UCO vs. SOXL

Last updated Jun 3, 2026

UCO (ProShares Ultra Bloomberg Crude Oil) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-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 -11.55%/yr vs 64.53%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Crude Oil (UCO) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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 lower than SOXL's 533.64% return. Over the past 10 years, UCO has underperformed SOXL with an annualized return of -11.55%, while SOXL has yielded a comparatively higher 64.53% 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%

SOXL

• 1D: 17.31%
• 1M: 104.23%
• YTD: 533.64%
• 6M: 508.04%
• 1Y: 1,481.30%
• 3Y*: 131.09%
• 5Y*: 49.21%
• 10Y*: 64.53%

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

UCO vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SOXL Direxion Daily Semiconductor Bull 3X ETF	533.64%	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 -0.15, 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	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010	0.21

The correlation between UCO and SOXL shifts across timeframes, from -0.15 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UCO vs. SOXL — 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

SOXL

SOXL Risk / Return Rank: 98
SOXL Sharpe Ratio Rank: 100
SOXL Sortino Ratio Rank: 95
SOXL Omega Ratio Rank: 95
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 99

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. 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.

	UCO	SOXL	Difference
Sharpe ratio Return per unit of total volatility	2.08	14.69	-12.61
Sortino ratio Return per unit of downside risk	2.43	5.22	-2.79
Omega ratio Gain probability vs. loss probability	1.32	1.73	-0.41
Calmar ratio Return relative to maximum drawdown	3.78	35.72	-31.94
Martin ratio Return relative to average drawdown	7.17	122.73	-115.55
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. SOXL - Sharpe Ratio Comparison

The current UCO Sharpe Ratio is 2.08, which is lower than the SOXL Sharpe Ratio of 14.69. The chart below compares the historical Sharpe Ratios of UCO and SOXL, 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	SOXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	14.69	-12.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.46	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.16	0.65	-0.82
Sharpe Ratio (All Time) Calculated using the full available price history	-0.34	0.51	-0.85

Drawdowns

UCO vs. SOXL - Drawdown Comparison

The maximum UCO drawdown since its inception was -99.95%, 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.

Drawdown Indicators

	UCO	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-90.46%	-9.49%
Max Drawdown (1Y) Largest decline over 1 year	-34.77%	-43.47%	+8.70%
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	-98.75%	-90.46%	-8.29%
Current Drawdown Current decline from peak	-99.25%	0.00%	-99.25%
Average Drawdown Average peak-to-trough decline	-85.48%	-35.02%	-50.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.32%	12.65%	+5.67%

Volatility

UCO vs. SOXL - Volatility Comparison

The current volatility for ProShares Ultra Bloomberg Crude Oil (UCO) is 22.10%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 41.22%. 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.

Volatility by Period

	UCO	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.10%	41.22%	-19.12%
Volatility (6M) Calculated over the trailing 6-month period	46.40%	81.21%	-34.81%
Volatility (1Y) Calculated over the trailing 1-year period	57.35%	102.08%	-44.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.77%	107.26%	-47.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.36%	99.05%	-27.69%

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

Can I hold both UCO and SOXL in my portfolio?

UCO and SOXL have a correlation of -0.15, 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 SOXL?

SOXL has higher volatility (41.22%) compared to UCO (22.10%). In terms of maximum drawdown, UCO dropped -99.95% vs SOXL's -90.46%.

Which ETF is better, UCO or SOXL?

On 10-year performance, SOXL leads with 64.53% vs -11.55% for UCO. On fees, SOXL is cheaper at 0.75% per year. On volatility, UCO has been the lower-risk option at 22.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCO or SOXL?

Over the 10-year period, SOXL has performed better with a 64.53% return vs -11.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCO or SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 0.95% for UCO.

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

SOXL has the higher dividend yield at 0.03%, compared with 0.00% for UCO.

What is the main difference between UCO and SOXL?

UCO is categorized as Leveraged Commodities, while SOXL is Leveraged Equities. UCO tracks Dow Jones-UBS Crude Oil Sub-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.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (14.69 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.