UCO vs. UVXY
UCO (ProShares Ultra Bloomberg Crude Oil) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, UCO returned 19.46%/yr vs -73.85%/yr for UVXY. At a correlation of -0.22, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UCO vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, UCO achieves a 81.88% return, which is significantly higher than UVXY's -22.07% return. Over the past 10 years, UCO has outperformed UVXY with an annualized return of 19.46%, while UVXY has yielded a comparatively lower -73.85% annualized 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%
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
UCO vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 81.88% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -22.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between UCO and UVXY is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.22 |
The correlation between UCO and UVXY shifts across timeframes, from -0.22 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.
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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.
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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.62 | ||
| Sortino ratioReturn per unit of downside risk | +2.94 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.81 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 1.30 | -1.01 | +2.31 |
| Martin ratioReturn relative to average drawdown | 2.61 | -1.45 | +4.06 |
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Drawdowns
UCO vs. UVXY - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.86%, 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 | -99.86% | -100.00% | +0.14% |
Max Drawdown (1Y)Largest decline over 1 year | -32.37% | -73.51% | +41.14% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -94.93% | +44.55% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -99.71% | +32.47% |
Max Drawdown (10Y)Largest decline over 10 years | -96.50% | -100.00% | +3.50% |
Current DrawdownCurrent decline from peak | -85.89% | -100.00% | +14.11% |
Average DrawdownAverage peak-to-trough decline | -82.11% | -98.75% | +16.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.23% | 55.34% | -39.11% |
Volatility
UCO vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Bloomberg Crude Oil (UCO) is 16.11%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. 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 | 16.11% | 25.85% | -9.74% |
Volatility (6M)Calculated over the trailing 6-month period | 48.06% | 66.46% | -18.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.57% | 85.46% | -27.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.09% | 103.96% | -43.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 317.77% | 112.39% | +205.38% |
UCO vs. UVXY - Expense Ratio Comparison
Both UCO and UVXY have an expense ratio of 0.95%.
Dividends
UCO vs. UVXY - Dividend Comparison
Neither UCO nor UVXY has paid dividends to shareholders.
Frequently Asked Questions
UCO and UVXY have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.85%) compared to UCO (16.11%). In terms of maximum drawdown, UCO dropped -99.86% vs UVXY's -100.00%.
On 10-year performance, UCO leads with 19.46% vs -73.85% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UCO has been the lower-risk option at 16.11%. 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 19.46% return vs -73.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCO and UVXY have the same expense ratio: 0.95% per year.
UCO and UVXY have nearly identical dividend yields, around 0.00%.
UCO is categorized as Oil & Gas, while UVXY is Volatility. UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UCO currently has the higher Sharpe Ratio (0.75 vs -0.87), 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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