UCO vs. USO
UCO (ProShares Ultra Bloomberg Crude Oil) and USO (United States Oil Fund LP) are both Oil & Gas funds - UCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (200%) while USO tracks the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, UCO returned 18.97%/yr vs 1.89%/yr for USO. With a 0.99 correlation, they move nearly in lockstep. UCO charges 0.95%/yr vs 0.86%/yr for USO.
Performance
UCO vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, UCO achieves a 89.65% return, which is significantly higher than USO's 66.09% return. Over the past 10 years, UCO has outperformed USO with an annualized return of 18.97%, while USO has yielded a comparatively lower 1.89% annualized return.
UCO
- 1D
- 0.22%
- 1M
- -23.94%
- YTD
- 89.65%
- 6M
- 93.97%
- 1Y
- 31.47%
- 3Y*
- 14.78%
- 5Y*
- 14.79%
- 10Y*
- 18.97%
USO
- 1D
- 0.56%
- 1M
- -19.41%
- YTD
- 66.09%
- 6M
- 68.85%
- 1Y
- 38.20%
- 3Y*
- 21.31%
- 5Y*
- 18.89%
- 10Y*
- 1.89%
UCO vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 89.65% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
USO United States Oil Fund LP | 66.09% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between UCO and USO is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.99 |
The correlation between UCO and USO has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.
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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.
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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.19 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 1.57 | -0.61 |
| Martin ratioReturn relative to average drawdown | 1.79 | 3.47 | -1.68 |
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Drawdowns
UCO vs. USO - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.86%, 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 | -99.86% | -98.19% | -1.67% |
Max Drawdown (1Y)Largest decline over 1 year | -34.77% | -25.32% | -9.45% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -26.05% | -24.33% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -36.23% | -31.01% |
Max Drawdown (10Y)Largest decline over 10 years | -96.50% | -86.75% | -9.75% |
Current DrawdownCurrent decline from peak | -85.29% | -87.78% | +2.49% |
Average DrawdownAverage peak-to-trough decline | -82.11% | -75.31% | -6.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.79% | 11.47% | +7.32% |
Volatility
UCO vs. USO - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 17.30% compared to United States Oil Fund LP (USO) at 12.67%. 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 | 17.30% | 12.67% | +4.63% |
Volatility (6M)Calculated over the trailing 6-month period | 48.10% | 39.34% | +8.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.48% | 44.29% | +13.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.08% | 36.30% | +23.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 317.60% | 39.04% | +278.56% |
UCO vs. USO - Expense Ratio Comparison
UCO has a 0.95% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
UCO vs. USO - Dividend Comparison
Neither UCO nor USO has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.96, UCO and USO 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 (17.30%) compared to USO (12.67%). In terms of maximum drawdown, UCO dropped -99.86% vs USO's -98.19%.
On 10-year performance, UCO leads with 18.97% vs 1.89% for USO. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 12.67%. 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 18.97% return vs 1.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 0.95% for UCO.
UCO and USO have nearly identical dividend yields, around 0.00%.
UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.95% for UCO and 0.86% for USO.
USO currently has the higher Sharpe Ratio (0.90 vs 0.59), 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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