SUB vs. UCO

Last updated Jun 3, 2026

SUB (iShares Short-Term National Muni Bond ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - SUB is a Municipal Bonds fund tracking the ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross, 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, SUB returned 1.49%/yr vs -11.55%/yr for UCO. At a correlation of -0.04, they often move in opposite directions. SUB charges 0.07%/yr vs 0.95%/yr for UCO.

Performance

SUB vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Short-Term National Muni Bond ETF (SUB) 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, SUB achieves a 0.78% return, which is significantly lower than UCO's 142.55% return. Over the past 10 years, SUB has outperformed UCO with an annualized return of 1.49%, while UCO has yielded a comparatively lower -11.55% annualized return.

SUB

• 1D: 0.07%
• 1M: 0.29%
• YTD: 0.78%
• 6M: 1.19%
• 1Y: 3.21%
• 3Y*: 3.19%
• 5Y*: 1.46%
• 10Y*: 1.49%

UCO

• 1D: 2.52%
• 1M: 0.21%
• YTD: 142.55%
• 6M: 133.13%
• 1Y: 118.05%
• 3Y*: 24.78%
• 5Y*: 21.76%
• 10Y*: -11.55%

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

SUB vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SUB iShares Short-Term National Muni Bond ETF	0.78%	3.64%	2.17%	2.91%	-2.05%	0.03%	2.51%	2.93%	1.85%	0.75%
UCO ProShares Ultra Bloomberg Crude Oil	142.55%	-29.75%	5.36%	-13.89%	39.71%	139.26%	-92.91%	53.83%	-43.26%	0.34%

Correlation

The correlation between SUB and UCO is -0.27, 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	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.14
Correlation (5Y) Calculated over the trailing 5-year period	-0.06
Correlation (10Y) Calculated over the trailing 10-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008	-0.04

Over the past year, the inverse relationship between SUB and UCO has strengthened: their correlation has moved from -0.04 to -0.27, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

SUB vs. UCO — Risk / Return Rank

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

SUB

SUB Risk / Return Rank: 84
SUB Sharpe Ratio Rank: 91
SUB Sortino Ratio Rank: 93
SUB Omega Ratio Rank: 95
SUB Calmar Ratio Rank: 77
SUB Martin Ratio Rank: 62

UCO

UCO Risk / Return Rank: 56
UCO Sharpe Ratio Rank: 61
UCO Sortino Ratio Rank: 49
UCO Omega Ratio Rank: 50
UCO Calmar Ratio Rank: 74
UCO Martin Ratio Rank: 44

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.

SUB vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Short-Term National Muni Bond ETF (SUB) 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.

	SUB	UCO	Difference
Sharpe ratio Return per unit of total volatility	3.23	2.08	+1.15
Sortino ratio Return per unit of downside risk	4.68	2.43	+2.25
Omega ratio Gain probability vs. loss probability	1.72	1.32	+0.40
Calmar ratio Return relative to maximum drawdown	3.96	3.78	+0.18
Martin ratio Return relative to average drawdown	11.24	7.17	+4.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SUB vs. UCO - Sharpe Ratio Comparison

The current SUB Sharpe Ratio is 3.23, which is higher than the UCO Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of SUB 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

	SUB	UCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.23	2.08	+1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	0.37	+0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	-0.16	+0.74
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	-0.34	+0.77

Drawdowns

SUB vs. UCO - Drawdown Comparison

The maximum SUB drawdown since its inception was -9.46%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for SUB and UCO.

Drawdown Indicators

	SUB	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-9.46%	-99.95%	+90.49%
Max Drawdown (1Y) Largest decline over 1 year	-0.81%	-34.77%	+33.96%
Max Drawdown (3Y) Largest decline over 3 years	-1.23%	-50.38%	+49.15%
Max Drawdown (5Y) Largest decline over 5 years	-4.35%	-67.24%	+62.89%
Max Drawdown (10Y) Largest decline over 10 years	-9.46%	-98.75%	+89.29%
Current Drawdown Current decline from peak	-0.12%	-99.25%	+99.13%
Average Drawdown Average peak-to-trough decline	-0.92%	-85.48%	+84.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	18.32%	-18.04%

Volatility

SUB vs. UCO - Volatility Comparison

The current volatility for iShares Short-Term National Muni Bond ETF (SUB) is 0.28%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 22.10%. This indicates that SUB 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

	SUB	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	22.10%	-21.82%
Volatility (6M) Calculated over the trailing 6-month period	0.79%	46.40%	-45.61%
Volatility (1Y) Calculated over the trailing 1-year period	1.00%	57.35%	-56.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.64%	59.77%	-58.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.60%	71.36%	-68.76%

SUB vs. UCO - Expense Ratio Comparison

SUB has a 0.07% expense ratio, which is lower than UCO's 0.95% expense ratio.

Dividends

SUB vs. UCO - Dividend Comparison

SUB's dividend yield for the trailing twelve months is around 2.53%, while UCO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SUB iShares Short-Term National Muni Bond ETF	2.53%	2.42%	2.10%	1.73%	0.86%	0.72%	1.23%	1.58%	1.32%	0.95%	0.75%	0.77%
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 SUB and UCO in my portfolio?

SUB and UCO have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SUB or UCO?

UCO has higher volatility (22.10%) compared to SUB (0.28%). In terms of maximum drawdown, SUB dropped -9.46% vs UCO's -99.95%.

Which ETF is better, SUB or UCO?

On 10-year performance, SUB leads with 1.49% vs -11.55% for UCO. On fees, SUB is cheaper at 0.07% per year. On volatility, SUB has been the lower-risk option at 0.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SUB or UCO?

Over the 10-year period, SUB has performed better with a 1.49% return vs -11.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SUB or UCO?

SUB is cheaper with a 0.07% expense ratio, compared with 0.95% for UCO.

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

SUB has the higher dividend yield at 2.53%, compared with 0.00% for UCO.

What is the main difference between SUB and UCO?

SUB is categorized as Municipal Bonds, while UCO is Leveraged Commodities. SUB tracks ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross, while UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.07% for SUB and 0.95% for UCO.

Which has better risk-adjusted returns?

SUB currently has the higher Sharpe Ratio (3.23 vs 2.08), 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.