OKLL vs. UCO

Last updated Jun 4, 2026

OKLL (Defiance Daily Target 2x Long OKLO ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - OKLL is a Leveraged Equities fund actively managed by Defiance, while UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%). OKLL is actively managed, while UCO is passively managed. At a correlation of -0.12, they often move in opposite directions. OKLL charges 1.31%/yr vs 0.95%/yr for UCO.

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.

Returns By Period

In the year-to-date period, OKLL achieves a -51.28% return, which is significantly lower than UCO's 149.12% return.

OKLL

• 1D: -22.34%
• 1M: -20.06%
• YTD: -51.28%
• 6M: -75.86%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UCO

• 1D: 2.71%
• 1M: -4.64%
• YTD: 149.12%
• 6M: 137.09%
• 1Y: 120.48%
• 3Y*: 25.90%
• 5Y*: 22.16%
• 10Y*: -11.31%

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

OKLL vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025
OKLL Defiance Daily Target 2x Long OKLO ETF	-51.28%	-30.34%
UCO ProShares Ultra Bloomberg Crude Oil	149.12%	-14.85%

Correlation

The correlation between OKLL and UCO is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	-0.12

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: 54
UCO Sharpe Ratio Rank: 62
UCO Sortino Ratio Rank: 50
UCO Omega Ratio Rank: 50
UCO Calmar Ratio Rank: 69
UCO Martin Ratio Rank: 41

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	—	2.12	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.37	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.33	-0.34	+0.01

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 (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	—	-98.75%	—
Current Drawdown Current decline from peak	-94.11%	-99.23%	+5.12%
Average Drawdown Average peak-to-trough decline	-60.85%	-85.49%	+24.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	18.33%	—

Volatility

Volatility by Period

	OKLL	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	20.83%	—
Volatility (6M) Calculated over the trailing 6-month period	—	46.44%	—
Volatility (1Y) Calculated over the trailing 1-year period	205.33%	57.11%	+148.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	205.33%	59.78%	+145.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	205.33%	71.36%	+133.97%

OKLL vs. UCO - Expense Ratio Comparison

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

Dividends

OKLL vs. UCO - Dividend Comparison

Neither OKLL nor UCO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OKLL and UCO in my portfolio?

OKLL and UCO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, OKLL or UCO?

On fees, UCO is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, OKLL or UCO?

UCO is cheaper with a 0.95% expense ratio, compared with 1.31% for OKLL.

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

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

What is the main difference between OKLL and UCO?

OKLL is categorized as Leveraged Equities, while UCO is Leveraged Commodities. They also come from different issuers: Defiance and ProShares. Their fees differ too: 1.31% for OKLL and 0.95% for UCO.