UCO vs. SOXL
UCO (ProShares Ultra Bloomberg Crude Oil) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, UCO returned 19.46%/yr vs 64.56%/yr for SOXL. At a 0.21 correlation, their price movements are largely independent. UCO charges 0.95%/yr vs 0.75%/yr for SOXL.
Performance
UCO vs. SOXL - Performance Comparison
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Returns By Period
In the year-to-date period, UCO achieves a 81.88% return, which is significantly lower than SOXL's 450.61% return. Over the past 10 years, UCO has underperformed SOXL with an annualized return of 19.46%, while SOXL has yielded a comparatively higher 64.56% annualized return.
UCO
- 1D
- -1.26%
- 1M
- -25.61%
- YTD
- 81.88%
- 6M
- 76.32%
- 1Y
- 42.04%
- 3Y*
- 15.38%
- 5Y*
- 12.42%
- 10Y*
- 19.46%
SOXL
- 1D
- -23.06%
- 1M
- 21.44%
- YTD
- 450.61%
- 6M
- 429.57%
- 1Y
- 976.09%
- 3Y*
- 120.84%
- 5Y*
- 42.16%
- 10Y*
- 64.56%
UCO vs. SOXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 81.88% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 450.61% | 54.91% | -12.31% | 226.98% | -85.66% | 118.84% | 70.04% | 231.83% | -39.07% | 141.71% |
Correlation
The correlation between UCO and SOXL is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | 0.21 |
The correlation between UCO and SOXL shifts across timeframes, from -0.11 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UCO vs. SOXL — Risk / Return Rank
UCO
SOXL
UCO vs. SOXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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 | SOXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -7.70 | ||
| Sortino ratioReturn per unit of downside risk | -2.73 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.58 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | 1.30 | 22.69 | -21.38 |
| Martin ratioReturn relative to average drawdown | 2.61 | 72.83 | -70.22 |
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Drawdowns
UCO vs. SOXL - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.86%, which is greater than SOXL's maximum drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for UCO and SOXL.
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Drawdown Indicators
| UCO | SOXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.86% | -90.46% | -9.40% |
Max Drawdown (1Y)Largest decline over 1 year | -32.37% | -43.47% | +11.10% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -87.88% | +37.50% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -90.46% | +23.22% |
Max Drawdown (10Y)Largest decline over 10 years | -96.50% | -90.46% | -6.04% |
Current DrawdownCurrent decline from peak | -85.89% | -23.06% | -62.83% |
Average DrawdownAverage peak-to-trough decline | -82.11% | -34.95% | -47.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.23% | 13.52% | +2.71% |
Volatility
UCO vs. SOXL - Volatility Comparison
The current volatility for ProShares Ultra Bloomberg Crude Oil (UCO) is 16.11%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 68.39%. This indicates that UCO experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCO | SOXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.11% | 68.39% | -52.28% |
Volatility (6M)Calculated over the trailing 6-month period | 48.06% | 99.84% | -51.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.57% | 116.79% | -59.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.09% | 110.35% | -50.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 317.77% | 100.62% | +217.15% |
UCO vs. SOXL - Expense Ratio Comparison
UCO has a 0.95% expense ratio, which is higher than SOXL's 0.75% expense ratio.
Dividends
UCO vs. SOXL - Dividend Comparison
UCO has not paid dividends to shareholders, while SOXL's dividend yield for the trailing twelve months is around 0.03%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SOXL Direxion Daily Semiconductor Bull 3X ETF | 0.03% | 0.34% | 1.18% | 0.51% | 1.07% | 0.04% | 0.05% | 0.38% | 1.30% | 0.09% | 4.84% |
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% |
Frequently Asked Questions
UCO and SOXL have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXL has higher volatility (68.39%) compared to UCO (16.11%). In terms of maximum drawdown, UCO dropped -99.86% vs SOXL's -90.46%.
On 10-year performance, SOXL leads with 64.56% vs 19.46% for UCO. On fees, SOXL is cheaper at 0.75% per year. On volatility, UCO has been the lower-risk option at 16.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SOXL has performed better with a 64.56% return vs 19.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXL is cheaper with a 0.75% expense ratio, compared with 0.95% for UCO.
SOXL has the higher dividend yield at 0.03%, compared with 0.00% for UCO.
UCO is categorized as Oil & Gas, while SOXL is Leveraged Equities. UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while SOXL tracks ICE Semiconductor Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UCO and 0.75% for SOXL.
SOXL currently has the higher Sharpe Ratio (8.45 vs 0.75), 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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