UCO vs. SQQQ
Compare and contrast key facts about ProShares Ultra Bloomberg Crude Oil (UCO) and ProShares UltraPro Short QQQ (SQQQ).
UCO and SQQQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UCO is a passively managed fund by ProShares that tracks the performance of the Dow Jones-UBS Crude Oil Sub-Index (200%). It was launched on Nov 24, 2008. SQQQ is a passively managed fund by ProShares that tracks the performance of the NASDAQ-100 Index (-300%). It was launched on Feb 9, 2010. Both UCO and SQQQ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
UCO vs. SQQQ - Performance Comparison
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UCO vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 92.55% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | -92.91% | 53.83% | -43.26% | 0.34% |
SQQQ ProShares UltraPro Short QQQ | 13.99% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Returns By Period
In the year-to-date period, UCO achieves a 92.55% return, which is significantly higher than SQQQ's 13.99% return. Over the past 10 years, UCO has outperformed SQQQ with an annualized return of -9.67%, while SQQQ has yielded a comparatively lower -52.71% annualized return.
UCO
- 1D
- -5.34%
- 1M
- 34.20%
- YTD
- 92.55%
- 6M
- 67.42%
- 1Y
- 37.47%
- 3Y*
- 12.01%
- 5Y*
- 21.35%
- 10Y*
- -9.67%
SQQQ
- 1D
- -3.78%
- 1M
- 10.61%
- YTD
- 13.99%
- 6M
- 6.42%
- 1Y
- -56.13%
- 3Y*
- -49.39%
- 5Y*
- -42.70%
- 10Y*
- -52.71%
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UCO vs. SQQQ - Expense Ratio Comparison
Both UCO and SQQQ have an expense ratio of 0.95%.
Return for Risk
UCO vs. SQQQ — Risk / Return Rank
UCO
SQQQ
UCO vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.66 | -0.84 | +1.49 |
Sortino ratioReturn per unit of downside risk | 1.20 | -1.14 | +2.34 |
Omega ratioGain probability vs. loss probability | 1.15 | 0.84 | +0.31 |
Calmar ratioReturn relative to maximum drawdown | 1.08 | -0.76 | +1.84 |
Martin ratioReturn relative to average drawdown | 1.80 | -0.87 | +2.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UCO | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.66 | -0.84 | +1.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | -0.64 | +1.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.14 | -0.80 | +0.66 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.36 | -0.85 | +0.49 |
Correlation
The correlation between UCO and SQQQ is -0.22. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
UCO vs. SQQQ - Dividend Comparison
UCO has not paid dividends to shareholders, while SQQQ's dividend yield for the trailing twelve months is around 5.99%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SQQQ ProShares UltraPro Short QQQ | 5.99% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Drawdowns
UCO vs. SQQQ - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.95%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UCO and SQQQ.
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Drawdown Indicators
| UCO | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -100.00% | +0.05% |
Max Drawdown (1Y)Largest decline over 1 year | -34.77% | -75.23% | +40.46% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -95.36% | +28.12% |
Max Drawdown (10Y)Largest decline over 10 years | -98.75% | -99.96% | +1.21% |
Current DrawdownCurrent decline from peak | -99.40% | -100.00% | +0.60% |
Average DrawdownAverage peak-to-trough decline | -85.35% | -92.32% | +6.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.76% | 65.40% | -44.64% |
Volatility
UCO vs. SQQQ - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 25.64% compared to ProShares UltraPro Short QQQ (SQQQ) at 19.98%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCO | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.64% | 19.98% | +5.66% |
Volatility (6M)Calculated over the trailing 6-month period | 40.74% | 38.23% | +2.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.38% | 67.38% | -10.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.11% | 66.65% | -7.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.31% | 65.97% | +5.34% |