SHNY vs. UCO

Last updated Jun 5, 2026

SHNY (MicroSectors Gold 3X Leveraged ETN) and UCO (ProShares Ultra Bloomberg Crude Oil) are both Leveraged Commodities funds. Over the past 3 years, SHNY returned 60.05%/yr vs 24.38%/yr for UCO. At a 0.09 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

SHNY vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold 3X Leveraged ETN (SHNY) 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, SHNY achieves a -12.24% return, which is significantly lower than UCO's 139.34% return.

SHNY

• 1D: 2.59%
• 1M: -7.28%
• YTD: -12.24%
• 6M: -8.19%
• 1Y: 50.54%
• 3Y*: 60.05%
• 5Y*: —
• 10Y*: —

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)

SHNY vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHNY MicroSectors Gold 3X Leveraged ETN	-12.24%	214.54%	50.30%	12.52%
UCO ProShares Ultra Bloomberg Crude Oil	139.34%	-29.75%	5.36%	1.28%

Correlation

The correlation between SHNY and UCO is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (All Time) Calculated using the full available price history since Feb 23, 2023	0.09

The correlation between SHNY and UCO shifts across timeframes, from -0.06 (1 year) to 0.10 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

SHNY vs. UCO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SHNY

SHNY Risk / Return Rank: 23
SHNY Sharpe Ratio Rank: 20
SHNY Sortino Ratio Rank: 24
SHNY Omega Ratio Rank: 28
SHNY Calmar Ratio Rank: 22
SHNY Martin Ratio Rank: 19

UCO

UCO Risk / Return Rank: 54
UCO Sharpe Ratio Rank: 62
UCO Sortino Ratio Rank: 50
UCO Omega Ratio Rank: 51
UCO Calmar Ratio Rank: 68
UCO Martin Ratio Rank: 40

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.

SHNY vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold 3X Leveraged ETN (SHNY) 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.

	SHNY	UCO	Difference
Sharpe ratio: Return per unit of total volatility	0.64	2.03	-1.39
Sortino ratio: Return per unit of downside risk	1.25	2.39	-1.14
Omega ratio: Gain probability vs. loss probability	1.19	1.31	-0.12
Calmar ratio: Return relative to maximum drawdown	0.92	3.34	-2.42
Martin ratio: Return relative to average drawdown	1.96	6.32	-4.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHNY vs. UCO - Sharpe Ratio Comparison

The current SHNY Sharpe Ratio is 0.64, which is lower than the UCO Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of SHNY 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.

Sharpe Ratios by Period

	SHNY	UCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	2.03	-1.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.36	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.17	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.03	-0.34	+1.38

Drawdowns

SHNY vs. UCO - Drawdown Comparison

The maximum SHNY drawdown since its inception was -54.99%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for SHNY and UCO.

Drawdown Indicators

	SHNY	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-54.99%	-99.95%	+44.96%
Max Drawdown (1Y) Largest decline over 1 year	-54.99%	-34.77%	-20.22%
Max Drawdown (3Y) Largest decline over 3 years	-54.99%	-50.38%	-4.61%
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	-53.82%	-99.26%	+45.44%
Average Drawdown Average peak-to-trough decline	-14.99%	-85.49%	+70.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.89%	18.34%	+7.55%

Volatility

SHNY vs. UCO - Volatility Comparison

The current volatility for MicroSectors Gold 3X Leveraged ETN (SHNY) is 16.42%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.99%. This indicates that SHNY 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.

Volatility by Period

	SHNY	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.42%	20.99%	-4.57%
Volatility (6M) Calculated over the trailing 6-month period	70.90%	46.57%	+24.33%
Volatility (1Y) Calculated over the trailing 1-year period	78.78%	57.26%	+21.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.33%	59.81%	-1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.33%	71.35%	-13.02%

SHNY vs. UCO - Expense Ratio Comparison

Both SHNY and UCO have an expense ratio of 0.95%.

Dividends

SHNY vs. UCO - Dividend Comparison

Neither SHNY nor UCO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SHNY and UCO in my portfolio?

SHNY and UCO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHNY or UCO?

UCO has higher volatility (20.99%) compared to SHNY (16.42%). In terms of maximum drawdown, SHNY dropped -54.99% vs UCO's -99.95%.

Which ETF is better, SHNY or UCO?

On 3-year performance, SHNY leads with 60.05% vs 24.38% for UCO. Both ETFs have the same 0.95% expense ratio. On volatility, SHNY has been the lower-risk option at 16.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHNY or UCO?

Over the 3-year period, SHNY has performed better with a 60.05% return vs 24.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHNY or UCO?

SHNY and UCO have the same expense ratio: 0.95% per year.

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

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

What is the main difference between SHNY and UCO?

They also come from different issuers: BMO and ProShares.

Which has better risk-adjusted returns?

UCO currently has the higher Sharpe Ratio (2.03 vs 0.64), 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.