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UCO vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UCO vs. SQQQ

Last updated Jun 3, 2026

UCO (ProShares Ultra Bloomberg Crude Oil) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-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 -11.55%/yr vs -56.04%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Crude Oil (UCO) and ProShares UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UCO achieves a 142.55% return, which is significantly higher than SQQQ's -45.68% return. Over the past 10 years, UCO has outperformed SQQQ with an annualized return of -11.55%, while SQQQ has yielded a comparatively lower -56.04% 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%

SQQQ

1D
-1.36%
1M
-26.50%
YTD
-45.68%
6M
-43.61%
1Y
-66.23%
3Y*
-56.30%
5Y*
-49.79%
10Y*
-56.04%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UCO vs. SQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SQQQ
ProShares UltraPro Short QQQ		-45.68%-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 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.25

Correlation (3Y)
Calculated over the trailing 3-year period

0.04

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 12, 2010

-0.21

The correlation between UCO and SQQQ shifts across timeframes, from -0.21 (all time) to 0.25 (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.

ProShares Ultra Bloomberg Crude Oil

ProShares UltraPro Short QQQ

Often compared with UCO:
UCO vs. USOUCO vs. SCOUCO vs. OILUUCO vs. BOILUCO vs. ERXUCO vs. LABUUCO vs. OIH
Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. UVXYSQQQ vs. SPXUSQQQ vs. QID

Return for Risk

UCO vs. SQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UCO
UCO Risk / Return Rank: 5656
Overall Rank
UCO Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
UCO Sortino Ratio Rank: 4949
Sortino Ratio Rank
UCO Omega Ratio Rank: 5050
Omega Ratio Rank
UCO Calmar Ratio Rank: 7474
Calmar Ratio Rank
UCO Martin Ratio Rank: 4444
Martin Ratio Rank
SQQQ
SQQQ Risk / Return Rank: 00
Overall Rank
SQQQ Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 00
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 00
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 00
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 00
Martin Ratio Rank
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. 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.

UCOSQQQDifference

Sharpe ratio

Return per unit of total volatility

2.08

-1.39

+3.47

Sortino ratio

Return per unit of downside risk

2.43

-2.71

+5.14

Omega ratio

Gain probability vs. loss probability

1.32

0.72

+0.60

Calmar ratio

Return relative to maximum drawdown

3.78

-1.01

+4.79

Martin ratio

Return relative to average drawdown

7.17

-1.86

+9.04

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. SQQQ - Sharpe Ratio Comparison

The current UCO Sharpe Ratio is 2.08, which is higher than the SQQQ Sharpe Ratio of -1.39. The chart below compares the historical Sharpe Ratios of UCO and SQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UCOSQQQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.08

-1.39

+3.47

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.37

-0.75

+1.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.16

-0.85

+0.69

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.34

-0.88

+0.53

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

UCOSQQQDifference

Max Drawdown

Largest peak-to-trough decline

-99.95%

-100.00%

+0.05%

Max Drawdown (1Y)

Largest decline over 1 year

-34.77%

-65.95%

+31.18%

Max Drawdown (3Y)

Largest decline over 3 years

-50.38%

-92.38%

+42.00%

Max Drawdown (5Y)

Largest decline over 5 years

-67.24%

-97.23%

+29.99%

Max Drawdown (10Y)

Largest decline over 10 years

-98.75%

-99.98%

+1.23%

Current Drawdown

Current decline from peak

-99.25%

-100.00%

+0.75%

Average Drawdown

Average peak-to-trough decline

-85.48%

-92.40%

+6.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

18.32%

35.95%

-17.63%

Volatility

UCO vs. SQQQ - Volatility Comparison

ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 22.10% compared to ProShares UltraPro Short QQQ (SQQQ) at 13.72%. 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

UCOSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

22.10%

13.72%

+8.38%

Volatility (6M)

Calculated over the trailing 6-month period

46.40%

36.46%

+9.94%

Volatility (1Y)

Calculated over the trailing 1-year period

57.35%

47.82%

+9.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

59.77%

66.66%

-6.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

71.36%

66.12%

+5.24%

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 12.57%.

PositionTTM202520242023202220212020201920182017
SQQQ
ProShares UltraPro Short QQQ		12.57%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 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UCO has higher volatility (22.10%) compared to SQQQ (13.72%). In terms of maximum drawdown, UCO dropped -99.95% vs SQQQ's -100.00%.

On 10-year performance, UCO leads with -11.55% vs -56.04% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SQQQ has been the lower-risk option at 13.72%. 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 -11.55% return vs -56.04%. 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 12.57%, compared with 0.00% for UCO.

UCO is categorized as Leveraged Commodities, while SQQQ is Leveraged Equities. UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%), while SQQQ tracks NASDAQ-100 Index (-300%).

UCO currently has the higher Sharpe Ratio (2.08 vs -1.39), 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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