OILU vs. UCO

Last updated Jun 25, 2026

OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - OILU is a Leveraged Commodities fund managed by BMO, while UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Over the past 3 years, OILU returned 2.66%/yr vs 12.63%/yr for UCO. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

OILU vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) 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, OILU achieves a 44.25% return, which is significantly lower than UCO's 69.20% return.

OILU

• 1D: -6.13%
• 1M: -29.75%
• YTD: 44.25%
• 6M: 47.45%
• 1Y: 50.25%
• 3Y*: 2.66%
• 5Y*: —
• 10Y*: —

UCO

• 1D: -6.97%
• 1M: -30.80%
• YTD: 69.20%
• 6M: 64.11%
• 1Y: 44.07%
• 3Y*: 12.63%
• 5Y*: 10.47%
• 10Y*: 18.60%

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

OILU vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	44.25%	-16.50%	-21.65%	-32.50%	151.08%	-16.79%
UCO ProShares Ultra Bloomberg Crude Oil	69.20%	-29.75%	5.36%	-13.89%	39.71%	-11.11%

Correlation

The correlation between OILU and UCO is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021	0.65

The correlation between OILU and UCO has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.

Return for Risk

OILU vs. UCO — Risk / Return Rank

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

OILU

OILU Risk / Return Rank: 26
OILU Sharpe Ratio Rank: 24
OILU Sortino Ratio Rank: 26
OILU Omega Ratio Rank: 25
OILU Calmar Ratio Rank: 25
OILU Martin Ratio Rank: 26

UCO

UCO Risk / Return Rank: 25
UCO Sharpe Ratio Rank: 24
UCO Sortino Ratio Rank: 26
UCO Omega Ratio Rank: 25
UCO Calmar Ratio Rank: 26
UCO Martin Ratio Rank: 23

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.

OILU vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) 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.

	OILU	UCO	Difference
Sharpe ratio: Return per unit of total volatility	0.80	0.79	+0.01
Sortino ratio: Return per unit of downside risk	1.36	1.34	+0.02
Omega ratio: Gain probability vs. loss probability	1.16	1.16	0.00
Calmar ratio: Return relative to maximum drawdown	1.15	1.19	-0.05
Martin ratio: Return relative to average drawdown	3.27	2.71	+0.56

OILU vs. UCO - Sharpe Ratio Comparison

The current OILU Sharpe Ratio is 0.80, which is comparable to the UCO Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of OILU 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

OILU vs. UCO - Drawdown Comparison

The maximum OILU drawdown since its inception was -81.00%, smaller than the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for OILU and UCO.

Drawdown Indicators

	OILU	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-81.00%	-99.86%	+18.86%
Max Drawdown (1Y) Largest decline over 1 year	-44.03%	-37.09%	-6.94%
Max Drawdown (3Y) Largest decline over 3 years	-69.09%	-50.38%	-18.71%
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	-61.21%	-86.87%	+25.66%
Average Drawdown Average peak-to-trough decline	-50.59%	-82.11%	+31.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.40%	16.32%	-0.92%

Volatility

OILU vs. UCO - Volatility Comparison

MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) has a higher volatility of 22.21% compared to ProShares Ultra Bloomberg Crude Oil (UCO) at 17.09%. This indicates that OILU'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

	OILU	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.21%	17.09%	+5.12%
Volatility (6M) Calculated over the trailing 6-month period	51.19%	48.66%	+2.53%
Volatility (1Y) Calculated over the trailing 1-year period	63.33%	56.87%	+6.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.12%	60.17%	+20.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.12%	317.72%	-236.60%

OILU vs. UCO - Expense Ratio Comparison

Both OILU and UCO have an expense ratio of 0.95%.

Dividends

OILU vs. UCO - Dividend Comparison

Neither OILU nor UCO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OILU and UCO in my portfolio?

OILU and UCO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OILU or UCO?

OILU has higher volatility (22.21%) compared to UCO (17.09%). In terms of maximum drawdown, OILU dropped -81.00% vs UCO's -99.86%.

Which ETF is better, OILU or UCO?

On 3-year performance, UCO leads with 12.63% vs 2.66% for OILU. Both ETFs have the same 0.95% expense ratio. On volatility, UCO has been the lower-risk option at 17.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OILU or UCO?

Over the 3-year period, UCO has performed better with a 12.63% return vs 2.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILU or UCO?

OILU and UCO have the same expense ratio: 0.95% per year.

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

OILU and UCO have nearly identical dividend yields, around 0.00%.

What is the main difference between OILU and UCO?

OILU is categorized as Leveraged Commodities, while UCO is Oil & Gas. They also come from different issuers: BMO and ProShares.

Which has better risk-adjusted returns?

OILU currently has the higher Sharpe Ratio (0.80 vs 0.79), 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.