UCO vs. USO
Compare and contrast key facts about ProShares Ultra Bloomberg Crude Oil (UCO) and United States Oil Fund LP (USO).
UCO and USO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UCO is a passively managed fund by ProShares that tracks the performance of the Dow Jones-UBS Crude Oil Sub-Index (200%). It was launched on Nov 24, 2008. USO is a passively managed fund by Concierge Technologies that tracks the performance of the Front Month Light Sweet Crude Oil. It was launched on Apr 10, 2006. Both UCO and USO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
UCO vs. USO - Performance Comparison
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UCO vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 92.55% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | -92.91% | 53.83% | -43.26% | 0.34% |
USO United States Oil Fund LP | 79.42% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Returns By Period
In the year-to-date period, UCO achieves a 92.55% return, which is significantly higher than USO's 79.42% return. Over the past 10 years, UCO has underperformed USO with an annualized return of -9.67%, while USO has yielded a comparatively higher 5.22% annualized return.
UCO
- 1D
- -5.34%
- 1M
- 34.20%
- YTD
- 92.55%
- 6M
- 67.42%
- 1Y
- 37.47%
- 3Y*
- 12.01%
- 5Y*
- 21.35%
- 10Y*
- -9.67%
USO
- 1D
- -2.48%
- 1M
- 42.32%
- YTD
- 79.42%
- 6M
- 69.66%
- 1Y
- 60.99%
- 3Y*
- 23.15%
- 5Y*
- 24.29%
- 10Y*
- 5.22%
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UCO vs. USO - Expense Ratio Comparison
UCO has a 0.95% expense ratio, which is higher than USO's 0.79% expense ratio.
Return for Risk
UCO vs. USO — Risk / Return Rank
UCO
USO
UCO vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and United States Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.66 | 1.56 | -0.90 |
Sortino ratioReturn per unit of downside risk | 1.20 | 2.22 | -1.02 |
Omega ratioGain probability vs. loss probability | 1.15 | 1.28 | -0.13 |
Calmar ratioReturn relative to maximum drawdown | 1.08 | 2.97 | -1.89 |
Martin ratioReturn relative to average drawdown | 1.80 | 5.14 | -3.33 |
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 | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.66 | 1.56 | -0.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | 0.71 | -0.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.14 | 0.14 | -0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.36 | -0.19 | -0.17 |
Correlation
The correlation between UCO and USO is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
UCO vs. USO - Dividend Comparison
Neither UCO nor USO has paid dividends to shareholders.
Drawdowns
UCO vs. USO - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.95%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for UCO and USO.
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Drawdown Indicators
| UCO | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -98.19% | -1.76% |
Max Drawdown (1Y)Largest decline over 1 year | -34.77% | -20.39% | -14.38% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -36.23% | -31.01% |
Max Drawdown (10Y)Largest decline over 10 years | -98.75% | -86.75% | -12.00% |
Current DrawdownCurrent decline from peak | -99.40% | -86.80% | -12.60% |
Average DrawdownAverage peak-to-trough decline | -85.35% | -75.21% | -10.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.76% | 11.77% | +8.99% |
Volatility
UCO vs. USO - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 25.64% compared to United States Oil Fund LP (USO) at 22.21%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCO | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.64% | 22.21% | +3.43% |
Volatility (6M)Calculated over the trailing 6-month period | 40.74% | 29.81% | +10.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.38% | 39.35% | +18.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.11% | 34.40% | +24.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.31% | 38.33% | +32.98% |