UCO vs. USL
UCO (ProShares Ultra Bloomberg Crude Oil) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%), while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, UCO returned -11.55%/yr vs 10.74%/yr for USL. With a 0.97 correlation, they move nearly in lockstep. UCO charges 0.95%/yr vs 0.88%/yr for USL.
Performance
UCO vs. USL - 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 USL's 60.58% return. Over the past 10 years, UCO has underperformed USL with an annualized return of -11.55%, while USL has yielded a comparatively higher 10.74% 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%
USL
- 1D
- 1.21%
- 1M
- 0.73%
- YTD
- 60.58%
- 6M
- 58.21%
- 1Y
- 56.66%
- 3Y*
- 17.81%
- 5Y*
- 17.18%
- 10Y*
- 10.74%
UCO vs. USL - 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% |
USL United States 12 Month Oil Fund LP | 60.58% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -14.15% | 2.55% |
Correlation
The correlation between UCO and USL is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | 0.97 |
The correlation between UCO and USL has been stable across timeframes, ranging from 0.97 to 1.00 - a consistent structural relationship.
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Return for Risk
UCO vs. USL — Risk / Return Rank
UCO
USL
UCO vs. USL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and United States 12 Month Oil Fund LP (USL). 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 | USL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.08 | 2.00 | +0.08 |
Sortino ratioReturn per unit of downside risk | 2.43 | 2.54 | -0.11 |
Omega ratioGain probability vs. loss probability | 1.32 | 1.33 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 3.78 | 3.67 | +0.11 |
Martin ratioReturn relative to average drawdown | 7.17 | 7.44 | -0.27 |
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 | USL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.08 | 2.00 | +0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 0.57 | -0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.16 | 0.33 | -0.50 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.34 | 0.01 | -0.35 |
Drawdowns
UCO vs. USL - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.95%, which is greater than USL's maximum drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for UCO and USL.
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Drawdown Indicators
| UCO | USL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -89.06% | -10.89% |
Max Drawdown (1Y)Largest decline over 1 year | -34.77% | -16.76% | -18.01% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -23.33% | -27.05% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -33.82% | -33.42% |
Max Drawdown (10Y)Largest decline over 10 years | -98.75% | -66.02% | -32.73% |
Current DrawdownCurrent decline from peak | -99.25% | -39.10% | -60.15% |
Average DrawdownAverage peak-to-trough decline | -85.48% | -61.46% | -24.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.32% | 8.26% | +10.06% |
Volatility
UCO vs. USL - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 22.10% compared to United States 12 Month Oil Fund LP (USL) at 11.15%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCO | USL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.10% | 11.15% | +10.95% |
Volatility (6M)Calculated over the trailing 6-month period | 46.40% | 23.30% | +23.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.35% | 28.65% | +28.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.77% | 30.07% | +29.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.36% | 32.35% | +39.01% |
UCO vs. USL - Expense Ratio Comparison
UCO has a 0.95% expense ratio, which is higher than USL's 0.88% expense ratio.
Dividends
UCO vs. USL - Dividend Comparison
Neither UCO nor USL has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, UCO and USL 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 USL (11.15%). In terms of maximum drawdown, UCO dropped -99.95% vs USL's -89.06%.
On 10-year performance, USL leads with 10.74% vs -11.55% for UCO. On fees, USL is cheaper at 0.88% per year. On volatility, USL has been the lower-risk option at 11.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USL has performed better with a 10.74% return vs -11.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USL is cheaper with a 0.88% expense ratio, compared with 0.95% for UCO.
UCO and USL have nearly identical dividend yields, around 0.00%.
UCO is categorized as Leveraged Commodities, while USL is Oil & Gas. UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%), while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for UCO and 0.88% for USL.
UCO currently has the higher Sharpe Ratio (2.08 vs 2.00), 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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