TUA vs. UCO
TUA (Simplify Short Term Treasury Futures Strategy ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - TUA is a Intermediate Core Bond fund actively managed by Simplify, while UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%). TUA is actively managed, while UCO is passively managed. Over the past 3 years, TUA returned -0.77%/yr vs 24.38%/yr for UCO. At a correlation of -0.19, they often move in opposite directions. TUA charges 0.16%/yr vs 0.95%/yr for UCO.
Performance
TUA vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, TUA achieves a -4.96% return, which is significantly lower than UCO's 139.34% return.
TUA
- 1D
- 0.44%
- 1M
- -0.67%
- YTD
- -4.96%
- 6M
- -4.51%
- 1Y
- -2.21%
- 3Y*
- -0.77%
- 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%
TUA vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TUA Simplify Short Term Treasury Futures Strategy ETF | -4.96% | 7.27% | -3.59% | -2.04% | -0.81% |
UCO ProShares Ultra Bloomberg Crude Oil | 139.34% | -29.75% | 5.36% | -13.89% | -7.56% |
Correlation
The correlation between TUA and UCO is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.21 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2022 | -0.19 |
The correlation between TUA and UCO shifts across timeframes, from -0.36 (1 year) to -0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TUA vs. UCO — Risk / Return Rank
TUA
UCO
TUA vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Short Term Treasury Futures Strategy ETF (TUA) 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.
| TUA | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.36 | ||
| Sortino ratioReturn per unit of downside risk | -2.82 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.31 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.33 | 3.34 | -3.68 |
| Martin ratioReturn relative to average drawdown | -0.87 | 6.32 | -7.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TUA | UCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.33 | 2.03 | -2.36 |
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 | -0.12 | -0.34 | +0.22 |
Drawdowns
TUA vs. UCO - Drawdown Comparison
The maximum TUA drawdown since its inception was -15.85%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for TUA and UCO.
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Drawdown Indicators
| TUA | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.85% | -99.95% | +84.10% |
Max Drawdown (1Y)Largest decline over 1 year | -6.68% | -34.77% | +28.09% |
Max Drawdown (3Y)Largest decline over 3 years | -9.14% | -50.38% | +41.24% |
Max Drawdown (5Y)Largest decline over 5 years | — | -67.24% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -98.75% | — |
Current DrawdownCurrent decline from peak | -9.65% | -99.26% | +89.61% |
Average DrawdownAverage peak-to-trough decline | -8.37% | -85.49% | +77.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 18.34% | -15.78% |
Volatility
TUA vs. UCO - Volatility Comparison
The current volatility for Simplify Short Term Treasury Futures Strategy ETF (TUA) is 2.00%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.99%. This indicates that TUA 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
| TUA | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.00% | 20.99% | -18.99% |
Volatility (6M)Calculated over the trailing 6-month period | 4.85% | 46.57% | -41.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.86% | 57.26% | -50.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.76% | 59.81% | -49.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.76% | 71.35% | -60.59% |
TUA vs. UCO - Expense Ratio Comparison
TUA has a 0.16% expense ratio, which is lower than UCO's 0.95% expense ratio.
Dividends
TUA vs. UCO - Dividend Comparison
TUA's dividend yield for the trailing twelve months is around 3.54%, while UCO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
TUA Simplify Short Term Treasury Futures Strategy ETF | 3.54% | 3.84% | 5.19% | 4.83% | 0.15% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TUA and UCO have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (20.99%) compared to TUA (2.00%). In terms of maximum drawdown, TUA dropped -15.85% vs UCO's -99.95%.
On 3-year performance, UCO leads with 24.38% vs -0.77% for TUA. On fees, TUA is cheaper at 0.16% per year. On volatility, TUA has been the lower-risk option at 2.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UCO has performed better with a 24.38% return vs -0.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TUA is cheaper with a 0.16% expense ratio, compared with 0.95% for UCO.
TUA has the higher dividend yield at 3.54%, compared with 0.00% for UCO.
TUA is categorized as Intermediate Core Bond, while UCO is Leveraged Commodities. They also come from different issuers: Simplify and ProShares. Their fees differ too: 0.16% for TUA and 0.95% for UCO.
UCO currently has the higher Sharpe Ratio (2.03 vs -0.33), 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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