UCO vs. WTIU

Last updated Jun 3, 2026

UCO (ProShares Ultra Bloomberg Crude Oil) and WTIU (MicroSectors Energy 3X Leveraged ETN) are both exchange-traded funds - UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%), while WTIU is a Leveraged Equities fund tracking the Solactive MicroSectors Energy Index - Benchmark TR Gross (--300%). Both are passively managed. Over the past 3 years, UCO returned 24.78%/yr vs 4.54%/yr for WTIU. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

UCO vs. WTIU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Crude Oil (UCO) and MicroSectors Energy 3X Leveraged ETN (WTIU). 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 WTIU's 84.16% 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%

WTIU

• 1D: 2.52%
• 1M: -7.88%
• YTD: 84.16%
• 6M: 66.93%
• 1Y: 103.84%
• 3Y*: 4.54%
• 5Y*: —
• 10Y*: —

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

UCO vs. WTIU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UCO ProShares Ultra Bloomberg Crude Oil	142.55%	-29.75%	5.36%	-10.25%
WTIU MicroSectors Energy 3X Leveraged ETN	84.16%	-17.13%	-29.63%	-28.42%

Correlation

The correlation between UCO and WTIU is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (All Time) Calculated using the full available price history since Feb 16, 2023	0.65

The correlation between UCO and WTIU has been stable across timeframes, ranging from 0.65 to 0.69 - a consistent structural relationship.

Return for Risk

UCO vs. WTIU — 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

WTIU

WTIU Risk / Return Rank: 44
WTIU Sharpe Ratio Rank: 44
WTIU Sortino Ratio Rank: 38
WTIU Omega Ratio Rank: 38
WTIU Calmar Ratio Rank: 57
WTIU Martin Ratio Rank: 43

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. WTIU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and MicroSectors Energy 3X Leveraged ETN (WTIU). 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	WTIU	Difference
Sharpe ratio Return per unit of total volatility	2.08	1.55	+0.53
Sortino ratio Return per unit of downside risk	2.43	2.00	+0.43
Omega ratio Gain probability vs. loss probability	1.32	1.25	+0.07
Calmar ratio Return relative to maximum drawdown	3.78	2.85	+0.93
Martin ratio Return relative to average drawdown	7.17	7.09	+0.09
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. WTIU - Sharpe Ratio Comparison

The current UCO Sharpe Ratio is 2.08, which is higher than the WTIU Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of UCO and WTIU, 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	WTIU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	1.55	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.16	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.34	-0.11	-0.23

Drawdowns

UCO vs. WTIU - Drawdown Comparison

The maximum UCO drawdown since its inception was -99.95%, which is greater than WTIU's maximum drawdown of -75.73%. Use the drawdown chart below to compare losses from any high point for UCO and WTIU.

Drawdown Indicators

	UCO	WTIU	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-75.73%	-24.22%
Max Drawdown (1Y) Largest decline over 1 year	-34.77%	-39.11%	+4.34%
Max Drawdown (3Y) Largest decline over 3 years	-50.38%	-75.73%	+25.35%
Max Drawdown (5Y) Largest decline over 5 years	-67.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-98.75%	—	—
Current Drawdown Current decline from peak	-99.25%	-34.72%	-64.53%
Average Drawdown Average peak-to-trough decline	-85.48%	-39.19%	-46.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.32%	15.74%	+2.58%

Volatility

UCO vs. WTIU - Volatility Comparison

The current volatility for ProShares Ultra Bloomberg Crude Oil (UCO) is 22.10%, while MicroSectors Energy 3X Leveraged ETN (WTIU) has a volatility of 27.04%. This indicates that UCO experiences smaller price fluctuations and is considered to be less risky than WTIU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCO	WTIU	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.10%	27.04%	-4.94%
Volatility (6M) Calculated over the trailing 6-month period	46.40%	54.87%	-8.47%
Volatility (1Y) Calculated over the trailing 1-year period	57.35%	67.49%	-10.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.77%	70.62%	-10.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.36%	70.62%	+0.74%

UCO vs. WTIU - Expense Ratio Comparison

Both UCO and WTIU have an expense ratio of 0.95%.

Dividends

UCO vs. WTIU - Dividend Comparison

Neither UCO nor WTIU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UCO and WTIU in my portfolio?

UCO and WTIU have a correlation of 0.69, 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 WTIU?

WTIU has higher volatility (27.04%) compared to UCO (22.10%). In terms of maximum drawdown, UCO dropped -99.95% vs WTIU's -75.73%.

Which ETF is better, UCO or WTIU?

On 3-year performance, UCO leads with 24.78% vs 4.54% for WTIU. Both ETFs have the same 0.95% expense ratio. On volatility, UCO has been the lower-risk option at 22.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCO or WTIU?

Over the 3-year period, UCO has performed better with a 24.78% return vs 4.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCO or WTIU?

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

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

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

What is the main difference between UCO and WTIU?

UCO is categorized as Leveraged Commodities, while WTIU is Leveraged Equities. UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%), while WTIU tracks Solactive MicroSectors Energy Index - Benchmark TR Gross (--300%). They also come from different issuers: ProShares and REX.

Which has better risk-adjusted returns?

UCO currently has the higher Sharpe Ratio (2.08 vs 1.55), 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.