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UCO vs. NOBL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UCO vs. NOBL

Last updated Jun 3, 2026

UCO (ProShares Ultra Bloomberg Crude Oil) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%), while NOBL is a S&P 500 fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, UCO returned -11.55%/yr vs 9.53%/yr for NOBL. At a 0.20 correlation, their price movements are largely independent. UCO charges 0.95%/yr vs 0.35%/yr for NOBL.

Performance

UCO vs. NOBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Crude Oil (UCO) and ProShares S&P 500 Dividend Aristocrats ETF (NOBL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UCO achieves a 142.55% return, which is significantly higher than NOBL's 3.68% return. Over the past 10 years, UCO has underperformed NOBL with an annualized return of -11.55%, while NOBL has yielded a comparatively higher 9.53% 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%

NOBL

1D
0.37%
1M
-0.27%
YTD
3.68%
6M
4.28%
1Y
9.53%
3Y*
8.08%
5Y*
5.15%
10Y*
9.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UCO vs. NOBL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
NOBL
ProShares S&P 500 Dividend Aristocrats ETF		3.68%6.84%6.72%8.09%-6.52%25.46%8.35%27.39%-3.26%21.02%

Correlation

The correlation between UCO and NOBL is -0.19, 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 (1Y)
Calculated over the trailing 1-year period

-0.19

Correlation (3Y)
Calculated over the trailing 3-year period

-0.05

Correlation (5Y)
Calculated over the trailing 5-year period

0.09

Correlation (10Y)
Calculated over the trailing 10-year period

0.18

Correlation (All Time)
Calculated using the full available price history since Oct 11, 2013

0.20

The correlation between UCO and NOBL shifts across timeframes, from -0.19 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra Bloomberg Crude Oil

ProShares S&P 500 Dividend Aristocrats ETF

Often compared with UCO:
UCO vs. USOUCO vs. SCOUCO vs. OILUUCO vs. BOILUCO vs. ERXUCO vs. LABUUCO vs. OIH
Often compared with NOBL:
NOBL vs. SCHDNOBL vs. SPYNOBL vs. VIGNOBL vs. DGRONOBL vs. SDYNOBL vs. VOONOBL vs. KNG

Return for Risk

UCO vs. NOBL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UCO
UCO Risk / Return Rank: 5656
Overall Rank
UCO Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
UCO Sortino Ratio Rank: 4949
Sortino Ratio Rank
UCO Omega Ratio Rank: 5050
Omega Ratio Rank
UCO Calmar Ratio Rank: 7474
Calmar Ratio Rank
UCO Martin Ratio Rank: 4444
Martin Ratio Rank
NOBL
NOBL Risk / Return Rank: 2323
Overall Rank
NOBL Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
NOBL Sortino Ratio Rank: 2424
Sortino Ratio Rank
NOBL Omega Ratio Rank: 2222
Omega Ratio Rank
NOBL Calmar Ratio Rank: 2222
Calmar Ratio Rank
NOBL Martin Ratio Rank: 2121
Martin Ratio Rank
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. NOBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and ProShares S&P 500 Dividend Aristocrats ETF (NOBL). 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.

UCONOBLDifference

Sharpe ratio

Return per unit of total volatility

2.08

0.84

+1.24

Sortino ratio

Return per unit of downside risk

2.43

1.31

+1.12

Omega ratio

Gain probability vs. loss probability

1.32

1.15

+0.17

Calmar ratio

Return relative to maximum drawdown

3.78

1.03

+2.75

Martin ratio

Return relative to average drawdown

7.17

2.69

+4.48

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UCO vs. NOBL - Sharpe Ratio Comparison

The current UCO Sharpe Ratio is 2.08, which is higher than the NOBL Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of UCO and NOBL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UCONOBLDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.08

0.84

+1.24

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.37

0.36

+0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.16

0.58

-0.74

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.34

0.64

-0.99

Drawdowns

UCO vs. NOBL - Drawdown Comparison

The maximum UCO drawdown since its inception was -99.95%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for UCO and NOBL.

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Drawdown Indicators

UCONOBLDifference

Max Drawdown

Largest peak-to-trough decline

-99.95%

-35.43%

-64.52%

Max Drawdown (1Y)

Largest decline over 1 year

-34.77%

-9.11%

-25.66%

Max Drawdown (3Y)

Largest decline over 3 years

-50.38%

-15.36%

-35.02%

Max Drawdown (5Y)

Largest decline over 5 years

-67.24%

-17.92%

-49.32%

Max Drawdown (10Y)

Largest decline over 10 years

-98.75%

-35.43%

-63.32%

Current Drawdown

Current decline from peak

-99.25%

-5.83%

-93.42%

Average Drawdown

Average peak-to-trough decline

-85.48%

-3.48%

-82.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

18.32%

3.48%

+14.84%

Volatility

UCO vs. NOBL - Volatility Comparison

ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 22.10% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 2.78%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier than NOBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UCONOBLDifference

Volatility (1M)

Calculated over the trailing 1-month period

22.10%

2.78%

+19.32%

Volatility (6M)

Calculated over the trailing 6-month period

46.40%

8.01%

+38.39%

Volatility (1Y)

Calculated over the trailing 1-year period

57.35%

11.33%

+46.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

59.77%

14.38%

+45.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

71.36%

16.61%

+54.75%

UCO vs. NOBL - Expense Ratio Comparison

UCO has a 0.95% expense ratio, which is higher than NOBL's 0.35% expense ratio.

Dividends

UCO vs. NOBL - Dividend Comparison

UCO has not paid dividends to shareholders, while NOBL's dividend yield for the trailing twelve months is around 2.12%.

PositionTTM20252024202320222021202020192018201720162015
NOBL
ProShares S&P 500 Dividend Aristocrats ETF		2.12%2.14%2.05%2.09%1.94%1.89%2.14%1.89%2.37%1.74%2.13%2.02%
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%0.00%0.00%

Frequently Asked Questions

UCO and NOBL have a correlation of -0.19, 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 NOBL (2.78%). In terms of maximum drawdown, UCO dropped -99.95% vs NOBL's -35.43%.

On 10-year performance, NOBL leads with 9.53% vs -11.55% for UCO. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, NOBL has performed better with a 9.53% return vs -11.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

NOBL is cheaper with a 0.35% expense ratio, compared with 0.95% for UCO.

NOBL has the higher dividend yield at 2.12%, compared with 0.00% for UCO.

UCO is categorized as Leveraged Commodities, while NOBL is S&P 500. UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for UCO and 0.35% for NOBL.

UCO currently has the higher Sharpe Ratio (2.08 vs 0.84), 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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