OILU vs. UCO

Last updated Apr 2, 2026

Compare and contrast key facts about MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) and ProShares Ultra Bloomberg Crude Oil (UCO).

OILU and UCO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. OILU is managed by BMO. It was launched on Mar 24, 2017. UCO is a passively managed fund by ProShares that tracks the performance of the Dow Jones-UBS Crude Oil Sub-Index (200%). It was launched on Nov 24, 2008.

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.

OILU vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	112.51%	-16.50%	-21.65%	-32.50%	151.08%	-17.87%
UCO ProShares Ultra Bloomberg Crude Oil	92.55%	-29.75%	5.36%	-13.89%	39.71%	-12.92%

Returns By Period

In the year-to-date period, OILU achieves a 112.51% return, which is significantly higher than UCO's 92.55% return.

OILU

• 1D: -10.60%
• 1M: 12.27%
• YTD: 112.51%
• 6M: 100.08%
• 1Y: 45.27%
• 3Y*: 7.13%
• 5Y*: —
• 10Y*: —

UCO

• 1D: -5.34%
• 1M: 34.20%
• YTD: 92.55%
• 6M: 67.42%
• 1Y: 37.47%
• 3Y*: 12.01%
• 5Y*: 21.35%
• 10Y*: -9.67%

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

OILU vs. UCO - Expense Ratio Comparison

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

OILU

MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN

UCO

ProShares Ultra Bloomberg Crude Oil

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: 34
OILU Sharpe Ratio Rank: 30
OILU Sortino Ratio Rank: 40
OILU Omega Ratio Rank: 42
OILU Calmar Ratio Rank: 34
OILU Martin Ratio Rank: 23

UCO

UCO Risk / Return Rank: 35
UCO Sharpe Ratio Rank: 33
UCO Sortino Ratio Rank: 40
UCO Omega Ratio Rank: 36
UCO Calmar Ratio Rank: 40
UCO Martin Ratio Rank: 24

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.

	OILU	UCO	Difference
Sharpe ratio Return per unit of total volatility	0.59	0.66	-0.07
Sortino ratio Return per unit of downside risk	1.19	1.20	0.00
Omega ratio Gain probability vs. loss probability	1.17	1.15	+0.02
Calmar ratio Return relative to maximum drawdown	0.91	1.08	-0.17
Martin ratio Return relative to average drawdown	1.54	1.80	-0.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OILU vs. UCO - Sharpe Ratio Comparison

The current OILU Sharpe Ratio is 0.59, which is comparable to the UCO Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of OILU and UCO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	OILU	UCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.59	0.66	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.36	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.14	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	-0.36	+0.56

Correlation

The correlation between OILU and UCO is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

OILU vs. UCO - Dividend Comparison

Neither OILU nor UCO has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

OILU vs. UCO - Drawdown Comparison

The maximum OILU drawdown since its inception was -81.00%, smaller than the maximum UCO drawdown of -99.95%. 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%	-99.95%	+18.95%
Max Drawdown (1Y) Largest decline over 1 year	-52.04%	-34.77%	-17.27%
Max Drawdown (5Y) Largest decline over 5 years	—	-67.24%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-98.75%	—
Current Drawdown Current decline from peak	-42.85%	-99.40%	+56.55%
Average Drawdown Average peak-to-trough decline	-50.72%	-85.35%	+34.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.74%	20.76%	+9.98%

Volatility

OILU vs. UCO - Volatility Comparison

The current volatility for MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) is 19.90%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 25.64%. This indicates that OILU 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

	OILU	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.90%	25.64%	-5.74%
Volatility (6M) Calculated over the trailing 6-month period	43.84%	40.74%	+3.10%
Volatility (1Y) Calculated over the trailing 1-year period	77.03%	57.38%	+19.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.31%	59.11%	+22.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.31%	71.31%	+10.00%