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 26.28%/yr vs -54.48%/yr for SQQQ. Their -0.21 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
UCO vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, UCO achieves a 109.21% return, which is significantly higher than SQQQ's -34.61% return. Over the past 10 years, UCO has outperformed SQQQ with an annualized return of 26.28%, while SQQQ has yielded a comparatively lower -54.48% annualized return.
UCO
- 1D
- 1.00%
- 1M
- 24.87%
- 6M
- 67.72%
- YTD
- 109.21%
- 1Y
- 66.00%
- 3Y*
- 9.81%
- 5Y*
- 15.14%
- 10Y*
- 26.28%
- ALL TIME*
- -9.20%
SQQQ
- 1D
- -1.99%
- 1M
- 9.46%
- 6M
- -32.40%
- YTD
- -34.61%
- 1Y
- -52.32%
- 3Y*
- -49.83%
- 5Y*
- -44.46%
- 10Y*
- -54.48%
- ALL TIME*
- -52.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.40B | $2.29B | $2.66B | |
| $134.26M | $138.13M | $153.19M |
UCO vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 109.21% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
SQQQ ProShares UltraPro Short QQQ | -34.61% | -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 0.18, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.18 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.04 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 0.18 (1 year), reflecting how their relationship changes across market environments.
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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 | +1.80 | ||
| Sortino ratioReturn per unit of downside risk | +2.77 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.86 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | -0.81 | +2.27 |
| Martin ratioReturn relative to average drawdown | 3.75 | -1.41 | +5.16 |
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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.
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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 | -83.77% | -100.00% | +16.23% |
Average DrawdownAverage peak-to-trough decline | -82.13% | -92.78% | +10.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.30% | 35.08% | -17.78% |
Volatility
UCO vs. SQQQ - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 22.33% compared to ProShares UltraPro Short QQQ (SQQQ) at 20.82%. 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 | 22.33% | 20.82% | +1.51% |
Volatility (6M)Calculated over the trailing 6-month period | 51.79% | 48.09% | +3.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.01% | 57.98% | +2.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.46% | 68.18% | -7.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 317.65% | 66.74% | +250.91% |
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 9.14%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 9.14% | 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 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (22.33%) compared to SQQQ (20.82%). In terms of maximum drawdown, UCO dropped -99.86% vs SQQQ's -100.00%.
On 10-year performance, UCO leads with 26.28% vs -54.48% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SQQQ has been the lower-risk option at 20.82%. 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 26.28% return vs -54.48%. 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 9.14%, 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 (0.94 vs -0.86), 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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