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OUSA vs. UCO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

OUSA vs. UCO

Last updated Jun 4, 2026

OUSA (OShares U.S. Quality Dividend ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - OUSA is a Large Cap Growth Equities fund tracking the O'Shares US Quality Dividend Index, while UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%). Both are passively managed. Over the past 10 years, OUSA returned 10.22%/yr vs -11.31%/yr for UCO. At a 0.18 correlation, their price movements are largely independent. OUSA charges 0.48%/yr vs 0.95%/yr for UCO.

Performance

OUSA vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in OShares U.S. Quality Dividend ETF (OUSA) and ProShares Ultra Bloomberg Crude Oil (UCO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, OUSA achieves a 1.05% return, which is significantly lower than UCO's 149.12% return. Over the past 10 years, OUSA has outperformed UCO with an annualized return of 10.22%, while UCO has yielded a comparatively lower -11.31% annualized return.

OUSA

1D
-0.75%
1M
1.02%
YTD
1.05%
6M
1.29%
1Y
9.81%
3Y*
12.63%
5Y*
8.62%
10Y*
10.22%

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)

OUSA vs. UCO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
OUSA
OShares U.S. Quality Dividend ETF		1.05%10.23%17.09%13.44%-9.33%23.75%6.96%25.03%-3.11%18.81%
UCO
ProShares Ultra Bloomberg Crude Oil		149.12%-29.75%5.36%-13.89%39.71%139.26%-92.91%53.83%-43.26%0.34%

Correlation

The correlation between OUSA and UCO is -0.29, 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 (1Y)
Calculated over the trailing 1-year period

-0.29

Correlation (3Y)
Calculated over the trailing 3-year period

-0.09

Correlation (5Y)
Calculated over the trailing 5-year period

0.04

Correlation (10Y)
Calculated over the trailing 10-year period

0.15

Correlation (All Time)
Calculated using the full available price history since Jul 15, 2015

0.18

The correlation between OUSA and UCO shifts across timeframes, from -0.29 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

OShares U.S. Quality Dividend ETF

ProShares Ultra Bloomberg Crude Oil

Often compared with OUSA:
OUSA vs. SCHDOUSA vs. SPYOUSA vs. VYMOUSA vs. JEPIOUSA vs. NOBLOUSA vs. VTIOUSA vs. DIA
Often compared with UCO:
UCO vs. USOUCO vs. SCOUCO vs. OILUUCO vs. BOILUCO vs. ERXUCO vs. OIHUCO vs. LABU

Return for Risk

OUSA vs. UCO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
OUSA
OUSA Risk / Return Rank: 2727
Overall Rank
OUSA Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
OUSA Sortino Ratio Rank: 2828
Sortino Ratio Rank
OUSA Omega Ratio Rank: 2626
Omega Ratio Rank
OUSA Calmar Ratio Rank: 2525
Calmar Ratio Rank
OUSA Martin Ratio Rank: 2929
Martin Ratio Rank
UCO
UCO Risk / Return Rank: 5454
Overall Rank
UCO Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
UCO Sortino Ratio Rank: 5050
Sortino Ratio Rank
UCO Omega Ratio Rank: 5050
Omega Ratio Rank
UCO Calmar Ratio Rank: 6969
Calmar Ratio Rank
UCO Martin Ratio Rank: 4141
Martin Ratio Rank
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.

OUSA vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for OShares U.S. Quality Dividend ETF (OUSA) 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.

OUSAUCODifference
Sharpe ratioReturn per unit of total volatility
1.01
2.12

-1.11

Sortino ratioReturn per unit of downside risk
1.53
2.46

-0.93

Omega ratioGain probability vs. loss probability

1.18

1.32

-0.14

Calmar ratioReturn relative to maximum drawdown

1.18

3.49

-2.31

Martin ratioReturn relative to average drawdown

4.19

6.60

-2.41

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OUSA vs. UCO - Sharpe Ratio Comparison

The current OUSA Sharpe Ratio is 1.01, which is lower than the UCO Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of OUSA 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.

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Sharpe Ratios by Period

OUSAUCODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.01

2.12

-1.11

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.65

0.37

+0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.68

-0.16

+0.84

Sharpe Ratio (All Time)

Calculated using the full available price history

0.68

-0.34

+1.02

Drawdowns

OUSA vs. UCO - Drawdown Comparison

The maximum OUSA drawdown since its inception was -33.12%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for OUSA and UCO.

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Drawdown Indicators

OUSAUCODifference

Max Drawdown

Largest peak-to-trough decline

-33.12%

-99.95%

+66.83%

Max Drawdown (1Y)

Largest decline over 1 year

-8.36%

-34.77%

+26.41%

Max Drawdown (3Y)

Largest decline over 3 years

-13.14%

-50.38%

+37.24%

Max Drawdown (5Y)

Largest decline over 5 years

-19.54%

-67.24%

+47.70%

Max Drawdown (10Y)

Largest decline over 10 years

-33.12%

-98.75%

+65.63%

Current Drawdown

Current decline from peak

-2.58%

-99.23%

+96.65%

Average Drawdown

Average peak-to-trough decline

-3.53%

-85.49%

+81.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.35%

18.33%

-15.98%

Volatility

OUSA vs. UCO - Volatility Comparison

The current volatility for OShares U.S. Quality Dividend ETF (OUSA) is 2.25%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.83%. This indicates that OUSA 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

OUSAUCODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.25%

20.83%

-18.58%

Volatility (6M)

Calculated over the trailing 6-month period

7.18%

46.44%

-39.26%

Volatility (1Y)

Calculated over the trailing 1-year period

9.75%

57.11%

-47.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.30%

59.78%

-46.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.16%

71.36%

-56.20%

OUSA vs. UCO - Expense Ratio Comparison

OUSA has a 0.48% expense ratio, which is lower than UCO's 0.95% expense ratio.

Dividends

OUSA vs. UCO - Dividend Comparison

OUSA's dividend yield for the trailing twelve months is around 1.42%, while UCO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
OUSA
OShares U.S. Quality Dividend ETF		1.42%1.39%1.50%1.81%1.92%1.56%2.03%2.31%3.06%2.15%2.32%1.17%
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

OUSA and UCO have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UCO has higher volatility (20.83%) compared to OUSA (2.25%). In terms of maximum drawdown, OUSA dropped -33.12% vs UCO's -99.95%.

On 10-year performance, OUSA leads with 10.22% vs -11.31% for UCO. On fees, OUSA is cheaper at 0.48% per year. On volatility, OUSA has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, OUSA has performed better with a 10.22% return vs -11.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

OUSA is cheaper with a 0.48% expense ratio, compared with 0.95% for UCO.

OUSA has the higher dividend yield at 1.42%, compared with 0.00% for UCO.

OUSA is categorized as Large Cap Growth Equities, while UCO is Leveraged Commodities. OUSA tracks O'Shares US Quality Dividend Index, while UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%). They also come from different issuers: O'Shares Investments and ProShares. Their fees differ too: 0.48% for OUSA and 0.95% for UCO.

UCO currently has the higher Sharpe Ratio (2.12 vs 1.01), 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.

Portfolio Optimizer

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