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RWR vs. UCO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RWR vs. UCO

Last updated Jun 5, 2026

RWR (SPDR Dow Jones REIT ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - RWR is a REIT fund tracking the Dow Jones U.S. Select REIT 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, RWR returned 5.39%/yr vs -11.98%/yr for UCO. At a 0.18 correlation, their price movements are largely independent. RWR charges 0.25%/yr vs 0.95%/yr for UCO.

Performance

RWR vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Dow Jones REIT ETF (RWR) 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, RWR achieves a 12.61% return, which is significantly lower than UCO's 139.34% return. Over the past 10 years, RWR has outperformed UCO with an annualized return of 5.39%, while UCO has yielded a comparatively lower -11.98% annualized return.

RWR

1D
1.38%
1M
0.75%
YTD
12.61%
6M
11.45%
1Y
16.94%
3Y*
11.72%
5Y*
4.44%
10Y*
5.39%

UCO

1D
-3.93%
1M
-5.57%
YTD
139.34%
6M
124.58%
1Y
115.57%
3Y*
24.38%
5Y*
21.18%
10Y*
-11.98%
*Multi-year figures are annualized to reflect compound growth (CAGR)

RWR vs. UCO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
RWR
SPDR Dow Jones REIT ETF		12.61%3.20%7.74%13.76%-26.09%45.47%-11.40%22.71%-4.47%3.47%
UCO
ProShares Ultra Bloomberg Crude Oil		139.34%-29.75%5.36%-13.89%39.71%139.26%-92.91%53.83%-43.26%0.34%

Correlation

The correlation between RWR and UCO is -0.16, 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

-0.16

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

-0.06

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

0.04

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

0.09

Correlation (All Time)
Calculated using the full available price history since Nov 26, 2008

0.18

The correlation between RWR and UCO shifts across timeframes, from -0.16 (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.

SPDR Dow Jones REIT ETF

ProShares Ultra Bloomberg Crude Oil

Often compared with RWR:
RWR vs. VNQRWR vs. SCHHRWR vs. FRIRWR vs. VOORWR vs. SPYRWR vs. VGSLXRWR vs. EUEA.AS
Often compared with UCO:
UCO vs. USOUCO vs. SCOUCO vs. OILUUCO vs. BOILUCO vs. ERXUCO vs. LABUUCO vs. OIH

Return for Risk

RWR vs. UCO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RWR
RWR Risk / Return Rank: 3838
Overall Rank
RWR Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
RWR Sortino Ratio Rank: 3434
Sortino Ratio Rank
RWR Omega Ratio Rank: 3333
Omega Ratio Rank
RWR Calmar Ratio Rank: 4444
Calmar Ratio Rank
RWR Martin Ratio Rank: 4545
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: 5151
Omega Ratio Rank
UCO Calmar Ratio Rank: 6868
Calmar Ratio Rank
UCO Martin Ratio Rank: 4040
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.

RWR vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Dow Jones REIT ETF (RWR) 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.

RWRUCODifference
Sharpe ratioReturn per unit of total volatility
1.27
2.03

-0.77

Sortino ratioReturn per unit of downside risk
1.77
2.39

-0.62

Omega ratioGain probability vs. loss probability

1.22

1.31

-0.09

Calmar ratioReturn relative to maximum drawdown

2.12

3.34

-1.23

Martin ratioReturn relative to average drawdown

7.18

6.32

+0.85

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

RWR vs. UCO - Sharpe Ratio Comparison

The current RWR Sharpe Ratio is 1.27, which is lower than the UCO Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of RWR 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

RWRUCODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.27

2.03

-0.77

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.23

0.36

-0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.25

-0.17

+0.42

Sharpe Ratio (All Time)

Calculated using the full available price history

0.31

-0.34

+0.66

Drawdowns

RWR vs. UCO - Drawdown Comparison

The maximum RWR drawdown since its inception was -74.92%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for RWR and UCO.

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Drawdown Indicators

RWRUCODifference

Max Drawdown

Largest peak-to-trough decline

-74.92%

-99.95%

+25.03%

Max Drawdown (1Y)

Largest decline over 1 year

-8.04%

-34.77%

+26.73%

Max Drawdown (3Y)

Largest decline over 3 years

-18.85%

-50.38%

+31.53%

Max Drawdown (5Y)

Largest decline over 5 years

-32.58%

-67.24%

+34.66%

Max Drawdown (10Y)

Largest decline over 10 years

-44.39%

-98.75%

+54.36%

Current Drawdown

Current decline from peak

-1.75%

-99.26%

+97.51%

Average Drawdown

Average peak-to-trough decline

-13.11%

-85.49%

+72.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.37%

18.34%

-15.97%

Volatility

RWR vs. UCO - Volatility Comparison

The current volatility for SPDR Dow Jones REIT ETF (RWR) is 4.29%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.99%. This indicates that RWR 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

RWRUCODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.29%

20.99%

-16.70%

Volatility (6M)

Calculated over the trailing 6-month period

9.60%

46.57%

-36.97%

Volatility (1Y)

Calculated over the trailing 1-year period

13.45%

57.26%

-43.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.02%

59.81%

-40.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.51%

71.35%

-49.84%

RWR vs. UCO - Expense Ratio Comparison

RWR has a 0.25% expense ratio, which is lower than UCO's 0.95% expense ratio.

Dividends

RWR vs. UCO - Dividend Comparison

RWR's dividend yield for the trailing twelve months is around 3.39%, while UCO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
RWR
SPDR Dow Jones REIT ETF		3.39%3.78%3.76%3.75%3.81%2.79%3.73%3.36%4.19%3.05%4.39%3.17%
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

RWR and UCO have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UCO has higher volatility (20.99%) compared to RWR (4.29%). In terms of maximum drawdown, RWR dropped -74.92% vs UCO's -99.95%.

On 10-year performance, RWR leads with 5.39% vs -11.98% for UCO. On fees, RWR is cheaper at 0.25% per year. On volatility, RWR has been the lower-risk option at 4.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, RWR has performed better with a 5.39% return vs -11.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

RWR is cheaper with a 0.25% expense ratio, compared with 0.95% for UCO.

RWR has the higher dividend yield at 3.39%, compared with 0.00% for UCO.

RWR is categorized as REIT, while UCO is Leveraged Commodities. RWR tracks Dow Jones U.S. Select REIT Index, while UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.25% for RWR and 0.95% for UCO.

UCO currently has the higher Sharpe Ratio (2.03 vs 1.26), 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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