UCO vs. UVXY
Compare and contrast key facts about ProShares Ultra Bloomberg Crude Oil (UCO) and ProShares Ultra VIX Short-Term Futures ETF (UVXY).
UCO and UVXY 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. UVXY is a passively managed fund by ProShares that tracks the performance of the S&P 500 VIX SHORT-TERM FUTURES TR (150%). It was launched on Oct 3, 2011. Both UCO and UVXY 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. UVXY - Performance Comparison
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UCO vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 40.61% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Returns By Period
In the year-to-date period, UCO achieves a 92.55% return, which is significantly higher than UVXY's 40.61% return. Over the past 10 years, UCO has outperformed UVXY with an annualized return of -9.67%, while UVXY has yielded a comparatively lower -72.80% 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%
UVXY
- 1D
- -3.40%
- 1M
- 25.05%
- YTD
- 40.61%
- 6M
- -2.75%
- 1Y
- -57.00%
- 3Y*
- -64.84%
- 5Y*
- -67.28%
- 10Y*
- -72.80%
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UCO vs. UVXY - Expense Ratio Comparison
Both UCO and UVXY have an expense ratio of 0.95%.
Return for Risk
UCO vs. UVXY — Risk / Return Rank
UCO
UVXY
UCO vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.66 | -0.51 | +1.16 |
Sortino ratioReturn per unit of downside risk | 1.20 | -0.30 | +1.50 |
Omega ratioGain probability vs. loss probability | 1.15 | 0.96 | +0.19 |
Calmar ratioReturn relative to maximum drawdown | 1.08 | -0.66 | +1.74 |
Martin ratioReturn relative to average drawdown | 1.80 | -0.80 | +2.61 |
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 | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.66 | -0.51 | +1.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | -0.64 | +1.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.14 | -0.64 | +0.50 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.36 | -0.67 | +0.31 |
Correlation
The correlation between UCO and UVXY is -0.23. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
UCO vs. UVXY - Dividend Comparison
Neither UCO nor UVXY has paid dividends to shareholders.
Drawdowns
UCO vs. UVXY - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.95%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UCO and UVXY.
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Drawdown Indicators
| UCO | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -100.00% | +0.05% |
Max Drawdown (1Y)Largest decline over 1 year | -34.77% | -85.64% | +50.87% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -99.77% | +32.53% |
Max Drawdown (10Y)Largest decline over 10 years | -98.75% | -100.00% | +1.25% |
Current DrawdownCurrent decline from peak | -99.40% | -100.00% | +0.60% |
Average DrawdownAverage peak-to-trough decline | -85.35% | -98.53% | +13.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.76% | 71.09% | -50.33% |
Volatility
UCO vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Bloomberg Crude Oil (UCO) is 25.64%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 45.03%. This indicates that UCO experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCO | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.64% | 45.03% | -19.39% |
Volatility (6M)Calculated over the trailing 6-month period | 40.74% | 71.80% | -31.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.38% | 113.07% | -55.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.11% | 105.47% | -46.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.31% | 114.51% | -43.20% |