UCO vs. DFSD
UCO (ProShares Ultra Bloomberg Crude Oil) and DFSD (Dimensional Short-Duration Fixed Income ETF) are both exchange-traded funds - UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while DFSD is a Short-Term Bond fund actively managed by Dimensional. UCO is passively managed, while DFSD is actively managed. Over the past 3 years, UCO returned 9.81%/yr vs 5.18%/yr for DFSD. Their -0.18 correlation means they have often moved in opposite directions in the past. UCO charges 0.95%/yr vs 0.16%/yr for DFSD.
Performance
UCO vs. DFSD - 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 DFSD's 0.79% 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%
DFSD
- 1D
- -0.06%
- 1M
- -0.23%
- 6M
- 0.35%
- YTD
- 0.79%
- 1Y
- 2.80%
- 3Y*
- 5.18%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.91M | $26.60M | $25.77M | |
| $134.26M | $138.13M | $153.19M |
UCO vs. DFSD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 109.21% | -29.75% | 5.36% | -13.89% | 39.71% | -7.33% |
DFSD Dimensional Short-Duration Fixed Income ETF | 0.79% | 6.59% | 4.60% | 6.09% | -5.87% | -0.05% |
Correlation
The correlation between UCO and DFSD is -0.42, 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. | -0.42 |
Correlation (3Y) Balances recent behavior with more history. | -0.26 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2021 | -0.18 |
Over the past year, the inverse relationship between UCO and DFSD has strengthened: their correlation has moved from -0.18 to -0.42, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
UCO vs. DFSD — Risk / Return Rank
UCO
DFSD
UCO vs. DFSD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and Dimensional Short-Duration Fixed Income ETF (DFSD). 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 | DFSD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.77 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.32 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | 2.27 | -0.81 |
| Martin ratioReturn relative to average drawdown | 3.75 | 8.33 | -4.58 |
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Drawdowns
UCO vs. DFSD - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.86%, which is greater than DFSD's maximum drawdown of -8.45%. Use the drawdown chart below to compare losses from any high point for UCO and DFSD.
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Drawdown Indicators
| UCO | DFSD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.86% | -8.45% | -91.41% |
Max Drawdown (1Y)Largest decline over 1 year | -38.55% | -1.47% | -37.08% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -1.47% | -48.91% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -96.50% | — | — |
Current DrawdownCurrent decline from peak | -83.77% | -0.35% | -83.42% |
Average DrawdownAverage peak-to-trough decline | -82.13% | -2.01% | -80.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.30% | 0.40% | +16.90% |
Volatility
UCO vs. DFSD - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 22.33% compared to Dimensional Short-Duration Fixed Income ETF (DFSD) at 0.52%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier than DFSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCO | DFSD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.33% | 0.52% | +21.81% |
Volatility (6M)Calculated over the trailing 6-month period | 51.79% | 1.59% | +50.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.01% | 1.94% | +58.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.46% | 2.75% | +57.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 317.65% | 2.75% | +314.90% |
UCO vs. DFSD - Expense Ratio Comparison
UCO has a 0.95% expense ratio, which is higher than DFSD's 0.16% expense ratio.
Dividends
UCO vs. DFSD - Dividend Comparison
UCO has not paid dividends to shareholders, while DFSD's dividend yield for the trailing twelve months is around 4.59%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
DFSD Dimensional Short-Duration Fixed Income ETF | 4.59% | 4.12% | 4.81% | 3.89% | 2.12% | 0.11% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UCO and DFSD have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (22.33%) compared to DFSD (0.52%). In terms of maximum drawdown, UCO dropped -99.86% vs DFSD's -8.45%.
On 3-year performance, UCO leads with 9.81% vs 5.18% for DFSD. On fees, DFSD is cheaper at 0.16% per year. On volatility, DFSD has been the lower-risk option at 0.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UCO has performed better with a 9.81% return vs 5.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFSD is cheaper with a 0.16% expense ratio, compared with 0.95% for UCO.
DFSD has the higher dividend yield at 4.59%, compared with 0.00% for UCO.
UCO is categorized as Oil & Gas, while DFSD is Short-Term Bond. They also come from different issuers: ProShares and Dimensional. Their fees differ too: 0.95% for UCO and 0.16% for DFSD.
DFSD currently has the higher Sharpe Ratio (1.71 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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