UCO vs. WXET

Last updated Jun 3, 2026

UCO (ProShares Ultra Bloomberg Crude Oil) and WXET (Teucrium 2x Daily Wheat ETF) are both Leveraged Commodities funds. UCO is passively managed, while WXET is actively managed. Over the past year, UCO returned 118.05% vs -7.52% for WXET. At a 0.20 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

UCO vs. WXET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Crude Oil (UCO) and Teucrium 2x Daily Wheat ETF (WXET). 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 WXET's 27.79% 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%

WXET

• 1D: -1.97%
• 1M: -11.55%
• YTD: 27.79%
• 6M: 12.24%
• 1Y: -7.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UCO vs. WXET - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UCO ProShares Ultra Bloomberg Crude Oil	142.55%	-29.75%	1.89%
WXET Teucrium 2x Daily Wheat ETF	27.79%	-37.99%	-0.40%

Correlation

The correlation between UCO and WXET is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Dec 16, 2024	0.20

Return for Risk

UCO vs. WXET — 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

WXET

WXET Risk / Return Rank: 8
WXET Sharpe Ratio Rank: 7
WXET Sortino Ratio Rank: 8
WXET Omega Ratio Rank: 8
WXET Calmar Ratio Rank: 7
WXET Martin Ratio Rank: 8

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. WXET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and Teucrium 2x Daily Wheat ETF (WXET). 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	WXET	Difference
Sharpe ratio Return per unit of total volatility	2.08	-0.15	+2.23
Sortino ratio Return per unit of downside risk	2.43	0.14	+2.29
Omega ratio Gain probability vs. loss probability	1.32	1.01	+0.30
Calmar ratio Return relative to maximum drawdown	3.78	-0.16	+3.94
Martin ratio Return relative to average drawdown	7.17	-0.24	+7.41
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. WXET - Sharpe Ratio Comparison

The current UCO Sharpe Ratio is 2.08, which is higher than the WXET Sharpe Ratio of -0.15. The chart below compares the historical Sharpe Ratios of UCO and WXET, 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	WXET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	-0.15	+2.23
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	-0.31	-0.03

Drawdowns

UCO vs. WXET - Drawdown Comparison

The maximum UCO drawdown since its inception was -99.95%, which is greater than WXET's maximum drawdown of -48.31%. Use the drawdown chart below to compare losses from any high point for UCO and WXET.

Drawdown Indicators

	UCO	WXET	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-48.31%	-51.64%
Max Drawdown (1Y) Largest decline over 1 year	-34.77%	-35.64%	+0.87%
Max Drawdown (3Y) Largest decline over 3 years	-50.38%	—	—
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%	-33.94%	-65.31%
Average Drawdown Average peak-to-trough decline	-85.48%	-30.48%	-55.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.32%	23.34%	-5.02%

Volatility

UCO vs. WXET - Volatility Comparison

ProShares Ultra Bloomberg Crude Oil (UCO) and Teucrium 2x Daily Wheat ETF (WXET) have volatilities of 22.10% and 21.55%, 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.

Volatility by Period

	UCO	WXET	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.10%	21.55%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	46.40%	39.33%	+7.07%
Volatility (1Y) Calculated over the trailing 1-year period	57.35%	49.90%	+7.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.77%	48.44%	+11.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.36%	48.44%	+22.92%

UCO vs. WXET - Expense Ratio Comparison

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

Dividends

UCO vs. WXET - Dividend Comparison

UCO has not paid dividends to shareholders, while WXET's dividend yield for the trailing twelve months is around 1.97%.

Position	TTM	2025	2024
UCO ProShares Ultra Bloomberg Crude Oil	0.00%	0.00%	0.00%
WXET Teucrium 2x Daily Wheat ETF	1.97%	3.57%	0.13%

Frequently Asked Questions

Can I hold both UCO and WXET in my portfolio?

UCO and WXET have a correlation of 0.27, 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 WXET?

UCO has higher volatility (22.10%) compared to WXET (21.55%). In terms of maximum drawdown, UCO dropped -99.95% vs WXET's -48.31%.

Which ETF is better, UCO or WXET?

On 1-year performance, UCO leads with 118.05% vs -7.52% for WXET. Both ETFs have the same 0.95% expense ratio. On volatility, WXET has been the lower-risk option at 21.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCO or WXET?

Over the 1-year period, UCO has performed better with a 118.05% return vs -7.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCO or WXET?

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

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

WXET has the higher dividend yield at 1.97%, compared with 0.00% for UCO.

What is the main difference between UCO and WXET?

They also come from different issuers: ProShares and Teucrium.

Which has better risk-adjusted returns?

UCO currently has the higher Sharpe Ratio (2.08 vs -0.15), 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.