UCO vs. OIH
UCO (ProShares Ultra Bloomberg Crude Oil) and OIH (VanEck Oil Services ETF) are both exchange-traded funds - UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while OIH is a Energy Equities fund tracking the MVIS US Listed Oil Services 25 Index. Both are passively managed. Over the past 10 years, UCO returned 26.28%/yr vs -1.73%/yr for OIH. Their 0.60 correlation means they have sometimes moved together and sometimes differently. UCO charges 0.95%/yr vs 0.35%/yr for OIH.
Performance
UCO vs. OIH - 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 OIH's 35.13% return. Over the past 10 years, UCO has outperformed OIH with an annualized return of 26.28%, while OIH has yielded a comparatively lower -1.73% annualized 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%
OIH
- 1D
- 2.39%
- 1M
- 7.01%
- 6M
- 10.45%
- YTD
- 35.13%
- 1Y
- 66.58%
- 3Y*
- 5.85%
- 5Y*
- 16.72%
- 10Y*
- -1.73%
- ALL TIME*
- -0.04%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $98.54M | $112.94M | $141.52M | |
| $134.26M | $138.13M | $153.19M |
UCO vs. OIH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 109.21% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
OIH VanEck Oil Services ETF | 35.13% | 6.81% | -10.53% | 3.20% | 66.17% | 21.22% | -41.19% | -3.54% | -45.03% | -19.66% |
Correlation
The correlation between UCO and OIH is 0.38, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.38 |
Correlation (3Y) Balances recent behavior with more history. | 0.52 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.59 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.58 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.60 |
Over the past year, the correlation between UCO and OIH has dropped to 0.38 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.
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Return for Risk
UCO vs. OIH — Risk / Return Rank
UCO
OIH
UCO vs. OIH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and VanEck Oil Services ETF (OIH). 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 | OIH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.12 | ||
| Sortino ratioReturn per unit of downside risk | -1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.33 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | 2.93 | -1.47 |
| Martin ratioReturn relative to average drawdown | 3.75 | 9.02 | -5.27 |
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Drawdowns
UCO vs. OIH - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.86%, which is greater than OIH's maximum drawdown of -94.45%. Use the drawdown chart below to compare losses from any high point for UCO and OIH.
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Drawdown Indicators
| UCO | OIH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.86% | -94.45% | -5.41% |
Max Drawdown (1Y)Largest decline over 1 year | -38.55% | -20.78% | -17.77% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -43.80% | -6.58% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -43.80% | -23.44% |
Max Drawdown (10Y)Largest decline over 10 years | -96.50% | -89.62% | -6.88% |
Current DrawdownCurrent decline from peak | -83.77% | -65.73% | -18.04% |
Average DrawdownAverage peak-to-trough decline | -82.13% | -48.94% | -33.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.30% | 6.76% | +10.54% |
Volatility
UCO vs. OIH - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 22.33% compared to VanEck Oil Services ETF (OIH) at 7.91%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier than OIH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCO | OIH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.33% | 7.91% | +14.42% |
Volatility (6M)Calculated over the trailing 6-month period | 51.79% | 20.95% | +30.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.01% | 29.63% | +30.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.46% | 36.46% | +24.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 317.65% | 42.30% | +275.35% |
UCO vs. OIH - Expense Ratio Comparison
UCO has a 0.95% expense ratio, which is higher than OIH's 0.35% expense ratio.
Dividends
UCO vs. OIH - Dividend Comparison
UCO has not paid dividends to shareholders, while OIH's dividend yield for the trailing twelve months is around 1.27%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OIH VanEck Oil Services ETF | 1.27% | 1.71% | 2.01% | 1.36% | 0.95% | 0.98% | 1.23% | 2.10% | 2.13% | 2.60% | 1.40% | 2.39% |
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 OIH have a correlation of 0.38, 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 OIH (7.91%). In terms of maximum drawdown, UCO dropped -99.86% vs OIH's -94.45%.
On 10-year performance, UCO leads with 26.28% vs -1.73% for OIH. On fees, OIH is cheaper at 0.35% per year. On volatility, OIH has been the lower-risk option at 7.91%. 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 26.28% return vs -1.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OIH is cheaper with a 0.35% expense ratio, compared with 0.95% for UCO.
OIH has the higher dividend yield at 1.27%, compared with 0.00% for UCO.
UCO is categorized as Oil & Gas, while OIH is Energy Equities. UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while OIH tracks MVIS US Listed Oil Services 25 Index. They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.95% for UCO and 0.35% for OIH.
OIH currently has the higher Sharpe Ratio (2.06 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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