UCO vs. GLDW

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Ultra Bloomberg Crude Oil (UCO) and Roundhill Gold WeeklyPay ETF (GLDW).

UCO and GLDW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UCO is a passively managed fund by ProShares that tracks the performance of the Dow Jones-UBS Crude Oil Sub-Index (200%). It was launched on Nov 24, 2008. GLDW is an actively managed fund by State Street. It was launched on Oct 30, 2025.

Performance

UCO vs. GLDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Crude Oil (UCO) and Roundhill Gold WeeklyPay ETF (GLDW). The values are adjusted to include any dividend payments, if applicable.

UCO vs. GLDW - Yearly Performance Comparison

	2026 (YTD)	2025
UCO ProShares Ultra Bloomberg Crude Oil	92.55%	-8.70%
GLDW Roundhill Gold WeeklyPay ETF	10.77%	7.63%

Returns By Period

In the year-to-date period, UCO achieves a 92.55% return, which is significantly higher than GLDW's 10.77% return.

UCO

• 1D: -5.34%
• 1M: 34.20%
• YTD: 92.55%
• 6M: 67.42%
• 1Y: 37.47%
• 3Y*: 12.01%
• 5Y*: 21.35%
• 10Y*: -9.67%

GLDW

• 1D: 1.98%
• 1M: -13.44%
• YTD: 10.77%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UCO vs. GLDW - Expense Ratio Comparison

UCO has a 0.95% expense ratio, which is lower than GLDW's 0.99% expense ratio.

GLDW

Roundhill Gold WeeklyPay ETF

UCO

ProShares Ultra Bloomberg Crude Oil

Return for Risk

UCO vs. GLDW — Risk / Return Rank

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

UCO

UCO Risk / Return Rank: 35
UCO Sharpe Ratio Rank: 33
UCO Sortino Ratio Rank: 40
UCO Omega Ratio Rank: 36
UCO Calmar Ratio Rank: 40
UCO Martin Ratio Rank: 24

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. GLDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and Roundhill Gold WeeklyPay ETF (GLDW). 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	GLDW	Difference
Sharpe ratio Return per unit of total volatility	0.66	—	—
Sortino ratio Return per unit of downside risk	1.20	—	—
Omega ratio Gain probability vs. loss probability	1.15	—	—
Calmar ratio Return relative to maximum drawdown	1.08	—	—
Martin ratio Return relative to average drawdown	1.80	—	—
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	GLDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.66	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.36	1.30	-1.66

Correlation

The correlation between UCO and GLDW is 0.17, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

UCO vs. GLDW - Dividend Comparison

UCO has not paid dividends to shareholders, while GLDW's dividend yield for the trailing twelve months is around 11.88%.

	TTM	2025
UCO ProShares Ultra Bloomberg Crude Oil	0.00%	0.00%
GLDW Roundhill Gold WeeklyPay ETF	11.88%	3.75%

Drawdowns

UCO vs. GLDW - Drawdown Comparison

The maximum UCO drawdown since its inception was -99.95%, which is greater than GLDW's maximum drawdown of -23.59%. Use the drawdown chart below to compare losses from any high point for UCO and GLDW.

Drawdown Indicators

	UCO	GLDW	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-23.59%	-76.36%
Max Drawdown (1Y) Largest decline over 1 year	-34.77%	—	—
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	-99.40%	-15.01%	-84.39%
Average Drawdown Average peak-to-trough decline	-85.35%	-5.21%	-80.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.76%	—	—

Volatility

Volatility by Period

	UCO	GLDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.64%	—	—
Volatility (6M) Calculated over the trailing 6-month period	40.74%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	57.38%	41.16%	+16.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.11%	41.16%	+17.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.31%	41.16%	+30.15%