UCO vs. SQQQ
UCO (ProShares Ultra Bloomberg Crude Oil) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, UCO returned 21.66%/yr vs -55.28%/yr for SQQQ. At a correlation of -0.21, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UCO vs. SQQQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UCO achieves a 100.52% return, which is significantly higher than SQQQ's -40.27% return. Over the past 10 years, UCO has outperformed SQQQ with an annualized return of 21.66%, while SQQQ has yielded a comparatively lower -55.28% annualized return.
UCO
- 1D
- 11.74%
- 1M
- -7.72%
- 6M
- 88.88%
- YTD
- 100.52%
- 1Y
- 57.67%
- 3Y*
- 13.74%
- 5Y*
- 14.86%
- 10Y*
- 21.66%
SQQQ
- 1D
- 5.74%
- 1M
- 1.37%
- 6M
- -36.57%
- YTD
- -40.27%
- 1Y
- -56.10%
- 3Y*
- -51.78%
- 5Y*
- -45.66%
- 10Y*
- -55.28%
UCO vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 100.52% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
SQQQ ProShares UltraPro Short QQQ | -40.27% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between UCO and SQQQ is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.21 |
The correlation between UCO and SQQQ shifts across timeframes, from -0.21 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.01 | ||
| Sortino ratioReturn per unit of downside risk | +3.26 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.82 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | -0.92 | +2.43 |
| Martin ratioReturn relative to average drawdown | 3.22 | -1.71 | +4.93 |
Loading charts...
Drawdowns
UCO vs. SQQQ - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.86%, 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.
Loading charts...
Drawdown Indicators
| UCO | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.86% | -100.00% | +0.14% |
Max Drawdown (1Y)Largest decline over 1 year | -38.55% | -61.03% | +22.48% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -92.51% | +42.13% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -97.27% | +30.03% |
Max Drawdown (10Y)Largest decline over 10 years | -96.50% | -99.97% | +3.47% |
Current DrawdownCurrent decline from peak | -84.44% | -100.00% | +15.56% |
Average DrawdownAverage peak-to-trough decline | -82.12% | -92.75% | +10.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.99% | 32.78% | -14.79% |
Volatility
UCO vs. SQQQ - Volatility Comparison
The current volatility for ProShares Ultra Bloomberg Crude Oil (UCO) is 21.64%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.05%. This indicates that UCO experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UCO | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.64% | 26.05% | -4.41% |
Volatility (6M)Calculated over the trailing 6-month period | 49.97% | 45.88% | +4.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.34% | 55.64% | +2.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.48% | 67.87% | -7.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 317.76% | 66.56% | +251.20% |
UCO vs. SQQQ - Expense Ratio Comparison
Both UCO and SQQQ have an expense ratio of 0.95%.
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 10.00%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 10.00% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
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% |
Frequently Asked Questions
UCO and SQQQ have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (26.05%) compared to UCO (21.64%). In terms of maximum drawdown, UCO dropped -99.86% vs SQQQ's -100.00%.
On 10-year performance, UCO leads with 21.66% vs -55.28% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, UCO has been the lower-risk option at 21.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UCO has performed better with a 21.66% return vs -55.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCO and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 10.00%, compared with 0.00% for UCO.
UCO is categorized as Oil & Gas, while SQQQ is Leveraged Equities. UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while SQQQ tracks NASDAQ-100 Index (-300%).
UCO currently has the higher Sharpe Ratio (1.00 vs -1.01), 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.
Find the right allocation for UCO and SQQQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer