OKLL vs. UCO

Last updated Apr 2, 2026

Compare and contrast key facts about Defiance Daily Target 2x Long OKLO ETF (OKLL) and ProShares Ultra Bloomberg Crude Oil (UCO).

OKLL and UCO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. OKLL is an actively managed fund by Defiance. It was launched on Jun 23, 2025. 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

OKLL vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2x Long OKLO ETF (OKLL) and ProShares Ultra Bloomberg Crude Oil (UCO). The values are adjusted to include any dividend payments, if applicable.

OKLL vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025
OKLL Defiance Daily Target 2x Long OKLO ETF	-66.31%	-30.34%
UCO ProShares Ultra Bloomberg Crude Oil	92.55%	-14.85%

Returns By Period

In the year-to-date period, OKLL achieves a -66.31% return, which is significantly lower than UCO's 92.55% return.

OKLL

• 1D: -6.61%
• 1M: -48.78%
• YTD: -66.31%
• 6M: -91.26%
• 1Y: —
• 3Y*: —
• 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)

OKLL vs. UCO - Expense Ratio Comparison

OKLL has a 1.31% expense ratio, which is higher than UCO's 0.95% expense ratio.

OKLL

Defiance Daily Target 2x Long OKLO ETF

UCO

ProShares Ultra Bloomberg Crude Oil

Return for Risk

OKLL vs. UCO — Risk / Return Rank

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

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.

OKLL vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2x Long OKLO ETF (OKLL) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	OKLL	UCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.66	—
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	-0.42	-0.36	-0.06

Correlation

The correlation between OKLL and UCO is -0.10. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

OKLL vs. UCO - Dividend Comparison

Neither OKLL nor UCO has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

OKLL vs. UCO - Drawdown Comparison

The maximum OKLL drawdown since its inception was -96.29%, roughly equal to the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for OKLL and UCO.

Drawdown Indicators

	OKLL	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-96.29%	-99.95%	+3.66%
Max Drawdown (1Y) Largest decline over 1 year	—	-34.77%	—
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	-95.93%	-99.40%	+3.47%
Average Drawdown Average peak-to-trough decline	-53.66%	-85.35%	+31.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	20.76%	—

Volatility

Volatility by Period

	OKLL	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	25.64%	—
Volatility (6M) Calculated over the trailing 6-month period	—	40.74%	—
Volatility (1Y) Calculated over the trailing 1-year period	202.02%	57.38%	+144.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	202.02%	59.11%	+142.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	202.02%	71.31%	+130.71%