SHNY vs. UCO

Last updated Apr 3, 2026

Compare and contrast key facts about MicroSectors Gold 3X Leveraged ETN (SHNY) and ProShares Ultra Bloomberg Crude Oil (UCO).

SHNY and UCO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SHNY is managed by BMO. It was launched on Feb 24, 2023. UCO is a passively managed fund by ProShares that tracks the performance of the Dow Jones-UBS Crude Oil Sub-Index (200%). It was launched on Nov 24, 2008.

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.

SHNY vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHNY MicroSectors Gold 3X Leveraged ETN	5.21%	214.54%	50.30%	12.52%
UCO ProShares Ultra Bloomberg Crude Oil	105.28%	-29.75%	5.36%	1.28%

Returns By Period

In the year-to-date period, SHNY achieves a 5.21% return, which is significantly lower than UCO's 105.28% return.

SHNY

• 1D: -5.69%
• 1M: -26.82%
• YTD: 5.21%
• 6M: 32.72%
• 1Y: 109.35%
• 3Y*: 65.18%
• 5Y*: —
• 10Y*: —

UCO

• 1D: 6.61%
• 1M: 38.24%
• YTD: 105.28%
• 6M: 84.55%
• 1Y: 44.53%
• 3Y*: 10.97%
• 5Y*: 22.91%
• 10Y*: -8.57%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SHNY vs. UCO - Expense Ratio Comparison

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

SHNY

MicroSectors Gold 3X Leveraged ETN

UCO

ProShares Ultra Bloomberg Crude Oil

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: 66
SHNY Sharpe Ratio Rank: 71
SHNY Sortino Ratio Rank: 69
SHNY Omega Ratio Rank: 68
SHNY Calmar Ratio Rank: 68
SHNY Martin Ratio Rank: 53

UCO

UCO Risk / Return Rank: 37
UCO Sharpe Ratio Rank: 37
UCO Sortino Ratio Rank: 45
UCO Omega Ratio Rank: 38
UCO Calmar Ratio Rank: 43
UCO Martin Ratio Rank: 24

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	1.33	0.78	+0.55
Sortino ratio Return per unit of downside risk	1.83	1.33	+0.50
Omega ratio Gain probability vs. loss probability	1.27	1.17	+0.10
Calmar ratio Return relative to maximum drawdown	2.04	1.34	+0.70
Martin ratio Return relative to average drawdown	6.05	2.24	+3.81
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 1.33, which is higher than the UCO Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of SHNY and UCO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SHNY	UCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	0.78	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.39	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.12	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	-0.36	+1.63

Correlation

The correlation between SHNY and UCO is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SHNY vs. UCO - Dividend Comparison

Neither SHNY nor UCO has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

SHNY vs. UCO - Drawdown Comparison

The maximum SHNY drawdown since its inception was -54.35%, 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	-54.35%	-99.95%	+45.60%
Max Drawdown (1Y) Largest decline over 1 year	-54.35%	-34.77%	-19.58%
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	-44.65%	-99.36%	+54.71%
Average Drawdown Average peak-to-trough decline	-13.20%	-85.35%	+72.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.31%	20.77%	-2.46%

Volatility

SHNY vs. UCO - Volatility Comparison

MicroSectors Gold 3X Leveraged ETN (SHNY) has a higher volatility of 31.48% compared to ProShares Ultra Bloomberg Crude Oil (UCO) at 26.16%. This indicates that SHNY's price experiences larger fluctuations and is considered to be riskier 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	31.48%	26.16%	+5.32%
Volatility (6M) Calculated over the trailing 6-month period	74.87%	41.15%	+33.72%
Volatility (1Y) Calculated over the trailing 1-year period	82.76%	57.74%	+25.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.36%	59.16%	-0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.36%	71.33%	-12.97%