UCO vs. UGL
UCO (ProShares Ultra Bloomberg Crude Oil) and UGL (ProShares Ultra Gold) are both exchange-traded funds - UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, UCO returned 19.46%/yr vs 15.23%/yr for UGL. At a 0.15 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
UCO vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, UCO achieves a 81.88% return, which is significantly higher than UGL's -16.89% return. Over the past 10 years, UCO has outperformed UGL with an annualized return of 19.46%, while UGL has yielded a comparatively lower 15.23% annualized return.
UCO
- 1D
- -1.26%
- 1M
- -25.61%
- YTD
- 81.88%
- 6M
- 76.32%
- 1Y
- 42.04%
- 3Y*
- 15.38%
- 5Y*
- 12.42%
- 10Y*
- 19.46%
UGL
- 1D
- -3.69%
- 1M
- -17.68%
- YTD
- -16.89%
- 6M
- -24.16%
- 1Y
- 27.53%
- 3Y*
- 46.82%
- 5Y*
- 26.27%
- 10Y*
- 15.23%
UCO vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 81.88% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
UGL ProShares Ultra Gold | -16.89% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between UCO and UGL is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | 0.15 |
The correlation between UCO and UGL shifts across timeframes, from -0.06 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UCO vs. UGL — Risk / Return Rank
UCO
UGL
UCO vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and ProShares Ultra Gold (UGL). 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 | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.14 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.30 | 0.59 | +0.71 |
| Martin ratioReturn relative to average drawdown | 2.61 | 1.46 | +1.15 |
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Drawdowns
UCO vs. UGL - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.86%, which is greater than UGL's maximum drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for UCO and UGL.
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Drawdown Indicators
| UCO | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.86% | -75.93% | -23.93% |
Max Drawdown (1Y)Largest decline over 1 year | -32.37% | -46.64% | +14.27% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -46.64% | -3.74% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -46.64% | -20.60% |
Max Drawdown (10Y)Largest decline over 10 years | -96.50% | -46.64% | -49.86% |
Current DrawdownCurrent decline from peak | -85.89% | -46.11% | -39.78% |
Average DrawdownAverage peak-to-trough decline | -82.11% | -43.62% | -38.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.23% | 18.88% | -2.65% |
Volatility
UCO vs. UGL - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) and ProShares Ultra Gold (UGL) have volatilities of 16.11% and 16.29%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCO | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.11% | 16.29% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 48.06% | 49.19% | -1.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.57% | 54.81% | +2.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.09% | 36.65% | +23.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 317.77% | 32.51% | +285.26% |
UCO vs. UGL - Expense Ratio Comparison
Both UCO and UGL have an expense ratio of 0.95%.
Dividends
UCO vs. UGL - Dividend Comparison
Neither UCO nor UGL has paid dividends to shareholders.
Frequently Asked Questions
UCO and UGL have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (16.29%) compared to UCO (16.11%). In terms of maximum drawdown, UCO dropped -99.86% vs UGL's -75.93%.
On 10-year performance, UCO leads with 19.46% vs 15.23% for UGL. Both ETFs have the same 0.95% expense ratio. On volatility, UCO has been the lower-risk option at 16.11%. 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 19.46% return vs 15.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCO and UGL have the same expense ratio: 0.95% per year.
UCO and UGL have nearly identical dividend yields, around 0.00%.
UCO is categorized as Oil & Gas, while UGL is Leveraged Commodities. UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while UGL tracks Bloomberg Gold Subindex (200%).
UCO currently has the higher Sharpe Ratio (0.75 vs 0.50), 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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