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UCO vs. UPRO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UCO vs. UPRO

Last updated Jun 3, 2026

UCO (ProShares Ultra Bloomberg Crude Oil) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%), while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, UCO returned -11.55%/yr vs 30.36%/yr for UPRO. At a 0.30 correlation, their price movements are largely independent. UCO charges 0.95%/yr vs 0.89%/yr for UPRO.

Performance

UCO vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Crude Oil (UCO) and ProShares UltraPro S&P 500 (UPRO). 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 UPRO's 30.62% return. Over the past 10 years, UCO has underperformed UPRO with an annualized return of -11.55%, while UPRO has yielded a comparatively higher 30.36% 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%

UPRO

1D
0.39%
1M
15.79%
YTD
30.62%
6M
30.65%
1Y
87.98%
3Y*
53.66%
5Y*
24.29%
10Y*
30.36%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UCO vs. UPRO - 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%
UPRO
ProShares UltraPro S&P 500		30.62%31.88%63.57%68.53%-56.84%98.64%10.09%102.30%-25.11%71.37%

Correlation

The correlation between UCO and UPRO is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.27

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

-0.03

Correlation (5Y)
Calculated over the trailing 5-year period

0.10

Correlation (10Y)
Calculated over the trailing 10-year period

0.20

Correlation (All Time)
Calculated using the full available price history since Jun 26, 2009

0.30

The correlation between UCO and UPRO shifts across timeframes, from -0.27 (1 year) to 0.30 (all time), 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 S&P 500

Often compared with UCO:
UCO vs. USOUCO vs. SCOUCO vs. OILUUCO vs. BOILUCO vs. ERXUCO vs. LABUUCO vs. OIH
Often compared with UPRO:
UPRO vs. SPYUPRO vs. TQQQUPRO vs. SPXLUPRO vs. SSOUPRO vs. VOOUPRO vs. QLDUPRO vs. TMF

Return for Risk

UCO vs. UPRO — 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
UPRO
UPRO Risk / Return Rank: 6969
Overall Rank
UPRO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
UPRO Sortino Ratio Rank: 6262
Sortino Ratio Rank
UPRO Omega Ratio Rank: 6464
Omega Ratio Rank
UPRO Calmar Ratio Rank: 6868
Calmar Ratio Rank
UPRO Martin Ratio Rank: 7474
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. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and ProShares UltraPro S&P 500 (UPRO). 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.

UCOUPRODifference

Sharpe ratio

Return per unit of total volatility

2.08

2.51

-0.43

Sortino ratio

Return per unit of downside risk

2.43

2.94

-0.50

Omega ratio

Gain probability vs. loss probability

1.32

1.39

-0.07

Calmar ratio

Return relative to maximum drawdown

3.78

3.40

+0.38

Martin ratio

Return relative to average drawdown

7.17

14.36

-7.19

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. UPRO - Sharpe Ratio Comparison

The current UCO Sharpe Ratio is 2.08, which is comparable to the UPRO Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of UCO and UPRO, 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

UCOUPRODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.08

2.51

-0.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.37

0.49

-0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.16

0.57

-0.73

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.34

0.66

-1.00

Drawdowns

UCO vs. UPRO - Drawdown Comparison

The maximum UCO drawdown since its inception was -99.95%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for UCO and UPRO.

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Drawdown Indicators

UCOUPRODifference

Max Drawdown

Largest peak-to-trough decline

-99.95%

-76.82%

-23.13%

Max Drawdown (1Y)

Largest decline over 1 year

-34.77%

-26.78%

-7.99%

Max Drawdown (3Y)

Largest decline over 3 years

-50.38%

-48.87%

-1.51%

Max Drawdown (5Y)

Largest decline over 5 years

-67.24%

-63.94%

-3.30%

Max Drawdown (10Y)

Largest decline over 10 years

-98.75%

-76.82%

-21.93%

Current Drawdown

Current decline from peak

-99.25%

0.00%

-99.25%

Average Drawdown

Average peak-to-trough decline

-85.48%

-14.42%

-71.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

18.32%

6.33%

+11.99%

Volatility

UCO vs. UPRO - Volatility Comparison

ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 22.10% compared to ProShares UltraPro S&P 500 (UPRO) at 8.17%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UCOUPRODifference

Volatility (1M)

Calculated over the trailing 1-month period

22.10%

8.17%

+13.93%

Volatility (6M)

Calculated over the trailing 6-month period

46.40%

26.54%

+19.86%

Volatility (1Y)

Calculated over the trailing 1-year period

57.35%

35.29%

+22.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

59.77%

50.31%

+9.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

71.36%

53.75%

+17.61%

UCO vs. UPRO - Expense Ratio Comparison

UCO has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.

Dividends

UCO vs. UPRO - Dividend Comparison

UCO has not paid dividends to shareholders, while UPRO's dividend yield for the trailing twelve months is around 0.67%.

PositionTTM20252024202320222021202020192018201720162015
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%
UPRO
ProShares UltraPro S&P 500		0.67%0.84%0.93%0.74%0.52%0.06%0.11%0.41%0.63%0.00%0.12%0.34%

Frequently Asked Questions

UCO and UPRO have a correlation of -0.27, 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 UPRO (8.17%). In terms of maximum drawdown, UCO dropped -99.95% vs UPRO's -76.82%.

On 10-year performance, UPRO leads with 30.36% vs -11.55% for UCO. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 8.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, UPRO has performed better with a 30.36% return vs -11.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for UCO.

UPRO has the higher dividend yield at 0.67%, compared with 0.00% for UCO.

UCO is categorized as Leveraged Commodities, while UPRO is Leveraged Equities. UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for UCO and 0.89% for UPRO.

UPRO currently has the higher Sharpe Ratio (2.51 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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