OIH vs. UCO
OIH (VanEck Oil Services ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - OIH is a Energy Equities fund tracking the MVIS US Listed Oil Services 25 Index, while UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. Over the past 10 years, OIH returned -2.32%/yr vs 19.46%/yr for UCO. A 0.60 correlation means they provide meaningful diversification when combined. OIH charges 0.35%/yr vs 0.95%/yr for UCO.
Performance
OIH vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, OIH achieves a 35.03% return, which is significantly lower than UCO's 81.88% return. Over the past 10 years, OIH has underperformed UCO with an annualized return of -2.32%, while UCO has yielded a comparatively higher 19.46% annualized return.
OIH
- 1D
- -1.13%
- 1M
- -13.39%
- YTD
- 35.03%
- 6M
- 35.52%
- 1Y
- 68.64%
- 3Y*
- 14.83%
- 5Y*
- 12.26%
- 10Y*
- -2.32%
UCO
- 1D
- -1.26%
- 1M
- -25.61%
- YTD
- 81.88%
- 6M
- 76.32%
- 1Y
- 42.04%
- 3Y*
- 15.38%
- 5Y*
- 12.42%
- 10Y*
- 19.46%
OIH vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OIH VanEck Oil Services ETF | 35.03% | 6.81% | -10.53% | 3.20% | 66.17% | 21.22% | -41.19% | -3.54% | -45.03% | -19.66% |
UCO ProShares Ultra Bloomberg Crude Oil | 81.88% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
Correlation
The correlation between OIH and UCO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.60 |
Over the past year, the correlation between OIH and UCO has dropped to 0.38 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.
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Return for Risk
OIH vs. UCO — Risk / Return Rank
OIH
UCO
OIH vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Oil Services ETF (OIH) 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.
| OIH | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.55 | ||
| Sortino ratioReturn per unit of downside risk | +1.67 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.16 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 4.51 | 1.30 | +3.21 |
| Martin ratioReturn relative to average drawdown | 16.04 | 2.61 | +13.43 |
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Drawdowns
OIH vs. UCO - Drawdown Comparison
The maximum OIH drawdown since its inception was -94.45%, smaller than the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for OIH and UCO.
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Drawdown Indicators
| OIH | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.45% | -99.86% | +5.41% |
Max Drawdown (1Y)Largest decline over 1 year | -15.29% | -32.37% | +17.08% |
Max Drawdown (3Y)Largest decline over 3 years | -43.80% | -50.38% | +6.58% |
Max Drawdown (5Y)Largest decline over 5 years | -43.80% | -67.24% | +23.44% |
Max Drawdown (10Y)Largest decline over 10 years | -89.62% | -96.50% | +6.88% |
Current DrawdownCurrent decline from peak | -65.76% | -85.89% | +20.13% |
Average DrawdownAverage peak-to-trough decline | -48.87% | -82.11% | +33.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.29% | 16.23% | -11.94% |
Volatility
OIH vs. UCO - Volatility Comparison
The current volatility for VanEck Oil Services ETF (OIH) is 10.14%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 16.11%. This indicates that OIH 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
| OIH | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.14% | 16.11% | -5.97% |
Volatility (6M)Calculated over the trailing 6-month period | 21.14% | 48.06% | -26.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.39% | 57.57% | -27.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.79% | 60.09% | -23.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.38% | 317.77% | -275.39% |
OIH vs. UCO - Expense Ratio Comparison
OIH has a 0.35% expense ratio, which is lower than UCO's 0.95% expense ratio.
Dividends
OIH vs. UCO - Dividend Comparison
OIH's dividend yield for the trailing twelve months is around 1.27%, while UCO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OIH VanEck Oil Services ETF | 1.27% | 1.71% | 2.01% | 1.36% | 0.95% | 0.98% | 1.23% | 2.10% | 2.13% | 2.60% | 1.40% | 2.39% |
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
OIH and UCO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (16.11%) compared to OIH (10.14%). In terms of maximum drawdown, OIH dropped -94.45% vs UCO's -99.86%.
On 10-year performance, UCO leads with 19.46% vs -2.32% for OIH. On fees, OIH is cheaper at 0.35% per year. On volatility, OIH has been the lower-risk option at 10.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UCO has performed better with a 19.46% return vs -2.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OIH is cheaper with a 0.35% expense ratio, compared with 0.95% for UCO.
OIH has the higher dividend yield at 1.27%, compared with 0.00% for UCO.
OIH is categorized as Energy Equities, while UCO is Oil & Gas. OIH tracks MVIS US Listed Oil Services 25 Index, while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%). They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.35% for OIH and 0.95% for UCO.
OIH currently has the higher Sharpe Ratio (2.30 vs 0.75), 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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