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SHY vs. UCO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SHY vs. UCO

Last updated Jun 4, 2026

SHY (iShares 1-3 Year Treasury Bond ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - SHY is a Government Bonds fund tracking the ICE US Treasury 1-3 Year 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, SHY returned 1.65%/yr vs -11.31%/yr for UCO. At a correlation of -0.15, they often move in opposite directions. SHY charges 0.15%/yr vs 0.95%/yr for UCO.

Performance

SHY vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 1-3 Year Treasury Bond ETF (SHY) 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, SHY achieves a 0.43% return, which is significantly lower than UCO's 149.12% return. Over the past 10 years, SHY has outperformed UCO with an annualized return of 1.65%, while UCO has yielded a comparatively lower -11.31% annualized return.

SHY

1D
-0.05%
1M
0.08%
YTD
0.43%
6M
0.69%
1Y
3.32%
3Y*
4.03%
5Y*
1.71%
10Y*
1.65%

UCO

1D
2.71%
1M
-4.64%
YTD
149.12%
6M
137.09%
1Y
120.48%
3Y*
25.90%
5Y*
22.16%
10Y*
-11.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SHY vs. UCO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SHY
iShares 1-3 Year Treasury Bond ETF		0.43%4.95%3.92%4.16%-3.88%-0.71%3.03%3.38%1.46%0.26%
UCO
ProShares Ultra Bloomberg Crude Oil		149.12%-29.75%5.36%-13.89%39.71%139.26%-92.91%53.83%-43.26%0.34%

Correlation

The correlation between SHY and UCO is -0.38, 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

-0.38

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

-0.20

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

-0.13

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

-0.14

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

-0.15

Over the past year, the inverse relationship between SHY and UCO has strengthened: their correlation has moved from -0.15 to -0.38, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares 1-3 Year Treasury Bond ETF

ProShares Ultra Bloomberg Crude Oil

Often compared with SHY:
SHY vs. SGOVSHY vs. VGSHSHY vs. SHVSHY vs. TLTSHY vs. IEFSHY vs. BILSHY vs. BSV
Often compared with UCO:
UCO vs. USOUCO vs. SCOUCO vs. OILUUCO vs. BOILUCO vs. ERXUCO vs. LABUUCO vs. OIH

Return for Risk

SHY vs. UCO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SHY
SHY Risk / Return Rank: 7979
Overall Rank
SHY Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
SHY Sortino Ratio Rank: 8888
Sortino Ratio Rank
SHY Omega Ratio Rank: 8282
Omega Ratio Rank
SHY Calmar Ratio Rank: 7373
Calmar Ratio Rank
SHY Martin Ratio Rank: 7777
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: 5050
Omega Ratio Rank
UCO Calmar Ratio Rank: 6969
Calmar Ratio Rank
UCO Martin Ratio Rank: 4141
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.

SHY vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 1-3 Year Treasury Bond ETF (SHY) 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.

SHYUCODifference

Sharpe ratio

Return per unit of total volatility

2.49

2.12

+0.37

Sortino ratio

Return per unit of downside risk

4.10

2.46

+1.64

Omega ratio

Gain probability vs. loss probability

1.51

1.32

+0.19

Calmar ratio

Return relative to maximum drawdown

3.75

3.49

+0.26

Martin ratio

Return relative to average drawdown

15.21

6.60

+8.61

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

SHY vs. UCO - Sharpe Ratio Comparison

The current SHY Sharpe Ratio is 2.49, which is comparable to the UCO Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of SHY 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

SHYUCODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.49

2.12

+0.37

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.87

0.37

+0.50

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.06

-0.16

+1.21

Sharpe Ratio (All Time)

Calculated using the full available price history

1.28

-0.34

+1.62

Drawdowns

SHY vs. UCO - Drawdown Comparison

The maximum SHY drawdown since its inception was -5.71%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for SHY and UCO.

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Drawdown Indicators

SHYUCODifference

Max Drawdown

Largest peak-to-trough decline

-5.71%

-99.95%

+94.24%

Max Drawdown (1Y)

Largest decline over 1 year

-0.89%

-34.77%

+33.88%

Max Drawdown (3Y)

Largest decline over 3 years

-0.97%

-50.38%

+49.41%

Max Drawdown (5Y)

Largest decline over 5 years

-5.71%

-67.24%

+61.53%

Max Drawdown (10Y)

Largest decline over 10 years

-5.71%

-98.75%

+93.04%

Current Drawdown

Current decline from peak

-0.31%

-99.23%

+98.92%

Average Drawdown

Average peak-to-trough decline

-0.52%

-85.49%

+84.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.22%

18.33%

-18.11%

Volatility

SHY vs. UCO - Volatility Comparison

The current volatility for iShares 1-3 Year Treasury Bond ETF (SHY) is 0.35%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.83%. This indicates that SHY 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

SHYUCODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.35%

20.83%

-20.48%

Volatility (6M)

Calculated over the trailing 6-month period

0.92%

46.44%

-45.52%

Volatility (1Y)

Calculated over the trailing 1-year period

1.34%

57.11%

-55.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.98%

59.78%

-57.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.57%

71.36%

-69.79%

SHY vs. UCO - Expense Ratio Comparison

SHY has a 0.15% expense ratio, which is lower than UCO's 0.95% expense ratio.

Dividends

SHY vs. UCO - Dividend Comparison

SHY's dividend yield for the trailing twelve months is around 3.68%, while UCO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
SHY
iShares 1-3 Year Treasury Bond ETF		3.68%3.81%3.92%2.99%1.30%0.26%0.94%2.12%1.72%0.98%0.71%0.54%
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

SHY and UCO have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UCO has higher volatility (20.83%) compared to SHY (0.35%). In terms of maximum drawdown, SHY dropped -5.71% vs UCO's -99.95%.

On 10-year performance, SHY leads with 1.65% vs -11.31% for UCO. On fees, SHY is cheaper at 0.15% per year. On volatility, SHY has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SHY has performed better with a 1.65% return vs -11.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SHY is cheaper with a 0.15% expense ratio, compared with 0.95% for UCO.

SHY has the higher dividend yield at 3.68%, compared with 0.00% for UCO.

SHY is categorized as Government Bonds, while UCO is Leveraged Commodities. SHY tracks ICE US Treasury 1-3 Year Index, while UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.15% for SHY and 0.95% for UCO.

SHY currently has the higher Sharpe Ratio (2.49 vs 2.12), 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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