UCO vs. UVXY

Last updated Jun 3, 2026

UCO (ProShares Ultra Bloomberg Crude Oil) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-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 -11.55%/yr vs -72.66%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Crude Oil (UCO) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UCO achieves a 142.55% return, which is significantly higher than UVXY's -18.87% return. Over the past 10 years, UCO has outperformed UVXY with an annualized return of -11.55%, while UVXY has yielded a comparatively lower -72.66% annualized return.

UCO

• 1D: 2.52%
• 1M: 0.21%
• YTD: 142.55%
• 6M: 133.13%
• 1Y: 118.05%
• 3Y*: 24.78%
• 5Y*: 21.76%
• 10Y*: -11.55%

UVXY

• 1D: -2.67%
• 1M: -20.98%
• YTD: -18.87%
• 6M: -37.65%
• 1Y: -73.66%
• 3Y*: -64.52%
• 5Y*: -68.37%
• 10Y*: -72.66%

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

UCO vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UCO ProShares Ultra Bloomberg Crude Oil	142.55%	-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	-18.87%	-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 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
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 5, 2011	-0.22

The correlation between UCO and UVXY shifts across timeframes, from -0.22 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

UCO vs. UVXY — Risk / Return Rank

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

UCO

UCO Risk / Return Rank: 56
UCO Sharpe Ratio Rank: 61
UCO Sortino Ratio Rank: 49
UCO Omega Ratio Rank: 50
UCO Calmar Ratio Rank: 74
UCO Martin Ratio Rank: 44

UVXY

UVXY Risk / Return Rank: 1
UVXY Sharpe Ratio Rank: 2
UVXY Sortino Ratio Rank: 1
UVXY Omega Ratio Rank: 1
UVXY Calmar Ratio Rank: 0
UVXY Martin Ratio Rank: 2

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. 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 ratio Return per unit of total volatility	2.08	-0.87	+2.96
Sortino ratio Return per unit of downside risk	2.43	-1.65	+4.08
Omega ratio Gain probability vs. loss probability	1.32	0.81	+0.51
Calmar ratio Return relative to maximum drawdown	3.78	-0.99	+4.77
Martin ratio Return relative to average drawdown	7.17	-1.34	+8.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UCO vs. UVXY - Sharpe Ratio Comparison

The current UCO Sharpe Ratio is 2.08, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of UCO and UVXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UCO	UVXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	-0.87	+2.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	-0.66	+1.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.16	-0.64	+0.48
Sharpe Ratio (All Time) Calculated using the full available price history	-0.34	-0.68	+0.33

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.

Drawdown Indicators

	UCO	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-100.00%	+0.05%
Max Drawdown (1Y) Largest decline over 1 year	-34.77%	-75.22%	+40.45%
Max Drawdown (3Y) Largest decline over 3 years	-50.38%	-95.59%	+45.21%
Max Drawdown (5Y) Largest decline over 5 years	-67.24%	-99.68%	+32.44%
Max Drawdown (10Y) Largest decline over 10 years	-98.75%	-100.00%	+1.25%
Current Drawdown Current decline from peak	-99.25%	-100.00%	+0.75%
Average Drawdown Average peak-to-trough decline	-85.48%	-98.55%	+13.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.32%	55.43%	-37.11%

Volatility

UCO vs. UVXY - Volatility Comparison

ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 22.10% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 11.97%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCO	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.10%	11.97%	+10.13%
Volatility (6M) Calculated over the trailing 6-month period	46.40%	62.65%	-16.25%
Volatility (1Y) Calculated over the trailing 1-year period	57.35%	84.44%	-27.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.77%	103.85%	-44.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.36%	113.85%	-42.49%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UCO and UVXY in my portfolio?

UCO and UVXY have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UCO or UVXY?

UCO has higher volatility (22.10%) compared to UVXY (11.97%). In terms of maximum drawdown, UCO dropped -99.95% vs UVXY's -100.00%.

Which ETF is better, UCO or UVXY?

On 10-year performance, UCO leads with -11.55% vs -72.66% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 11.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCO or UVXY?

Over the 10-year period, UCO has performed better with a -11.55% return vs -72.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCO or UVXY?

UCO and UVXY have the same expense ratio: 0.95% per year.

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

UCO and UVXY have nearly identical dividend yields, around 0.00%.

What is the main difference between UCO and UVXY?

UCO is categorized as Leveraged Commodities, while UVXY is Volatility. UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).

Which has better risk-adjusted returns?

UCO currently has the higher Sharpe Ratio (2.08 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.