SMLV vs. UCO

Last updated Jun 5, 2026

SMLV (SPDR SSGA US Small Cap Low Volatility Index ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - SMLV is a Volatility Hedged Equity fund tracking the SSGA US Small Cap Low Volatility 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, SMLV returned 10.15%/yr vs -11.98%/yr for UCO. At a 0.18 correlation, their price movements are largely independent. SMLV charges 0.12%/yr vs 0.95%/yr for UCO.

Performance

SMLV vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) 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, SMLV achieves a 14.58% return, which is significantly lower than UCO's 139.34% return. Over the past 10 years, SMLV has outperformed UCO with an annualized return of 10.15%, while UCO has yielded a comparatively lower -11.98% annualized return.

SMLV

• 1D: 1.51%
• 1M: 1.85%
• YTD: 14.58%
• 6M: 14.63%
• 1Y: 24.52%
• 3Y*: 16.97%
• 5Y*: 8.07%
• 10Y*: 10.15%

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)

SMLV vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	14.58%	5.66%	16.77%	7.52%	-7.69%	27.67%	-1.55%	24.10%	-6.62%	5.68%
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 SMLV and UCO is -0.28, 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	-0.28
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Feb 22, 2013	0.18

The correlation between SMLV and UCO shifts across timeframes, from -0.28 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMLV vs. UCO — Risk / Return Rank

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

SMLV

SMLV Risk / Return Rank: 52
SMLV Sharpe Ratio Rank: 46
SMLV Sortino Ratio Rank: 46
SMLV Omega Ratio Rank: 46
SMLV Calmar Ratio Rank: 68
SMLV Martin Ratio Rank: 54

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.

SMLV vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) 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.

	SMLV	UCO	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.03	-0.47
Sortino ratio: Return per unit of downside risk	2.26	2.39	-0.14
Omega ratio: Gain probability vs. loss probability	1.29	1.31	-0.03
Calmar ratio: Return relative to maximum drawdown	3.35	3.34	+0.01
Martin ratio: Return relative to average drawdown	9.18	6.32	+2.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMLV vs. UCO - Sharpe Ratio Comparison

The current SMLV Sharpe Ratio is 1.57, which is comparable to the UCO Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of SMLV 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

	SMLV	UCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	2.03	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.36	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	-0.17	+0.65
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	-0.34	+0.89

Drawdowns

SMLV vs. UCO - Drawdown Comparison

The maximum SMLV drawdown since its inception was -42.45%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for SMLV and UCO.

Drawdown Indicators

	SMLV	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-42.45%	-99.95%	+57.50%
Max Drawdown (1Y) Largest decline over 1 year	-7.34%	-34.77%	+27.43%
Max Drawdown (3Y) Largest decline over 3 years	-20.40%	-50.38%	+29.98%
Max Drawdown (5Y) Largest decline over 5 years	-20.40%	-67.24%	+46.84%
Max Drawdown (10Y) Largest decline over 10 years	-42.45%	-98.75%	+56.30%
Current Drawdown Current decline from peak	0.00%	-99.26%	+99.26%
Average Drawdown Average peak-to-trough decline	-5.46%	-85.49%	+80.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	18.34%	-15.66%

Volatility

SMLV vs. UCO - Volatility Comparison

The current volatility for SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) is 4.12%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.99%. This indicates that SMLV 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

	SMLV	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	20.99%	-16.87%
Volatility (6M) Calculated over the trailing 6-month period	9.98%	46.57%	-36.59%
Volatility (1Y) Calculated over the trailing 1-year period	15.75%	57.26%	-41.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.29%	59.81%	-41.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.95%	71.35%	-50.40%

SMLV vs. UCO - Expense Ratio Comparison

SMLV has a 0.12% expense ratio, which is lower than UCO's 0.95% expense ratio.

Dividends

SMLV vs. UCO - Dividend Comparison

SMLV's dividend yield for the trailing twelve months is around 2.31%, while UCO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	2.31%	2.74%	2.68%	2.68%	2.40%	2.12%	2.47%	2.62%	3.15%	7.92%	3.04%	2.63%
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

Can I hold both SMLV and UCO in my portfolio?

SMLV and UCO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMLV or UCO?

UCO has higher volatility (20.99%) compared to SMLV (4.12%). In terms of maximum drawdown, SMLV dropped -42.45% vs UCO's -99.95%.

Which ETF is better, SMLV or UCO?

On 10-year performance, SMLV leads with 10.15% vs -11.98% for UCO. On fees, SMLV is cheaper at 0.12% per year. On volatility, SMLV has been the lower-risk option at 4.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMLV or UCO?

Over the 10-year period, SMLV has performed better with a 10.15% return vs -11.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMLV or UCO?

SMLV is cheaper with a 0.12% expense ratio, compared with 0.95% for UCO.

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

SMLV has the higher dividend yield at 2.31%, compared with 0.00% for UCO.

What is the main difference between SMLV and UCO?

SMLV is categorized as Volatility Hedged Equity, while UCO is Leveraged Commodities. SMLV tracks SSGA US Small Cap Low Volatility 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: 0.12% for SMLV and 0.95% for UCO.

Which has better risk-adjusted returns?

UCO currently has the higher Sharpe Ratio (2.03 vs 1.57), 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.