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 26.28%/yr vs -71.50%/yr for UVXY. Their -0.22 correlation means they have often moved in opposite directions in the past. 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 109.21% return, which is significantly higher than UVXY's -35.24% return. Over the past 10 years, UCO has outperformed UVXY with an annualized return of 26.28%, while UVXY has yielded a comparatively lower -71.50% annualized return.
UCO
- 1D
- 1.00%
- 1M
- 24.87%
- 6M
- 67.72%
- YTD
- 109.21%
- 1Y
- 66.00%
- 3Y*
- 9.81%
- 5Y*
- 15.14%
- 10Y*
- 26.28%
- ALL TIME*
- -9.20%
UVXY
- 1D
- -4.24%
- 1M
- -6.17%
- 6M
- -37.50%
- YTD
- -35.24%
- 1Y
- -73.24%
- 3Y*
- -61.42%
- 5Y*
- -68.18%
- 10Y*
- -71.50%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $134.26M | $138.13M | $153.19M | |
| $190.03M | $191.90M | $239.87M |
UCO vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 109.21% | -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 | -35.24% | -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 0.21, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.21 |
Correlation (3Y) Balances recent behavior with more history. | 0.04 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.18 |
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 0.21 (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 | +1.74 | ||
| Sortino ratioReturn per unit of downside risk | +2.87 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.85 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | -0.95 | +2.41 |
| Martin ratioReturn relative to average drawdown | 3.75 | -1.35 | +5.10 |
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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 | -38.55% | -73.88% | +35.33% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -95.42% | +45.04% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -99.68% | +32.44% |
Max Drawdown (10Y)Largest decline over 10 years | -96.50% | -100.00% | +3.50% |
Current DrawdownCurrent decline from peak | -83.77% | -100.00% | +16.23% |
Average DrawdownAverage peak-to-trough decline | -82.13% | -98.76% | +16.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.30% | 51.60% | -34.30% |
Volatility
UCO vs. UVXY - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) and ProShares Ultra VIX Short-Term Futures ETF (UVXY) have volatilities of 22.33% and 22.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 22.33% | 22.30% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 51.79% | 65.55% | -13.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.01% | 87.28% | -27.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.46% | 103.39% | -42.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 317.65% | 112.09% | +205.56% |
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 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (22.33%) compared to UVXY (22.30%). In terms of maximum drawdown, UCO dropped -99.86% vs UVXY's -100.00%.
On 10-year performance, UCO leads with 26.28% vs -71.50% for UVXY. Both ETFs have the same 0.95% expense ratio. Their volatility is very similar. 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 26.28% return vs -71.50%. 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 (0.94 vs -0.80), 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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