGOV dropped -30.86% vs UCO's -99.86%.
On 5-year performance, UCO leads with 14.50% vs -2.47% for LGOV. On fees, LGOV is cheaper at 0.70% per year. On volatility, LGOV has been the lower-risk option at 2.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UCO has performed better with a 14.50% return vs -2.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LGOV is cheaper with a 0.70% expense ratio, compared with 0.95% for UCO.
LGOV has the higher dividend yield at 4.37%, compared with 0.00% for UCO.
LGOV is categorized as Mortgage Backed Securities, while UCO is Oil & Gas. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.70% for LGOV and 0.95% for UCO.
UCO currently has the higher Sharpe Ratio (0.82 vs 0.29), 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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