UCO vs. SKOR

Last updated Jun 6, 2026

UCO (ProShares Ultra Bloomberg Crude Oil) and SKOR (FlexShares Credit-Scored US Corporate Bond Index Fund) are both exchange-traded funds - UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%), while SKOR is a Corporate Bonds fund tracking the NorthernTrustUS Corporate Bond Quality Value Index. Both are passively managed. Over the past 10 years, UCO returned -12.52%/yr vs 2.81%/yr for SKOR. At a correlation of -0.07, they often move in opposite directions. UCO charges 0.95%/yr vs 0.22%/yr for SKOR.

Performance

UCO vs. SKOR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Crude Oil (UCO) and FlexShares Credit-Scored US Corporate Bond Index Fund (SKOR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UCO achieves a 131.94% return, which is significantly higher than SKOR's 0.06% return. Over the past 10 years, UCO has underperformed SKOR with an annualized return of -12.52%, while SKOR has yielded a comparatively higher 2.81% annualized return.

UCO

• 1D: -3.09%
• 1M: 3.56%
• YTD: 131.94%
• 6M: 114.50%
• 1Y: 106.12%
• 3Y*: 23.38%
• 5Y*: 20.42%
• 10Y*: -12.52%

SKOR

• 1D: -0.39%
• 1M: -0.44%
• YTD: 0.06%
• 6M: 0.39%
• 1Y: 4.67%
• 3Y*: 5.81%
• 5Y*: 1.73%
• 10Y*: 2.81%

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

UCO vs. SKOR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UCO ProShares Ultra Bloomberg Crude Oil	131.94%	-29.75%	5.36%	-13.89%	39.71%	139.26%	-92.91%	53.83%	-43.26%	0.34%
SKOR FlexShares Credit-Scored US Corporate Bond Index Fund	0.06%	7.99%	4.42%	7.64%	-9.88%	-1.40%	8.84%	10.69%	-1.25%	4.38%

Correlation

The correlation between UCO and SKOR is -0.40, 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	-0.40
Correlation (3Y) Calculated over the trailing 3-year period	-0.19
Correlation (5Y) Calculated over the trailing 5-year period	-0.11
Correlation (10Y) Calculated over the trailing 10-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Nov 14, 2014	-0.07

Over the past year, the inverse relationship between UCO and SKOR has strengthened: their correlation has moved from -0.07 to -0.40, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

UCO vs. SKOR — Risk / Return Rank

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

UCO

UCO Risk / Return Rank: 51
UCO Sharpe Ratio Rank: 57
UCO Sortino Ratio Rank: 47
UCO Omega Ratio Rank: 48
UCO Calmar Ratio Rank: 63
UCO Martin Ratio Rank: 39

SKOR

SKOR Risk / Return Rank: 52
SKOR Sharpe Ratio Rank: 53
SKOR Sortino Ratio Rank: 56
SKOR Omega Ratio Rank: 53
SKOR Calmar Ratio Rank: 48
SKOR Martin Ratio Rank: 50

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. SKOR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and FlexShares Credit-Scored US Corporate Bond Index Fund (SKOR). 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	SKOR	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.72	+0.14
Sortino ratio: Return per unit of downside risk	2.27	2.52	-0.25
Omega ratio: Gain probability vs. loss probability	1.29	1.31	-0.02
Calmar ratio: Return relative to maximum drawdown	3.07	2.25	+0.82
Martin ratio: Return relative to average drawdown	5.80	7.99	-2.19
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. SKOR - Sharpe Ratio Comparison

The current UCO Sharpe Ratio is 1.86, which is comparable to the SKOR Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of UCO and SKOR, 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	SKOR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	1.72	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.39	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.18	0.58	-0.75
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	0.62	-0.97

Drawdowns

UCO vs. SKOR - Drawdown Comparison

The maximum UCO drawdown since its inception was -99.95%, which is greater than SKOR's maximum drawdown of -15.98%. Use the drawdown chart below to compare losses from any high point for UCO and SKOR.

Drawdown Indicators

	UCO	SKOR	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-15.98%	-83.97%
Max Drawdown (1Y) Largest decline over 1 year	-34.77%	-2.09%	-32.68%
Max Drawdown (3Y) Largest decline over 3 years	-50.38%	-3.11%	-47.27%
Max Drawdown (5Y) Largest decline over 5 years	-67.24%	-15.13%	-52.11%
Max Drawdown (10Y) Largest decline over 10 years	-98.75%	-15.98%	-82.77%
Current Drawdown Current decline from peak	-99.28%	-1.05%	-98.23%
Average Drawdown Average peak-to-trough decline	-85.49%	-2.65%	-82.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.36%	0.59%	+17.77%

Volatility

UCO vs. SKOR - Volatility Comparison

ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 17.06% compared to FlexShares Credit-Scored US Corporate Bond Index Fund (SKOR) at 0.87%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier than SKOR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCO	SKOR	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.06%	0.87%	+16.19%
Volatility (6M) Calculated over the trailing 6-month period	46.72%	2.02%	+44.70%
Volatility (1Y) Calculated over the trailing 1-year period	57.32%	2.73%	+54.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.80%	4.42%	+55.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.35%	4.90%	+66.45%

UCO vs. SKOR - Expense Ratio Comparison

UCO has a 0.95% expense ratio, which is higher than SKOR's 0.22% expense ratio.

Dividends

UCO vs. SKOR - Dividend Comparison

UCO has not paid dividends to shareholders, while SKOR's dividend yield for the trailing twelve months is around 4.68%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SKOR FlexShares Credit-Scored US Corporate Bond Index Fund	4.68%	4.70%	4.90%	3.90%	2.57%	2.55%	3.38%	3.53%	2.85%	2.46%	2.74%	2.25%
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

Can I hold both UCO and SKOR in my portfolio?

UCO and SKOR have a correlation of -0.40, 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 SKOR?

UCO has higher volatility (17.06%) compared to SKOR (0.87%). In terms of maximum drawdown, UCO dropped -99.95% vs SKOR's -15.98%.

Which ETF is better, UCO or SKOR?

On 10-year performance, SKOR leads with 2.81% vs -12.52% for UCO. On fees, SKOR is cheaper at 0.22% per year. On volatility, SKOR has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCO or SKOR?

Over the 10-year period, SKOR has performed better with a 2.81% return vs -12.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCO or SKOR?

SKOR is cheaper with a 0.22% expense ratio, compared with 0.95% for UCO.

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

SKOR has the higher dividend yield at 4.68%, compared with 0.00% for UCO.

What is the main difference between UCO and SKOR?

UCO is categorized as Leveraged Commodities, while SKOR is Corporate Bonds. UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%), while SKOR tracks NorthernTrustUS Corporate Bond Quality Value Index. They also come from different issuers: ProShares and Northern Trust. Their fees differ too: 0.95% for UCO and 0.22% for SKOR.

Which has better risk-adjusted returns?

UCO currently has the higher Sharpe Ratio (1.86 vs 1.72), 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.