QQQA vs. UCO
QQQA (ProShares Nasdaq-100 Dorsey Wright Momentum ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - QQQA is a Nasdaq-100 fund tracking the NASDAQ-100 Dorsey Wright Momentum Index - Benchmark TR Gross, while UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%). Both are passively managed. Over the past 5 years, QQQA returned 12.63%/yr vs 20.42%/yr for UCO. At a 0.07 correlation, their price movements are largely independent. QQQA charges 0.58%/yr vs 0.95%/yr for UCO.
Performance
QQQA vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, QQQA achieves a 50.73% return, which is significantly lower than UCO's 131.94% return.
QQQA
- 1D
- -8.16%
- 1M
- 4.93%
- YTD
- 50.73%
- 6M
- 51.41%
- 1Y
- 73.96%
- 3Y*
- 30.35%
- 5Y*
- 12.63%
- 10Y*
- —
UCO
- 1D
- -3.09%
- 1M
- 3.56%
- YTD
- 131.94%
- 6M
- 114.50%
- 1Y
- 106.12%
- 3Y*
- 23.38%
- 5Y*
- 20.42%
- 10Y*
- -12.52%
QQQA vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF | 50.73% | 9.87% | 16.17% | 24.98% | -29.08% | 8.43% |
UCO ProShares Ultra Bloomberg Crude Oil | 131.94% | -29.75% | 5.36% | -13.89% | 39.71% | 49.90% |
Correlation
The correlation between QQQA 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 | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since May 21, 2021 | 0.07 |
The correlation between QQQA and UCO shifts across timeframes, from -0.13 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
QQQA vs. UCO — Risk / Return Rank
QQQA
UCO
QQQA vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA) 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.
| QQQA | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.86 | ||
| Sortino ratioReturn per unit of downside risk | +0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.29 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 5.11 | 3.07 | +2.04 |
| Martin ratioReturn relative to average drawdown | 18.91 | 5.80 | +13.11 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QQQA | UCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.72 | 1.86 | +0.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.49 | 0.34 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.18 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | -0.35 | +0.85 |
Drawdowns
QQQA vs. UCO - Drawdown Comparison
The maximum QQQA drawdown since its inception was -38.44%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for QQQA and UCO.
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Drawdown Indicators
| QQQA | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.44% | -99.95% | +61.51% |
Max Drawdown (1Y)Largest decline over 1 year | -14.54% | -34.77% | +20.23% |
Max Drawdown (3Y)Largest decline over 3 years | -30.84% | -50.38% | +19.54% |
Max Drawdown (5Y)Largest decline over 5 years | -38.44% | -67.24% | +28.80% |
Max Drawdown (10Y)Largest decline over 10 years | — | -98.75% | — |
Current DrawdownCurrent decline from peak | -8.86% | -99.28% | +90.42% |
Average DrawdownAverage peak-to-trough decline | -15.66% | -85.49% | +69.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.92% | 18.36% | -14.44% |
Volatility
QQQA vs. UCO - Volatility Comparison
The current volatility for ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA) is 13.23%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 17.06%. This indicates that QQQA 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
| QQQA | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.23% | 17.06% | -3.83% |
Volatility (6M)Calculated over the trailing 6-month period | 23.90% | 46.72% | -22.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.39% | 57.32% | -29.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.08% | 59.80% | -33.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.01% | 71.35% | -45.34% |
QQQA vs. UCO - Expense Ratio Comparison
QQQA has a 0.58% expense ratio, which is lower than UCO's 0.95% expense ratio.
Dividends
QQQA vs. UCO - Dividend Comparison
QQQA's dividend yield for the trailing twelve months is around 0.07%, while UCO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF | 0.07% | 0.10% | 0.09% | 0.34% | 0.28% | 0.10% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QQQA 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 (17.06%) compared to QQQA (13.23%). In terms of maximum drawdown, QQQA dropped -38.44% vs UCO's -99.95%.
On 5-year performance, UCO leads with 20.42% vs 12.63% for QQQA. On fees, QQQA is cheaper at 0.58% per year. On volatility, QQQA has been the lower-risk option at 13.23%. 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 20.42% return vs 12.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQA is cheaper with a 0.58% expense ratio, compared with 0.95% for UCO.
QQQA has the higher dividend yield at 0.07%, compared with 0.00% for UCO.
QQQA is categorized as Nasdaq-100, while UCO is Leveraged Commodities. QQQA tracks NASDAQ-100 Dorsey Wright Momentum Index - Benchmark TR Gross, while UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%). Their fees differ too: 0.58% for QQQA and 0.95% for UCO.
QQQA currently has the higher Sharpe Ratio (2.72 vs 1.86), 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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