PFFL vs. UCO
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - PFFL is a Preferred Stock/Convertible Bonds fund tracking the Solactive Preferred Stock ETF Index, while UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. Over the past 5 years, PFFL returned -6.80%/yr vs 16.65%/yr for UCO. At a 0.12 correlation, their price movements are largely independent. PFFL charges 0.85%/yr vs 0.95%/yr for UCO.
Performance
PFFL vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, PFFL achieves a -3.18% return, which is significantly lower than UCO's 112.22% return.
PFFL
- 1D
- 0.08%
- 1M
- -2.90%
- 6M
- -7.06%
- YTD
- -3.18%
- 1Y
- -1.27%
- 3Y*
- 2.98%
- 5Y*
- -6.80%
- 10Y*
- —
UCO
- 1D
- 4.73%
- 1M
- 12.14%
- 6M
- 100.39%
- YTD
- 112.22%
- 1Y
- 69.63%
- 3Y*
- 15.38%
- 5Y*
- 16.65%
- 10Y*
- 22.97%
PFFL vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -3.18% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
UCO ProShares Ultra Bloomberg Crude Oil | 112.22% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -61.85% |
Correlation
The correlation between PFFL and UCO is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | 0.12 |
The correlation between PFFL and UCO shifts across timeframes, from -0.13 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PFFL vs. UCO — Risk / Return Rank
PFFL
UCO
PFFL vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) 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.
| PFFL | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.28 | ||
| Sortino ratioReturn per unit of downside risk | -1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.22 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 1.82 | -1.92 |
| Martin ratioReturn relative to average drawdown | -0.22 | 3.83 | -4.06 |
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Drawdowns
PFFL vs. UCO - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, smaller than the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for PFFL and UCO.
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Drawdown Indicators
| PFFL | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -99.86% | +19.18% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -38.55% | +26.63% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -50.38% | +26.63% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | -67.24% | +18.73% |
Max Drawdown (10Y)Largest decline over 10 years | — | -96.50% | — |
Current DrawdownCurrent decline from peak | -40.36% | -83.53% | +43.17% |
Average DrawdownAverage peak-to-trough decline | -28.69% | -82.12% | +53.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.67% | 18.22% | -12.55% |
Volatility
PFFL vs. UCO - Volatility Comparison
The current volatility for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) is 4.10%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 19.48%. This indicates that PFFL 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
| PFFL | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.10% | 19.48% | -15.38% |
Volatility (6M)Calculated over the trailing 6-month period | 10.99% | 50.04% | -39.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.91% | 58.37% | -42.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.69% | 60.44% | -36.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.94% | 317.63% | -262.69% |
PFFL vs. UCO - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is lower than UCO's 0.95% expense ratio.
Dividends
PFFL vs. UCO - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 12.71%, while UCO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 12.71% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PFFL and UCO have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (19.48%) compared to PFFL (4.10%). In terms of maximum drawdown, PFFL dropped -80.68% vs UCO's -99.86%.
On 5-year performance, UCO leads with 16.65% vs -6.80% for PFFL. On fees, PFFL is cheaper at 0.85% per year. On volatility, PFFL has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UCO has performed better with a 16.65% return vs -6.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFL is cheaper with a 0.85% expense ratio, compared with 0.95% for UCO.
PFFL has the higher dividend yield at 12.71%, compared with 0.00% for UCO.
PFFL is categorized as Preferred Stock/Convertible Bonds, while UCO is Oil & Gas. PFFL tracks Solactive Preferred Stock ETF Index, while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%). They also come from different issuers: UBS and ProShares. Their fees differ too: 0.85% for PFFL and 0.95% for UCO.
UCO currently has the higher Sharpe Ratio (1.20 vs -0.08), 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.
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