UCO vs. USOI

Last updated Jun 24, 2026

UCO (ProShares Ultra Bloomberg Crude Oil) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both Oil & Gas funds - UCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (200%) while USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, UCO returned 42.04% vs 24.90% for USOI. Their correlation of 0.93 suggests significant overlap in exposure. UCO charges 0.95%/yr vs 0.85%/yr for USOI.

Performance

UCO vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Crude Oil (UCO) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UCO achieves a 81.88% return, which is significantly higher than USOI's 26.72% 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%

USOI

• 1D: -1.16%
• 1M: -13.97%
• YTD: 26.72%
• 6M: 25.07%
• 1Y: 24.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

UCO vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UCO ProShares Ultra Bloomberg Crude Oil	81.88%	-29.75%	-11.03%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	26.72%	-8.78%	3.24%

Correlation

The correlation between UCO and USOI is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.93

The correlation between UCO and USOI has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

UCO vs. USOI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UCO

UCO Risk / Return Rank: 24
UCO Sharpe Ratio Rank: 22
UCO Sortino Ratio Rank: 24
UCO Omega Ratio Rank: 24
UCO Calmar Ratio Rank: 27
UCO Martin Ratio Rank: 22

USOI

USOI Risk / Return Rank: 30
USOI Sharpe Ratio Rank: 31
USOI Sortino Ratio Rank: 29
USOI Omega Ratio Rank: 29
USOI Calmar Ratio Rank: 29
USOI Martin Ratio Rank: 31

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. USOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). 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	USOI	Difference
Sharpe ratio: Return per unit of total volatility	0.75	1.07	-0.32
Sortino ratio: Return per unit of downside risk	1.30	1.53	-0.23
Omega ratio: Gain probability vs. loss probability	1.16	1.19	-0.03
Calmar ratio: Return relative to maximum drawdown	1.30	1.36	-0.05
Martin ratio: Return relative to average drawdown	2.61	4.30	-1.69

UCO vs. USOI - Sharpe Ratio Comparison

The current UCO Sharpe Ratio is 0.75, which is comparable to the USOI Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of UCO and USOI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UCO vs. USOI - Drawdown Comparison

The maximum UCO drawdown since its inception was -99.86%, which is greater than USOI's maximum drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for UCO and USOI.

Drawdown Indicators

	UCO	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-99.86%	-19.49%	-80.37%
Max Drawdown (1Y) Largest decline over 1 year	-32.37%	-18.41%	-13.96%
Max Drawdown (3Y) Largest decline over 3 years	-50.38%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-67.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-96.50%	—	—
Current Drawdown Current decline from peak	-85.89%	-18.41%	-67.48%
Average Drawdown Average peak-to-trough decline	-82.11%	-7.33%	-74.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.23%	5.81%	+10.42%

Volatility

UCO vs. USOI - Volatility Comparison

ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 16.11% compared to Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) at 9.08%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier than USOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCO	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.11%	9.08%	+7.03%
Volatility (6M) Calculated over the trailing 6-month period	48.06%	19.23%	+28.83%
Volatility (1Y) Calculated over the trailing 1-year period	57.57%	23.55%	+34.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.09%	23.00%	+37.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	317.77%	23.00%	+294.77%

UCO vs. USOI - Expense Ratio Comparison

UCO has a 0.95% expense ratio, which is higher than USOI's 0.85% expense ratio.

Dividends

UCO vs. USOI - Dividend Comparison

UCO has not paid dividends to shareholders, while USOI's dividend yield for the trailing twelve months is around 47.27%.

Position	TTM	2025	2024
UCO ProShares Ultra Bloomberg Crude Oil	0.00%	0.00%	0.00%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	47.27%	27.21%	12.54%

Frequently Asked Questions

Can I hold both UCO and USOI in my portfolio?

With a correlation of 0.91, UCO and USOI 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.

Which is riskier, UCO or USOI?

UCO has higher volatility (16.11%) compared to USOI (9.08%). In terms of maximum drawdown, UCO dropped -99.86% vs USOI's -19.49%.

Which ETF is better, UCO or USOI?

On 1-year performance, UCO leads with 42.04% vs 24.90% for USOI. On fees, USOI is cheaper at 0.85% per year. On volatility, USOI has been the lower-risk option at 9.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCO or USOI?

Over the 1-year period, UCO has performed better with a 42.04% return vs 24.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCO or USOI?

USOI is cheaper with a 0.85% expense ratio, compared with 0.95% for UCO.

Which ETF pays a higher dividend yield, UCO or USOI?

USOI has the higher dividend yield at 47.27%, compared with 0.00% for UCO.

What is the main difference between UCO and USOI?

UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. They also come from different issuers: ProShares and Credit Suisse. Their fees differ too: 0.95% for UCO and 0.85% for USOI.

Which has better risk-adjusted returns?

USOI currently has the higher Sharpe Ratio (1.07 vs 0.75), 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.