UCO vs. ERX
UCO (ProShares Ultra Bloomberg Crude Oil) and ERX (Direxion Daily Energy Bull 2X Shares) are both exchange-traded funds - UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while ERX is a Leveraged Equities fund tracking the Energy Select Sector Index (300%). Both are passively managed. Over the past 10 years, UCO returned 19.46%/yr vs -10.18%/yr for ERX. A 0.64 correlation means they provide meaningful diversification when combined. UCO charges 0.95%/yr vs 1.09%/yr for ERX.
Performance
UCO vs. ERX - Performance Comparison
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Returns By Period
In the year-to-date period, UCO achieves a 81.88% return, which is significantly higher than ERX's 44.06% return. Over the past 10 years, UCO has outperformed ERX with an annualized return of 19.46%, while ERX has yielded a comparatively lower -10.18% annualized return.
UCO
- 1D
- -1.26%
- 1M
- -25.61%
- YTD
- 81.88%
- 6M
- 76.32%
- 1Y
- 42.04%
- 3Y*
- 15.38%
- 5Y*
- 12.42%
- 10Y*
- 19.46%
ERX
- 1D
- 1.09%
- 1M
- -16.23%
- YTD
- 44.06%
- 6M
- 45.10%
- 1Y
- 53.56%
- 3Y*
- 19.85%
- 5Y*
- 25.26%
- 10Y*
- -10.18%
UCO vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 81.88% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
ERX Direxion Daily Energy Bull 2X Shares | 44.06% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
Correlation
The correlation between UCO and ERX is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.64 |
The correlation between UCO and ERX has been stable across timeframes, ranging from 0.61 to 0.65 - a consistent structural relationship.
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Return for Risk
UCO vs. ERX — Risk / Return Rank
UCO
ERX
UCO vs. ERX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and Direxion Daily Energy Bull 2X Shares (ERX). 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 | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.22 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.30 | 1.89 | -0.58 |
| Martin ratioReturn relative to average drawdown | 2.61 | 5.50 | -2.89 |
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Drawdowns
UCO vs. ERX - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.86%, roughly equal to the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for UCO and ERX.
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Drawdown Indicators
| UCO | ERX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.86% | -99.54% | -0.32% |
Max Drawdown (1Y)Largest decline over 1 year | -32.37% | -28.49% | -3.88% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -42.34% | -8.04% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -46.90% | -20.34% |
Max Drawdown (10Y)Largest decline over 10 years | -96.50% | -98.59% | +2.09% |
Current DrawdownCurrent decline from peak | -85.89% | -92.73% | +6.84% |
Average DrawdownAverage peak-to-trough decline | -82.11% | -67.09% | -15.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.23% | 9.77% | +6.46% |
Volatility
UCO vs. ERX - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 16.11% compared to Direxion Daily Energy Bull 2X Shares (ERX) at 14.48%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier than ERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCO | ERX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.11% | 14.48% | +1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 48.06% | 34.00% | +14.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.57% | 41.99% | +15.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.09% | 51.92% | +8.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 317.77% | 69.08% | +248.69% |
UCO vs. ERX - Expense Ratio Comparison
UCO has a 0.95% expense ratio, which is lower than ERX's 1.09% expense ratio.
Dividends
UCO vs. ERX - Dividend Comparison
UCO has not paid dividends to shareholders, while ERX's dividend yield for the trailing twelve months is around 1.86%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.86% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UCO and ERX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (16.11%) compared to ERX (14.48%). In terms of maximum drawdown, UCO dropped -99.86% vs ERX's -99.54%.
On 10-year performance, UCO leads with 19.46% vs -10.18% for ERX. On fees, UCO is cheaper at 0.95% per year. On volatility, ERX has been the lower-risk option at 14.48%. 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 19.46% return vs -10.18%. 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 1.09% for ERX.
ERX has the higher dividend yield at 1.86%, compared with 0.00% for UCO.
UCO is categorized as Oil & Gas, while ERX is Leveraged Equities. UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while ERX tracks Energy Select Sector Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UCO and 1.09% for ERX.
ERX currently has the higher Sharpe Ratio (1.29 vs 0.75), 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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