UCO vs. COPZ

Last updated Jun 3, 2026

UCO (ProShares Ultra Bloomberg Crude Oil) and COPZ (Defiance Daily Target 2X Long Copper ETF) are both Leveraged Commodities funds. UCO is passively managed, while COPZ is actively managed. At a correlation of -0.54, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

UCO vs. COPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Crude Oil (UCO) and Defiance Daily Target 2X Long Copper ETF (COPZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

UCO

• 1D: 2.52%
• 1M: 0.21%
• YTD: 142.55%
• 6M: 133.13%
• 1Y: 118.05%
• 3Y*: 24.78%
• 5Y*: 21.76%
• 10Y*: -11.55%

COPZ

• 1D: 7.43%
• 1M: 34.29%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

UCO vs. COPZ - Yearly Performance Comparison

	2026 (YTD)
UCO ProShares Ultra Bloomberg Crude Oil	94.20%
COPZ Defiance Daily Target 2X Long Copper ETF	1.71%

Correlation

The correlation between UCO and COPZ is -0.54, 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 (All Time) Calculated using the full available price history since Feb 19, 2026	-0.54

Return for Risk

UCO vs. COPZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UCO

UCO Risk / Return Rank: 56
UCO Sharpe Ratio Rank: 61
UCO Sortino Ratio Rank: 49
UCO Omega Ratio Rank: 50
UCO Calmar Ratio Rank: 74
UCO Martin Ratio Rank: 44

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UCO vs. COPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and Defiance Daily Target 2X Long Copper ETF (COPZ). 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	COPZ	Difference
Sharpe ratio Return per unit of total volatility	2.08	—	—
Sortino ratio Return per unit of downside risk	2.43	—	—
Omega ratio Gain probability vs. loss probability	1.32	—	—
Calmar ratio Return relative to maximum drawdown	3.78	—	—
Martin ratio Return relative to average drawdown	7.17	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	UCO	COPZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.16	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.34	0.06	-0.40

Drawdowns

UCO vs. COPZ - Drawdown Comparison

The maximum UCO drawdown since its inception was -99.95%, which is greater than COPZ's maximum drawdown of -49.79%. Use the drawdown chart below to compare losses from any high point for UCO and COPZ.

Drawdown Indicators

	UCO	COPZ	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-49.79%	-50.16%
Max Drawdown (1Y) Largest decline over 1 year	-34.77%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-50.38%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-67.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-98.75%	—	—
Current Drawdown Current decline from peak	-99.25%	-15.79%	-83.46%
Average Drawdown Average peak-to-trough decline	-85.48%	-28.62%	-56.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.32%	—	—

Volatility

Volatility by Period

	UCO	COPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.10%	—	—
Volatility (6M) Calculated over the trailing 6-month period	46.40%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	57.35%	104.76%	-47.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.77%	104.76%	-44.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.36%	104.76%	-33.40%

UCO vs. COPZ - Expense Ratio Comparison

Both UCO and COPZ have an expense ratio of 0.95%.

Dividends

UCO vs. COPZ - Dividend Comparison

Neither UCO nor COPZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UCO and COPZ in my portfolio?

UCO and COPZ have a correlation of -0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UCO or COPZ?

Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UCO or COPZ?

UCO and COPZ have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, UCO or COPZ?

UCO and COPZ have nearly identical dividend yields, around 0.00%.

What is the main difference between UCO and COPZ?

They also come from different issuers: ProShares and Defiance.