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MBB vs. UCO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MBB vs. UCO

Last updated Jun 3, 2026

MBB (iShares MBS Bond ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - MBB is a Mortgage Backed Securities fund tracking the Barclays Capital U.S. MBS 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 10 years, MBB returned 1.32%/yr vs -11.55%/yr for UCO. At a correlation of -0.14, they often move in opposite directions. MBB charges 0.06%/yr vs 0.95%/yr for UCO.

Performance

MBB vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MBS Bond ETF (MBB) and ProShares Ultra Bloomberg Crude Oil (UCO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MBB achieves a 0.81% return, which is significantly lower than UCO's 142.55% return. Over the past 10 years, MBB has outperformed UCO with an annualized return of 1.32%, while UCO has yielded a comparatively lower -11.55% annualized return.

MBB

1D
0.01%
1M
0.17%
YTD
0.81%
6M
1.13%
1Y
6.95%
3Y*
4.45%
5Y*
0.42%
10Y*
1.32%

UCO

1D
2.52%
1M
0.21%
YTD
142.55%
6M
133.13%
1Y
118.05%
3Y*
24.78%
5Y*
21.76%
10Y*
-11.55%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MBB vs. UCO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MBB
iShares MBS Bond ETF		0.81%8.38%1.31%5.01%-11.74%-1.43%4.08%6.18%0.82%2.49%
UCO
ProShares Ultra Bloomberg Crude Oil		142.55%-29.75%5.36%-13.89%39.71%139.26%-92.91%53.83%-43.26%0.34%

Correlation

The correlation between MBB and UCO is -0.36, 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

-0.36

Correlation (3Y)
Calculated over the trailing 3-year period

-0.19

Correlation (5Y)
Calculated over the trailing 5-year period

-0.13

Correlation (10Y)
Calculated over the trailing 10-year period

-0.12

Correlation (All Time)
Calculated using the full available price history since Nov 26, 2008

-0.14

Over the past year, the inverse relationship between MBB and UCO has strengthened: their correlation has moved from -0.14 to -0.36, 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.

iShares MBS Bond ETF

ProShares Ultra Bloomberg Crude Oil

Often compared with MBB:
MBB vs. IEFMBB vs. MBSDMBB vs. USMVMBB vs. AGGMBB vs. FLIAMBB vs. CMFMBB vs. NUBD
Often compared with UCO:
UCO vs. USOUCO vs. SCOUCO vs. OILUUCO vs. BOILUCO vs. ERXUCO vs. LABUUCO vs. OIH

Return for Risk

MBB vs. UCO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MBB
MBB Risk / Return Rank: 4444
Overall Rank
MBB Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
MBB Sortino Ratio Rank: 4545
Sortino Ratio Rank
MBB Omega Ratio Rank: 4343
Omega Ratio Rank
MBB Calmar Ratio Rank: 4545
Calmar Ratio Rank
MBB Martin Ratio Rank: 4545
Martin Ratio Rank
UCO
UCO Risk / Return Rank: 5656
Overall Rank
UCO Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
UCO Sortino Ratio Rank: 4949
Sortino Ratio Rank
UCO Omega Ratio Rank: 5050
Omega Ratio Rank
UCO Calmar Ratio Rank: 7474
Calmar Ratio Rank
UCO Martin Ratio Rank: 4444
Martin Ratio Rank
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.

MBB vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MBS Bond ETF (MBB) 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.

MBBUCODifference

Sharpe ratio

Return per unit of total volatility

1.55

2.08

-0.53

Sortino ratio

Return per unit of downside risk

2.28

2.43

-0.15

Omega ratio

Gain probability vs. loss probability

1.28

1.32

-0.04

Calmar ratio

Return relative to maximum drawdown

2.24

3.78

-1.54

Martin ratio

Return relative to average drawdown

7.49

7.17

+0.31

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MBB vs. UCO - Sharpe Ratio Comparison

The current MBB Sharpe Ratio is 1.55, which is comparable to the UCO Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of MBB 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.

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Sharpe Ratios by Period

MBBUCODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.55

2.08

-0.53

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.06

0.37

-0.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.25

-0.16

+0.41

Sharpe Ratio (All Time)

Calculated using the full available price history

0.59

-0.34

+0.93

Drawdowns

MBB vs. UCO - Drawdown Comparison

The maximum MBB drawdown since its inception was -17.64%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for MBB and UCO.

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Drawdown Indicators

MBBUCODifference

Max Drawdown

Largest peak-to-trough decline

-17.64%

-99.95%

+82.31%

Max Drawdown (1Y)

Largest decline over 1 year

-2.94%

-34.77%

+31.83%

Max Drawdown (3Y)

Largest decline over 3 years

-7.68%

-50.38%

+42.70%

Max Drawdown (5Y)

Largest decline over 5 years

-17.19%

-67.24%

+50.05%

Max Drawdown (10Y)

Largest decline over 10 years

-17.64%

-98.75%

+81.11%

Current Drawdown

Current decline from peak

-1.29%

-99.25%

+97.96%

Average Drawdown

Average peak-to-trough decline

-2.35%

-85.48%

+83.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.88%

18.32%

-17.44%

Volatility

MBB vs. UCO - Volatility Comparison

The current volatility for iShares MBS Bond ETF (MBB) is 1.62%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 22.10%. This indicates that MBB 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

MBBUCODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.62%

22.10%

-20.48%

Volatility (6M)

Calculated over the trailing 6-month period

3.24%

46.40%

-43.16%

Volatility (1Y)

Calculated over the trailing 1-year period

4.51%

57.35%

-52.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.81%

59.77%

-52.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.31%

71.36%

-66.05%

MBB vs. UCO - Expense Ratio Comparison

MBB has a 0.06% expense ratio, which is lower than UCO's 0.95% expense ratio.

Dividends

MBB vs. UCO - Dividend Comparison

MBB's dividend yield for the trailing twelve months is around 4.27%, while UCO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
MBB
iShares MBS Bond ETF		4.27%4.21%3.94%3.40%2.31%1.05%2.10%2.77%2.64%2.23%2.58%2.66%
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%0.00%0.00%

Frequently Asked Questions

MBB and UCO have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UCO has higher volatility (22.10%) compared to MBB (1.62%). In terms of maximum drawdown, MBB dropped -17.64% vs UCO's -99.95%.

On 10-year performance, MBB leads with 1.32% vs -11.55% for UCO. On fees, MBB is cheaper at 0.06% per year. On volatility, MBB has been the lower-risk option at 1.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, MBB has performed better with a 1.32% return vs -11.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MBB is cheaper with a 0.06% expense ratio, compared with 0.95% for UCO.

MBB has the higher dividend yield at 4.27%, compared with 0.00% for UCO.

MBB is categorized as Mortgage Backed Securities, while UCO is Leveraged Commodities. MBB tracks Barclays Capital U.S. MBS 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: 0.06% for MBB and 0.95% for UCO.

UCO currently has the higher Sharpe Ratio (2.08 vs 1.55), 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.

Portfolio Optimizer

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