UCC vs. BNO
UCC (ProShares Ultra Consumer Services) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - UCC is a Leveraged Equities fund tracking the Dow Jones U.S. Consumer Services Index (200%), while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, UCC returned 13.40%/yr vs 15.06%/yr for BNO. Their 0.15 correlation means their historical movements had little consistent relationship. UCC charges 0.95%/yr vs 1.00%/yr for BNO.
Performance
UCC vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, UCC achieves a -10.17% return, which is significantly lower than BNO's 77.90% return. Over the past 10 years, UCC has underperformed BNO with an annualized return of 13.40%, while BNO has yielded a comparatively higher 15.06% annualized return.
UCC
- 1D
- 6.81%
- 1M
- -2.69%
- 6M
- -11.97%
- YTD
- -10.17%
- 1Y
- 6.57%
- 3Y*
- 11.27%
- 5Y*
- -1.13%
- 10Y*
- 13.40%
- ALL TIME*
- 13.11%
BNO
- 1D
- 1.45%
- 1M
- 27.00%
- 6M
- 52.90%
- YTD
- 77.90%
- 1Y
- 62.83%
- 3Y*
- 20.31%
- 5Y*
- 20.89%
- 10Y*
- 15.06%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $269.06K | $187.07K | $175.51K |
UCC vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCC ProShares Ultra Consumer Services | -10.17% | 2.21% | 44.24% | 61.67% | -57.59% | 20.92% | 46.55% | 53.76% | -4.94% | 42.05% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between UCC and BNO is -0.33, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.33 |
Correlation (3Y) Balances recent behavior with more history. | -0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | 0.15 |
The correlation between UCC and BNO shifts across timeframes, from -0.33 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UCC vs. BNO — Risk / Return Rank
UCC
BNO
UCC vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Consumer Services (UCC) and United States Brent Oil Fund LP (BNO). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| UCC | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.28 | ||
| Sortino ratioReturn per unit of downside risk | -1.57 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.24 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | 1.70 | -1.65 |
| Martin ratioReturn relative to average drawdown | 0.12 | 5.15 | -5.03 |
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Drawdowns
UCC vs. BNO - Drawdown Comparison
The maximum UCC drawdown since its inception was -83.05%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for UCC and BNO.
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Drawdown Indicators
| UCC | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.05% | -87.06% | +4.01% |
Max Drawdown (1Y)Largest decline over 1 year | -29.14% | -34.46% | +5.32% |
Max Drawdown (3Y)Largest decline over 3 years | -48.01% | -34.46% | -13.55% |
Max Drawdown (5Y)Largest decline over 5 years | -61.77% | -34.46% | -27.31% |
Max Drawdown (10Y)Largest decline over 10 years | -61.77% | -75.18% | +13.41% |
Current DrawdownCurrent decline from peak | -19.80% | -16.21% | -3.59% |
Average DrawdownAverage peak-to-trough decline | -21.79% | -39.99% | +18.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.30% | 11.86% | +0.44% |
Volatility
UCC vs. BNO - Volatility Comparison
The current volatility for ProShares Ultra Consumer Services (UCC) is 14.65%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that UCC experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCC | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.65% | 17.47% | -2.82% |
Volatility (6M)Calculated over the trailing 6-month period | 30.34% | 40.96% | -10.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.06% | 44.54% | -5.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.23% | 36.41% | +7.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.95% | 36.98% | +3.97% |
UCC vs. BNO - Expense Ratio Comparison
UCC has a 0.95% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
UCC vs. BNO - Dividend Comparison
UCC's dividend yield for the trailing twelve months is around 1.28%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UCC ProShares Ultra Consumer Services | 1.28% | 1.10% | 0.17% | 0.04% | 0.25% | 0.00% | 0.02% | 0.17% | 0.18% | 0.14% | 0.21% | 0.14% |
Frequently Asked Questions
UCC and BNO have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (17.47%) compared to UCC (14.65%). In terms of maximum drawdown, UCC dropped -83.05% vs BNO's -87.06%.
On 10-year performance, BNO leads with 15.06% vs 13.40% for UCC. On fees, UCC is cheaper at 0.95% per year. On volatility, UCC has been the lower-risk option at 14.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNO has performed better with a 15.06% return vs 13.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCC is cheaper with a 0.95% expense ratio, compared with 1.00% for BNO.
UCC has the higher dividend yield at 1.28%, compared with 0.00% for BNO.
UCC is categorized as Leveraged Equities, while BNO is Oil & Gas. UCC tracks Dow Jones U.S. Consumer Services Index (200%), while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.95% for UCC and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs 0.04), 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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