UCO vs. AVSF
UCO (ProShares Ultra Bloomberg Crude Oil) and AVSF (Avantis Short-Term Fixed Income ETF) are both exchange-traded funds - UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%), while AVSF is a Short-Term Bond fund actively managed by Avantis. UCO is passively managed, while AVSF is actively managed. Over the past 5 years, UCO returned 20.42%/yr vs 1.79%/yr for AVSF. At a correlation of -0.12, they often move in opposite directions. UCO charges 0.95%/yr vs 0.15%/yr for AVSF.
Performance
UCO vs. AVSF - Performance Comparison
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Returns By Period
In the year-to-date period, UCO achieves a 131.94% return, which is significantly higher than AVSF's 0.27% return.
UCO
- 1D
- -3.09%
- 1M
- 3.56%
- YTD
- 131.94%
- 6M
- 114.50%
- 1Y
- 106.12%
- 3Y*
- 23.38%
- 5Y*
- 20.42%
- 10Y*
- -12.52%
AVSF
- 1D
- -0.28%
- 1M
- -0.30%
- YTD
- 0.27%
- 6M
- 0.76%
- 1Y
- 3.85%
- 3Y*
- 4.76%
- 5Y*
- 1.79%
- 10Y*
- —
UCO vs. AVSF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 131.94% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 25.03% |
AVSF Avantis Short-Term Fixed Income ETF | 0.27% | 6.57% | 3.81% | 5.25% | -5.52% | -1.17% | 0.53% |
Correlation
The correlation between UCO and AVSF is -0.40, 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 | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2020 | -0.12 |
Over the past year, the inverse relationship between UCO and AVSF has strengthened: their correlation has moved from -0.12 to -0.40, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
UCO vs. AVSF — Risk / Return Rank
UCO
AVSF
UCO vs. AVSF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and Avantis Short-Term Fixed Income ETF (AVSF). 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.
| UCO | AVSF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.38 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.07 | 2.73 | +0.34 |
| Martin ratioReturn relative to average drawdown | 5.80 | 10.30 | -4.50 |
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
| UCO | AVSF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.86 | 2.05 | -0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.34 | 0.68 | -0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.18 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.35 | 0.65 | -1.00 |
Drawdowns
UCO vs. AVSF - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.95%, which is greater than AVSF's maximum drawdown of -8.85%. Use the drawdown chart below to compare losses from any high point for UCO and AVSF.
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Drawdown Indicators
| UCO | AVSF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -8.85% | -91.10% |
Max Drawdown (1Y)Largest decline over 1 year | -34.77% | -1.42% | -33.35% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -1.42% | -48.96% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -8.85% | -58.39% |
Max Drawdown (10Y)Largest decline over 10 years | -98.75% | — | — |
Current DrawdownCurrent decline from peak | -99.28% | -0.71% | -98.57% |
Average DrawdownAverage peak-to-trough decline | -85.49% | -2.20% | -83.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.36% | 0.38% | +17.98% |
Volatility
UCO vs. AVSF - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 17.06% compared to Avantis Short-Term Fixed Income ETF (AVSF) at 0.61%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier than AVSF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCO | AVSF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.06% | 0.61% | +16.45% |
Volatility (6M)Calculated over the trailing 6-month period | 46.72% | 1.38% | +45.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.32% | 1.90% | +55.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.80% | 2.65% | +57.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.35% | 2.53% | +68.82% |
UCO vs. AVSF - Expense Ratio Comparison
UCO has a 0.95% expense ratio, which is higher than AVSF's 0.15% expense ratio.
Dividends
UCO vs. AVSF - Dividend Comparison
UCO has not paid dividends to shareholders, while AVSF's dividend yield for the trailing twelve months is around 4.37%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
AVSF Avantis Short-Term Fixed Income ETF | 4.37% | 4.31% | 4.34% | 3.93% | 1.78% | 0.48% | 0.10% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UCO and AVSF have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (17.06%) compared to AVSF (0.61%). In terms of maximum drawdown, UCO dropped -99.95% vs AVSF's -8.85%.
On 5-year performance, UCO leads with 20.42% vs 1.79% for AVSF. On fees, AVSF is cheaper at 0.15% per year. On volatility, AVSF has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UCO has performed better with a 20.42% return vs 1.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AVSF is cheaper with a 0.15% expense ratio, compared with 0.95% for UCO.
AVSF has the higher dividend yield at 4.37%, compared with 0.00% for UCO.
UCO is categorized as Leveraged Commodities, while AVSF is Short-Term Bond. They also come from different issuers: ProShares and Avantis. Their fees differ too: 0.95% for UCO and 0.15% for AVSF.
AVSF currently has the higher Sharpe Ratio (2.05 vs 1.86), 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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