UCO vs. UGA
UCO (ProShares Ultra Bloomberg Crude Oil) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%), while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, UCO returned -11.55%/yr vs 14.46%/yr for UGA. Their correlation of 0.81 suggests significant overlap in exposure. UCO charges 0.95%/yr vs 0.75%/yr for UGA.
Performance
UCO vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, UCO achieves a 142.55% return, which is significantly higher than UGA's 75.83% return. Over the past 10 years, UCO has underperformed UGA with an annualized return of -11.55%, while UGA has yielded a comparatively higher 14.46% 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%
UGA
- 1D
- 1.74%
- 1M
- -8.95%
- YTD
- 75.83%
- 6M
- 64.53%
- 1Y
- 82.09%
- 3Y*
- 22.29%
- 5Y*
- 25.18%
- 10Y*
- 14.46%
UCO vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
UGA United States Gasoline Fund LP | 75.83% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between UCO and UGA is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | 0.81 |
The correlation between UCO and UGA has been stable across timeframes, ranging from 0.81 to 0.91 - a consistent structural relationship.
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Return for Risk
UCO vs. UGA — Risk / Return Rank
UCO
UGA
UCO vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.08 | 2.35 | -0.27 |
Sortino ratioReturn per unit of downside risk | 2.43 | 2.78 | -0.35 |
Omega ratioGain probability vs. loss probability | 1.32 | 1.38 | -0.06 |
Calmar ratioReturn relative to maximum drawdown | 3.78 | 5.82 | -2.04 |
Martin ratioReturn relative to average drawdown | 7.17 | 14.25 | -7.08 |
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 | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.08 | 2.35 | -0.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 0.74 | -0.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.16 | 0.39 | -0.55 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.34 | 0.12 | -0.46 |
Drawdowns
UCO vs. UGA - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.95%, which is greater than UGA's maximum drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for UCO and UGA.
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Drawdown Indicators
| UCO | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -86.59% | -13.36% |
Max Drawdown (1Y)Largest decline over 1 year | -34.77% | -14.88% | -19.89% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -26.68% | -23.70% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -38.11% | -29.13% |
Max Drawdown (10Y)Largest decline over 10 years | -98.75% | -75.89% | -22.86% |
Current DrawdownCurrent decline from peak | -99.25% | -12.18% | -87.07% |
Average DrawdownAverage peak-to-trough decline | -85.48% | -36.77% | -48.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.32% | 6.08% | +12.24% |
Volatility
UCO vs. UGA - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 22.10% compared to United States Gasoline Fund LP (UGA) at 12.41%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCO | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.10% | 12.41% | +9.69% |
Volatility (6M)Calculated over the trailing 6-month period | 46.40% | 30.41% | +15.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.35% | 35.21% | +22.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.77% | 34.38% | +25.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.36% | 37.27% | +34.09% |
UCO vs. UGA - Expense Ratio Comparison
UCO has a 0.95% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
UCO vs. UGA - Dividend Comparison
Neither UCO nor UGA has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, UCO and UGA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
UCO has higher volatility (22.10%) compared to UGA (12.41%). In terms of maximum drawdown, UCO dropped -99.95% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.46% vs -11.55% for UCO. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 12.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGA has performed better with a 14.46% return vs -11.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.95% for UCO.
UCO and UGA have nearly identical dividend yields, around 0.00%.
UCO is categorized as Leveraged Commodities, while UGA is Oil & Gas. UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%), while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for UCO and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.35 vs 2.08), 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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