UCO vs. TQQQ
UCO (ProShares Ultra Bloomberg Crude Oil) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while TQQQ 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 39.46%/yr for TQQQ. Their 0.21 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.
Performance
UCO vs. TQQQ - 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 TQQQ's 23.06% return. Over the past 10 years, UCO has underperformed TQQQ with an annualized return of 26.28%, while TQQQ has yielded a comparatively higher 39.46% 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%
TQQQ
- 1D
- 2.09%
- 1M
- -11.90%
- 6M
- 20.14%
- YTD
- 23.06%
- 1Y
- 56.87%
- 3Y*
- 43.81%
- 5Y*
- 15.36%
- 10Y*
- 39.46%
- ALL TIME*
- 42.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.37B | $4.57B | $5.33B | |
| $134.26M | $138.13M | $153.19M |
UCO vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 23.06% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between UCO and TQQQ is -0.18, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| 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 TQQQ shifts across timeframes, from -0.18 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UCO vs. TQQQ — Risk / Return Rank
UCO
TQQQ
UCO vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and ProShares UltraPro QQQ (TQQQ). 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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.17 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | 1.29 | +0.17 |
| Martin ratioReturn relative to average drawdown | 3.75 | 3.60 | +0.15 |
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Drawdowns
UCO vs. TQQQ - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.86%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for UCO and TQQQ.
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Drawdown Indicators
| UCO | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.86% | -81.66% | -18.20% |
Max Drawdown (1Y)Largest decline over 1 year | -38.55% | -36.97% | -1.58% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -58.04% | +7.66% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -81.66% | +14.42% |
Max Drawdown (10Y)Largest decline over 10 years | -96.50% | -81.66% | -14.84% |
Current DrawdownCurrent decline from peak | -83.77% | -25.74% | -58.03% |
Average DrawdownAverage peak-to-trough decline | -82.13% | -18.49% | -63.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.30% | 13.24% | +4.06% |
Volatility
UCO vs. TQQQ - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 22.33% compared to ProShares UltraPro QQQ (TQQQ) at 20.41%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCO | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.33% | 20.41% | +1.92% |
Volatility (6M)Calculated over the trailing 6-month period | 51.79% | 47.79% | +4.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.01% | 57.62% | +2.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.46% | 68.04% | -7.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 317.65% | 66.57% | +251.08% |
UCO vs. TQQQ - Expense Ratio Comparison
Both UCO and TQQQ have an expense ratio of 0.95%.
Dividends
UCO vs. TQQQ - Dividend Comparison
UCO has not paid dividends to shareholders, while TQQQ's dividend yield for the trailing twelve months is around 0.58%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 0.58% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
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% | 0.00% |
Frequently Asked Questions
UCO and TQQQ 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 TQQQ (20.41%). In terms of maximum drawdown, UCO dropped -99.86% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 39.46% vs 26.28% for UCO. Both ETFs have the same 0.95% expense ratio. On volatility, TQQQ has been the lower-risk option at 20.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TQQQ has performed better with a 39.46% return vs 26.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCO and TQQQ have the same expense ratio: 0.95% per year.
TQQQ has the higher dividend yield at 0.58%, compared with 0.00% for UCO.
UCO is categorized as Oil & Gas, while TQQQ is Leveraged Equities. UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while TQQQ tracks NASDAQ-100 Index (300%).
UCO currently has the higher Sharpe Ratio (0.94 vs 0.83), 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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