UCO vs. DGP
UCO (ProShares Ultra Bloomberg Crude Oil) and DGP (DB Gold Double Long Exchange Traded Notes) are both Leveraged Commodities funds - UCO tracks the Dow Jones-UBS Crude Oil Sub-Index (200%) while DGP tracks the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). Both are passively managed. Over the past 10 years, UCO returned -11.55%/yr vs 20.66%/yr for DGP. At a 0.15 correlation, their price movements are largely independent. UCO charges 0.95%/yr vs 0.75%/yr for DGP.
Performance
UCO vs. DGP - Performance Comparison
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Returns By Period
In the year-to-date period, UCO achieves a 142.55% return, which is significantly higher than DGP's 2.76% return. Over the past 10 years, UCO has underperformed DGP with an annualized return of -11.55%, while DGP has yielded a comparatively higher 20.66% annualized return.
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%
DGP
- 1D
- 0.16%
- 1M
- -5.70%
- YTD
- 2.76%
- 6M
- 6.83%
- 1Y
- 58.15%
- 3Y*
- 58.75%
- 5Y*
- 31.51%
- 10Y*
- 20.66%
UCO vs. DGP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 142.55% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | -92.91% | 53.83% | -43.26% | 0.34% |
DGP DB Gold Double Long Exchange Traded Notes | 2.76% | 141.40% | 53.16% | 16.97% | -5.54% | -11.29% | 45.29% | 32.27% | -7.48% | 24.20% |
Correlation
The correlation between UCO and DGP is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | 0.15 |
The correlation between UCO and DGP shifts across timeframes, from -0.04 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UCO vs. DGP — Risk / Return Rank
UCO
DGP
UCO vs. DGP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and DB Gold Double Long Exchange Traded Notes (DGP). 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 | DGP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.08 | 1.11 | +0.97 |
Sortino ratioReturn per unit of downside risk | 2.43 | 1.61 | +0.82 |
Omega ratioGain probability vs. loss probability | 1.32 | 1.23 | +0.09 |
Calmar ratioReturn relative to maximum drawdown | 3.78 | 1.81 | +1.97 |
Martin ratioReturn relative to average drawdown | 7.17 | 4.69 | +2.48 |
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 | DGP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.08 | 1.11 | +0.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 0.82 | -0.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.16 | 0.59 | -0.75 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.34 | 0.28 | -0.63 |
Drawdowns
UCO vs. DGP - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.95%, which is greater than DGP's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for UCO and DGP.
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Drawdown Indicators
| UCO | DGP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -75.31% | -24.64% |
Max Drawdown (1Y)Largest decline over 1 year | -34.77% | -36.58% | +1.81% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -36.58% | -13.80% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -51.24% | -16.00% |
Max Drawdown (10Y)Largest decline over 10 years | -98.75% | -51.24% | -47.51% |
Current DrawdownCurrent decline from peak | -99.25% | -31.62% | -67.63% |
Average DrawdownAverage peak-to-trough decline | -85.48% | -41.10% | -44.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.32% | 14.09% | +4.23% |
Volatility
UCO vs. DGP - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 22.10% compared to DB Gold Double Long Exchange Traded Notes (DGP) at 11.05%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier than DGP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCO | DGP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.10% | 11.05% | +11.05% |
Volatility (6M)Calculated over the trailing 6-month period | 46.40% | 46.32% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.35% | 52.65% | +4.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.77% | 38.80% | +20.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.36% | 35.04% | +36.32% |
UCO vs. DGP - Expense Ratio Comparison
UCO has a 0.95% expense ratio, which is higher than DGP's 0.75% expense ratio.
Dividends
UCO vs. DGP - Dividend Comparison
Neither UCO nor DGP has paid dividends to shareholders.
Frequently Asked Questions
UCO and DGP have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (22.10%) compared to DGP (11.05%). In terms of maximum drawdown, UCO dropped -99.95% vs DGP's -75.31%.
On 10-year performance, DGP leads with 20.66% vs -11.55% for UCO. On fees, DGP is cheaper at 0.75% per year. On volatility, DGP has been the lower-risk option at 11.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DGP has performed better with a 20.66% return vs -11.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGP is cheaper with a 0.75% expense ratio, compared with 0.95% for UCO.
UCO and DGP have nearly identical dividend yields, around 0.00%.
UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%), while DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). They also come from different issuers: ProShares and Deutsche Bank. Their fees differ too: 0.95% for UCO and 0.75% for DGP.
UCO currently has the higher Sharpe Ratio (2.08 vs 1.11), 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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