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UCO vs. QLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UCO vs. QLD

Last updated Jun 3, 2026

UCO (ProShares Ultra Bloomberg Crude Oil) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%), while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, UCO returned -11.55%/yr vs 36.17%/yr for QLD. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

UCO vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Crude Oil (UCO) and ProShares Ultra QQQ (QLD). 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 QLD's 42.81% return. Over the past 10 years, UCO has underperformed QLD with an annualized return of -11.55%, while QLD has yielded a comparatively higher 36.17% 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%

QLD

1D
0.90%
1M
21.71%
YTD
42.81%
6M
38.79%
1Y
89.44%
3Y*
50.42%
5Y*
26.76%
10Y*
36.17%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UCO vs. QLD - 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%
QLD
ProShares Ultra QQQ		42.81%30.36%42.82%117.72%-60.52%54.67%88.90%81.69%-8.31%70.34%

Correlation

The correlation between UCO and QLD is -0.25, 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

-0.25

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

-0.04

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

0.05

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

0.14

Correlation (All Time)
Calculated using the full available price history since Nov 26, 2008

0.23

The correlation between UCO and QLD shifts across timeframes, from -0.25 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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ProShares Ultra Bloomberg Crude Oil

ProShares Ultra QQQ

Often compared with UCO:
UCO vs. USOUCO vs. SCOUCO vs. OILUUCO vs. BOILUCO vs. ERXUCO vs. LABUUCO vs. OIH
Often compared with QLD:
QLD vs. QQQQLD vs. TQQQQLD vs. SSOQLD vs. QQQMQLD vs. UPROQLD vs. VOOQLD vs. SPY

Return for Risk

UCO vs. QLD — 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
QLD
QLD Risk / Return Rank: 7373
Overall Rank
QLD Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
QLD Sortino Ratio Rank: 7171
Sortino Ratio Rank
QLD Omega Ratio Rank: 7070
Omega Ratio Rank
QLD Calmar Ratio Rank: 7272
Calmar Ratio Rank
QLD Martin Ratio Rank: 6969
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. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and ProShares Ultra QQQ (QLD). 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.

UCOQLDDifference

Sharpe ratio

Return per unit of total volatility

2.08

2.82

-0.74

Sortino ratio

Return per unit of downside risk

2.43

3.26

-0.83

Omega ratio

Gain probability vs. loss probability

1.32

1.43

-0.11

Calmar ratio

Return relative to maximum drawdown

3.78

3.67

+0.10

Martin ratio

Return relative to average drawdown

7.17

12.83

-5.66

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. QLD - Sharpe Ratio Comparison

The current UCO Sharpe Ratio is 2.08, which is comparable to the QLD Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of UCO and QLD, 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

UCOQLDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.08

2.82

-0.74

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.37

0.60

-0.24

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.16

0.81

-0.98

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.34

0.60

-0.94

Drawdowns

UCO vs. QLD - Drawdown Comparison

The maximum UCO drawdown since its inception was -99.95%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for UCO and QLD.

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Drawdown Indicators

UCOQLDDifference

Max Drawdown

Largest peak-to-trough decline

-99.95%

-83.13%

-16.82%

Max Drawdown (1Y)

Largest decline over 1 year

-34.77%

-25.13%

-9.64%

Max Drawdown (3Y)

Largest decline over 3 years

-50.38%

-42.29%

-8.09%

Max Drawdown (5Y)

Largest decline over 5 years

-67.24%

-63.68%

-3.56%

Max Drawdown (10Y)

Largest decline over 10 years

-98.75%

-63.68%

-35.07%

Current Drawdown

Current decline from peak

-99.25%

0.00%

-99.25%

Average Drawdown

Average peak-to-trough decline

-85.48%

-18.17%

-67.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

18.32%

7.20%

+11.12%

Volatility

UCO vs. QLD - Volatility Comparison

ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 22.10% compared to ProShares Ultra QQQ (QLD) at 8.87%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UCOQLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

22.10%

8.87%

+13.23%

Volatility (6M)

Calculated over the trailing 6-month period

46.40%

24.08%

+22.32%

Volatility (1Y)

Calculated over the trailing 1-year period

57.35%

31.86%

+25.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

59.77%

44.76%

+15.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

71.36%

44.57%

+26.79%

UCO vs. QLD - Expense Ratio Comparison

Both UCO and QLD have an expense ratio of 0.95%.

Dividends

UCO vs. QLD - Dividend Comparison

UCO has not paid dividends to shareholders, while QLD's dividend yield for the trailing twelve months is around 0.12%.

PositionTTM20252024202320222021202020192018201720162015
QLD
ProShares Ultra QQQ		0.12%0.17%0.25%0.33%0.31%0.00%0.00%0.13%0.06%0.02%0.21%0.11%
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 QLD have a correlation of -0.25, 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 QLD (8.87%). In terms of maximum drawdown, UCO dropped -99.95% vs QLD's -83.13%.

On 10-year performance, QLD leads with 36.17% vs -11.55% for UCO. Both ETFs have the same 0.95% expense ratio. On volatility, QLD has been the lower-risk option at 8.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QLD has performed better with a 36.17% return vs -11.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

UCO and QLD have the same expense ratio: 0.95% per year.

QLD has the higher dividend yield at 0.12%, compared with 0.00% for UCO.

UCO is categorized as Leveraged Commodities, while QLD is Leveraged Equities. UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%), while QLD tracks NASDAQ-100 Index (200%).

QLD currently has the higher Sharpe Ratio (2.82 vs 2.08), 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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