UAE vs. UCO
UAE (iShares MSCI UAE ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - UAE is a Emerging Markets Equities fund tracking the MSCI All UAE Capped 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, UAE returned 5.49%/yr vs -11.98%/yr for UCO. At a 0.18 correlation, their price movements are largely independent. UAE charges 0.59%/yr vs 0.95%/yr for UCO.
Performance
UAE vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, UAE achieves a -1.41% return, which is significantly lower than UCO's 139.34% return. Over the past 10 years, UAE has outperformed UCO with an annualized return of 5.49%, while UCO has yielded a comparatively lower -11.98% annualized return.
UAE
- 1D
- 1.45%
- 1M
- -1.62%
- YTD
- -1.41%
- 6M
- -0.08%
- 1Y
- 5.92%
- 3Y*
- 12.95%
- 5Y*
- 9.14%
- 10Y*
- 5.49%
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%
UAE vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UAE iShares MSCI UAE ETF | -1.41% | 21.35% | 15.25% | 2.91% | -5.36% | 44.16% | -7.23% | 1.59% | -14.42% | 4.99% |
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 UAE and UCO is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since May 2, 2014 | 0.18 |
The correlation between UAE and UCO shifts across timeframes, from -0.31 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UAE vs. UCO — Risk / Return Rank
UAE
UCO
UAE vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI UAE ETF (UAE) 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.
| UAE | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.86 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.31 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.28 | 3.34 | -3.07 |
| Martin ratioReturn relative to average drawdown | 0.70 | 6.32 | -5.62 |
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
| UAE | UCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.27 | 2.03 | -1.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.49 | 0.36 | +0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | -0.17 | +0.45 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.07 | -0.34 | +0.41 |
Drawdowns
UAE vs. UCO - Drawdown Comparison
The maximum UAE drawdown since its inception was -60.49%, smaller than the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for UAE and UCO.
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Drawdown Indicators
| UAE | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.49% | -99.95% | +39.46% |
Max Drawdown (1Y)Largest decline over 1 year | -21.50% | -34.77% | +13.27% |
Max Drawdown (3Y)Largest decline over 3 years | -21.50% | -50.38% | +28.88% |
Max Drawdown (5Y)Largest decline over 5 years | -27.47% | -67.24% | +39.77% |
Max Drawdown (10Y)Largest decline over 10 years | -49.71% | -98.75% | +49.04% |
Current DrawdownCurrent decline from peak | -15.20% | -99.26% | +84.06% |
Average DrawdownAverage peak-to-trough decline | -23.91% | -85.49% | +61.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.42% | 18.34% | -9.92% |
Volatility
UAE vs. UCO - Volatility Comparison
The current volatility for iShares MSCI UAE ETF (UAE) is 6.59%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.99%. This indicates that UAE 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
| UAE | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.59% | 20.99% | -14.40% |
Volatility (6M)Calculated over the trailing 6-month period | 19.10% | 46.57% | -27.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.03% | 57.26% | -35.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.78% | 59.81% | -41.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.54% | 71.35% | -51.81% |
UAE vs. UCO - Expense Ratio Comparison
UAE has a 0.59% expense ratio, which is lower than UCO's 0.95% expense ratio.
Dividends
UAE vs. UCO - Dividend Comparison
UAE's dividend yield for the trailing twelve months is around 4.16%, while UCO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UAE iShares MSCI UAE ETF | 4.16% | 4.10% | 3.32% | 3.25% | 2.67% | 4.88% | 4.75% | 3.54% | 5.56% | 3.38% | 4.74% | 3.77% |
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
UAE and UCO have a correlation of -0.31, 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 UAE (6.59%). In terms of maximum drawdown, UAE dropped -60.49% vs UCO's -99.95%.
On 10-year performance, UAE leads with 5.49% vs -11.98% for UCO. On fees, UAE is cheaper at 0.59% per year. On volatility, UAE has been the lower-risk option at 6.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UAE has performed better with a 5.49% return vs -11.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UAE is cheaper with a 0.59% expense ratio, compared with 0.95% for UCO.
UAE has the higher dividend yield at 4.16%, compared with 0.00% for UCO.
UAE is categorized as Emerging Markets Equities, while UCO is Leveraged Commodities. UAE tracks MSCI All UAE Capped 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: 0.59% for UAE and 0.95% for UCO.
UCO currently has the higher Sharpe Ratio (2.03 vs 0.27), 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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