UCO vs. SHNY

Last updated Jun 3, 2026

UCO (ProShares Ultra Bloomberg Crude Oil) and SHNY (MicroSectors Gold 3X Leveraged ETN) are both Leveraged Commodities funds. Over the past 3 years, UCO returned 24.78%/yr vs 61.40%/yr for SHNY. At a 0.09 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

UCO vs. SHNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Crude Oil (UCO) and MicroSectors Gold 3X Leveraged ETN (SHNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UCO achieves a 142.55% return, which is significantly higher than SHNY's -11.62% 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%

SHNY

• 1D: 0.52%
• 1M: -10.12%
• YTD: -11.62%
• 6M: -7.80%
• 1Y: 50.27%
• 3Y*: 61.40%
• 5Y*: —
• 10Y*: —

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

UCO vs. SHNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UCO ProShares Ultra Bloomberg Crude Oil	142.55%	-29.75%	5.36%	1.28%
SHNY MicroSectors Gold 3X Leveraged ETN	-11.62%	214.54%	50.30%	12.52%

Correlation

The correlation between UCO and SHNY is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (All Time) Calculated using the full available price history since Feb 23, 2023	0.09

The correlation between UCO and SHNY shifts across timeframes, from -0.05 (1 year) to 0.10 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

UCO vs. SHNY — Risk / Return Rank

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

UCO

UCO Risk / Return Rank: 56
UCO Sharpe Ratio Rank: 61
UCO Sortino Ratio Rank: 49
UCO Omega Ratio Rank: 50
UCO Calmar Ratio Rank: 74
UCO Martin Ratio Rank: 44

SHNY

SHNY Risk / Return Rank: 23
SHNY Sharpe Ratio Rank: 19
SHNY Sortino Ratio Rank: 23
SHNY Omega Ratio Rank: 27
SHNY Calmar Ratio Rank: 24
SHNY Martin Ratio Rank: 20

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. SHNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and MicroSectors Gold 3X Leveraged ETN (SHNY). 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	SHNY	Difference
Sharpe ratio Return per unit of total volatility	2.08	0.64	+1.44
Sortino ratio Return per unit of downside risk	2.43	1.25	+1.18
Omega ratio Gain probability vs. loss probability	1.32	1.19	+0.13
Calmar ratio Return relative to maximum drawdown	3.78	1.14	+2.64
Martin ratio Return relative to average drawdown	7.17	2.44	+4.74
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. SHNY - Sharpe Ratio Comparison

The current UCO Sharpe Ratio is 2.08, which is higher than the SHNY Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of UCO and SHNY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UCO	SHNY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	0.64	+1.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.16	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.34	1.04	-1.39

Drawdowns

UCO vs. SHNY - Drawdown Comparison

The maximum UCO drawdown since its inception was -99.95%, which is greater than SHNY's maximum drawdown of -54.55%. Use the drawdown chart below to compare losses from any high point for UCO and SHNY.

Drawdown Indicators

	UCO	SHNY	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-54.55%	-45.40%
Max Drawdown (1Y) Largest decline over 1 year	-34.77%	-54.55%	+19.78%
Max Drawdown (3Y) Largest decline over 3 years	-50.38%	-54.55%	+4.17%
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	-99.25%	-53.50%	-45.75%
Average Drawdown Average peak-to-trough decline	-85.48%	-14.89%	-70.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.32%	25.43%	-7.11%

Volatility

UCO vs. SHNY - Volatility Comparison

ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 22.10% compared to MicroSectors Gold 3X Leveraged ETN (SHNY) at 17.21%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier than SHNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCO	SHNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.10%	17.21%	+4.89%
Volatility (6M) Calculated over the trailing 6-month period	46.40%	70.82%	-24.42%
Volatility (1Y) Calculated over the trailing 1-year period	57.35%	79.07%	-21.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.77%	58.36%	+1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.36%	58.36%	+13.00%

UCO vs. SHNY - Expense Ratio Comparison

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

Dividends

UCO vs. SHNY - Dividend Comparison

Neither UCO nor SHNY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UCO and SHNY in my portfolio?

UCO and SHNY have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UCO or SHNY?

UCO has higher volatility (22.10%) compared to SHNY (17.21%). In terms of maximum drawdown, UCO dropped -99.95% vs SHNY's -54.55%.

Which ETF is better, UCO or SHNY?

On 3-year performance, SHNY leads with 61.40% vs 24.78% for UCO. Both ETFs have the same 0.95% expense ratio. On volatility, SHNY has been the lower-risk option at 17.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCO or SHNY?

Over the 3-year period, SHNY has performed better with a 61.40% return vs 24.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCO or SHNY?

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

Which ETF pays a higher dividend yield, UCO or SHNY?

UCO and SHNY have nearly identical dividend yields, around 0.00%.

What is the main difference between UCO and SHNY?

They also come from different issuers: ProShares and BMO.

Which has better risk-adjusted returns?

UCO currently has the higher Sharpe Ratio (2.08 vs 0.64), 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.