UCO vs. BNO
UCO (ProShares Ultra Bloomberg Crude Oil) and BNO (United States Brent Oil Fund LP) are both Oil & Gas funds - UCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (200%) while BNO tracks the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, UCO returned 26.28%/yr vs 15.06%/yr for BNO. Their correlation of 0.92 means they have usually moved in the same direction. UCO charges 0.95%/yr vs 1.00%/yr for BNO.
Performance
UCO vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, UCO achieves a 109.21% return, which is significantly higher than BNO's 77.90% return. Over the past 10 years, UCO has outperformed BNO with an annualized return of 26.28%, while BNO has yielded a comparatively lower 15.06% annualized return.
UCO
- 1D
- 1.00%
- 1M
- 24.87%
- 6M
- 67.72%
- YTD
- 109.21%
- 1Y
- 66.00%
- 3Y*
- 9.81%
- 5Y*
- 15.14%
- 10Y*
- 26.28%
- ALL TIME*
- -9.20%
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 | |
| $134.26M | $138.13M | $153.19M |
UCO vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 109.21% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
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 UCO and BNO is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.96 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | 0.92 |
The correlation between UCO and BNO has been stable across timeframes, ranging from 0.92 to 0.98 - a consistent structural relationship.
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Return for Risk
UCO vs. BNO — Risk / Return Rank
UCO
BNO
UCO vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) 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.
| UCO | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.24 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | 1.70 | -0.24 |
| Martin ratioReturn relative to average drawdown | 3.75 | 5.15 | -1.40 |
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Drawdowns
UCO vs. BNO - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.86%, which is greater than BNO's maximum drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for UCO and BNO.
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Drawdown Indicators
| UCO | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.86% | -87.06% | -12.80% |
Max Drawdown (1Y)Largest decline over 1 year | -38.55% | -34.46% | -4.09% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -34.46% | -15.92% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -34.46% | -32.78% |
Max Drawdown (10Y)Largest decline over 10 years | -96.50% | -75.18% | -21.32% |
Current DrawdownCurrent decline from peak | -83.77% | -16.21% | -67.56% |
Average DrawdownAverage peak-to-trough decline | -82.13% | -39.99% | -42.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.30% | 11.86% | +5.44% |
Volatility
UCO vs. BNO - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 22.33% compared to United States Brent Oil Fund LP (BNO) at 17.47%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier 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
| UCO | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.33% | 17.47% | +4.86% |
Volatility (6M)Calculated over the trailing 6-month period | 51.79% | 40.96% | +10.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.01% | 44.54% | +15.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.46% | 36.41% | +24.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 317.65% | 36.98% | +280.67% |
UCO vs. BNO - Expense Ratio Comparison
UCO has a 0.95% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
UCO vs. BNO - Dividend Comparison
Neither UCO nor BNO has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.96, UCO and BNO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
UCO has higher volatility (22.33%) compared to BNO (17.47%). In terms of maximum drawdown, UCO dropped -99.86% vs BNO's -87.06%.
On 10-year performance, UCO leads with 26.28% vs 15.06% for BNO. On fees, UCO is cheaper at 0.95% per year. On volatility, BNO has been the lower-risk option at 17.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UCO has performed better with a 26.28% return vs 15.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCO is cheaper with a 0.95% expense ratio, compared with 1.00% for BNO.
UCO and BNO have nearly identical dividend yields, around 0.00%.
UCO tracks Bloomberg Commodity Balanced WTI Crude Oil 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 UCO and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs 0.94), 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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