NVDD vs. UCO

Last updated Aug 4, 2026

NVDD (Direxion Daily NVDA Bear 1X Shares) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - NVDD is a Inverse Equities fund actively managed by Direxion, while UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). NVDD is actively managed, while UCO is passively managed. Over the past year, NVDD returned -20.12% vs 55.11% for UCO. Their -0.03 correlation means they have often moved in opposite directions in the past. NVDD charges 1.01%/yr vs 0.95%/yr for UCO.

Performance

NVDD vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NVDA Bear 1X Shares (NVDD) 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, NVDD achieves a -13.43% return, which is significantly lower than UCO's 95.50% return.

NVDD

• 1D: -2.79%
• 1M: -6.62%
• 6M: -13.93%
• YTD: -13.43%
• 1Y: -20.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -48.64%

UCO

• 1D: -6.56%
• 1M: 16.68%
• 6M: 73.10%
• YTD: 95.50%
• 1Y: 55.11%
• 3Y*: 6.67%
• 5Y*: 16.72%
• 10Y*: 24.07%
• ALL TIME*: -9.54%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NVDD Direxion Daily NVDA Bear 1X Shares	$6.44M	$5.40M	$4.86M
UCO ProShares Ultra Bloomberg Crude Oil	$130.59M	$140.21M	$148.94M

NVDD vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDD Direxion Daily NVDA Bear 1X Shares	-13.43%	-38.72%	-69.77%	-8.97%
UCO ProShares Ultra Bloomberg Crude Oil	95.50%	-29.75%	5.36%	-26.69%

Correlation

The correlation between NVDD and UCO is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.07
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	-0.03

Return for Risk

NVDD vs. UCO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NVDD

NVDD Risk / Return Rank: 4
NVDD Sharpe Ratio Rank: 5
NVDD Sortino Ratio Rank: 5
NVDD Omega Ratio Rank: 5
NVDD Calmar Ratio Rank: 4
NVDD Martin Ratio Rank: 2

UCO

UCO Risk / Return Rank: 38
UCO Sharpe Ratio Rank: 37
UCO Sortino Ratio Rank: 40
UCO Omega Ratio Rank: 38
UCO Calmar Ratio Rank: 40
UCO Martin Ratio Rank: 36

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NVDD vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NVDA Bear 1X Shares (NVDD) 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.

	NVDD	UCO	Difference
Sharpe ratio: Return per unit of total volatility	-0.55	0.92	-1.48
Sortino ratio: Return per unit of downside risk	-0.61	1.50	-2.11
Omega ratio: Gain probability vs. loss probability	0.93	1.18	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.64	1.44	-2.07
Martin ratio: Return relative to average drawdown	-1.34	3.68	-5.01

NVDD vs. UCO - Sharpe Ratio Comparison

The current NVDD Sharpe Ratio is -0.55, which is lower than the UCO Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of NVDD 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

NVDD vs. UCO - Drawdown Comparison

The maximum NVDD drawdown since its inception was -88.34%, smaller than the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for NVDD and UCO.

Drawdown Indicators

	NVDD	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-88.34%	-99.86%	+11.52%
Max Drawdown (1Y) Largest decline over 1 year	-31.63%	-38.55%	+6.92%
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	-86.96%	-84.83%	-2.13%
Average Drawdown Average peak-to-trough decline	-68.05%	-82.13%	+14.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.10%	15.08%	+0.02%

Volatility

NVDD vs. UCO - Volatility Comparison

The current volatility for Direxion Daily NVDA Bear 1X Shares (NVDD) is 12.08%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 23.68%. This indicates that NVDD 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

	NVDD	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.08%	23.68%	-11.60%
Volatility (6M) Calculated over the trailing 6-month period	28.46%	52.28%	-23.82%
Volatility (1Y) Calculated over the trailing 1-year period	36.47%	60.10%	-23.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.06%	60.50%	-13.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.06%	317.77%	-270.71%

NVDD vs. UCO - Expense Ratio Comparison

NVDD has a 1.01% expense ratio, which is higher than UCO's 0.95% expense ratio.

Dividends

NVDD vs. UCO - Dividend Comparison

NVDD's dividend yield for the trailing twelve months is around 3.77%, while UCO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
NVDD Direxion Daily NVDA Bear 1X Shares	3.77%	4.19%	4.83%	1.31%
UCO ProShares Ultra Bloomberg Crude Oil	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NVDD and UCO in my portfolio?

NVDD and UCO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDD or UCO?

UCO has higher volatility (23.68%) compared to NVDD (12.08%). In terms of maximum drawdown, NVDD dropped -88.34% vs UCO's -99.86%.

Which ETF is better, NVDD or UCO?

On 1-year performance, UCO leads with 55.11% vs -20.12% for NVDD. On fees, UCO is cheaper at 0.95% per year. On volatility, NVDD has been the lower-risk option at 12.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDD or UCO?

Over the 1-year period, UCO has performed better with a 55.11% return vs -20.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDD or UCO?

UCO is cheaper with a 0.95% expense ratio, compared with 1.01% for NVDD.

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

NVDD has the higher dividend yield at 3.77%, compared with 0.00% for UCO.

What is the main difference between NVDD and UCO?

NVDD is categorized as Inverse Equities, while UCO is Oil & Gas. They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.01% for NVDD and 0.95% for UCO.

Which has better risk-adjusted returns?

UCO currently has the higher Sharpe Ratio (0.92 vs -0.55), 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.