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UCO vs. XLE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UCO vs. XLE

Last updated Jun 3, 2026

UCO (ProShares Ultra Bloomberg Crude Oil) and XLE (State Street Energy Select Sector SPDR ETF) are both exchange-traded funds - UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%), while XLE is a Energy Equities fund tracking the Energy Select Sector Index. Both are passively managed. Over the past 10 years, UCO returned -11.55%/yr vs 10.08%/yr for XLE. A 0.64 correlation means they provide meaningful diversification when combined. UCO charges 0.95%/yr vs 0.08%/yr for XLE.

Performance

UCO vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Crude Oil (UCO) and State Street Energy Select Sector SPDR ETF (XLE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UCO achieves a 142.55% return, which is significantly higher than XLE's 30.48% return. Over the past 10 years, UCO has underperformed XLE with an annualized return of -11.55%, while XLE has yielded a comparatively higher 10.08% 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%

XLE

1D
1.15%
1M
-1.51%
YTD
30.48%
6M
30.54%
1Y
44.84%
3Y*
16.95%
5Y*
20.29%
10Y*
10.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UCO vs. XLE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
XLE
State Street Energy Select Sector SPDR ETF		30.48%7.88%5.56%-0.63%64.32%53.28%-32.67%11.74%-18.22%-0.89%

Correlation

The correlation between UCO and XLE is 0.64, 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

0.64

Correlation (3Y)
Calculated over the trailing 3-year period

0.62

Correlation (5Y)
Calculated over the trailing 5-year period

0.65

Correlation (10Y)
Calculated over the trailing 10-year period

0.63

Correlation (All Time)
Calculated using the full available price history since Nov 26, 2008

0.64

The correlation between UCO and XLE has been stable across timeframes, ranging from 0.62 to 0.65 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra Bloomberg Crude Oil

State Street Energy Select Sector SPDR ETF

Often compared with UCO:
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Often compared with XLE:
XLE vs. VDEXLE vs. USOXLE vs. XOPXLE vs. XLUXLE vs. XLKXLE vs. IXCXLE vs. FENY

Return for Risk

UCO vs. XLE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UCO
UCO Risk / Return Rank: 5656
Overall Rank
UCO Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
UCO Sortino Ratio Rank: 4949
Sortino Ratio Rank
UCO Omega Ratio Rank: 5050
Omega Ratio Rank
UCO Calmar Ratio Rank: 7474
Calmar Ratio Rank
UCO Martin Ratio Rank: 4444
Martin Ratio Rank
XLE
XLE Risk / Return Rank: 6464
Overall Rank
XLE Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
XLE Sortino Ratio Rank: 5959
Sortino Ratio Rank
XLE Omega Ratio Rank: 5757
Omega Ratio Rank
XLE Calmar Ratio Rank: 7676
Calmar Ratio Rank
XLE Martin Ratio Rank: 6363
Martin Ratio Rank
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. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) and State Street Energy Select Sector SPDR ETF (XLE). 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.

UCOXLEDifference

Sharpe ratio

Return per unit of total volatility

2.08

2.20

-0.12

Sortino ratio

Return per unit of downside risk

2.43

2.83

-0.40

Omega ratio

Gain probability vs. loss probability

1.32

1.35

-0.04

Calmar ratio

Return relative to maximum drawdown

3.78

3.88

-0.10

Martin ratio

Return relative to average drawdown

7.17

11.35

-4.18

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. XLE - Sharpe Ratio Comparison

The current UCO Sharpe Ratio is 2.08, which is comparable to the XLE Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of UCO and XLE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UCOXLEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.08

2.20

-0.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.37

0.78

-0.42

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.16

0.34

-0.50

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.34

0.31

-0.65

Drawdowns

UCO vs. XLE - Drawdown Comparison

The maximum UCO drawdown since its inception was -99.95%, which is greater than XLE's maximum drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for UCO and XLE.

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Drawdown Indicators

UCOXLEDifference

Max Drawdown

Largest peak-to-trough decline

-99.95%

-71.26%

-28.69%

Max Drawdown (1Y)

Largest decline over 1 year

-34.77%

-12.05%

-22.72%

Max Drawdown (3Y)

Largest decline over 3 years

-50.38%

-20.14%

-30.24%

Max Drawdown (5Y)

Largest decline over 5 years

-67.24%

-26.04%

-41.20%

Max Drawdown (10Y)

Largest decline over 10 years

-98.75%

-66.81%

-31.94%

Current Drawdown

Current decline from peak

-99.25%

-7.35%

-91.90%

Average Drawdown

Average peak-to-trough decline

-85.48%

-17.98%

-67.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

18.32%

4.12%

+14.20%

Volatility

UCO vs. XLE - Volatility Comparison

ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 22.10% compared to State Street Energy Select Sector SPDR ETF (XLE) at 8.19%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UCOXLEDifference

Volatility (1M)

Calculated over the trailing 1-month period

22.10%

8.19%

+13.91%

Volatility (6M)

Calculated over the trailing 6-month period

46.40%

16.56%

+29.84%

Volatility (1Y)

Calculated over the trailing 1-year period

57.35%

20.53%

+36.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

59.77%

26.01%

+33.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

71.36%

29.59%

+41.77%

UCO vs. XLE - Expense Ratio Comparison

UCO has a 0.95% expense ratio, which is higher than XLE's 0.08% expense ratio.

Dividends

UCO vs. XLE - Dividend Comparison

UCO has not paid dividends to shareholders, while XLE's dividend yield for the trailing twelve months is around 2.57%.

PositionTTM20252024202320222021202020192018201720162015
UCO
ProShares Ultra Bloomberg Crude Oil		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XLE
State Street Energy Select Sector SPDR ETF		2.57%3.28%3.36%3.55%3.68%4.21%5.62%6.72%3.54%3.03%2.26%3.39%

Frequently Asked Questions

UCO and XLE have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UCO has higher volatility (22.10%) compared to XLE (8.19%). In terms of maximum drawdown, UCO dropped -99.95% vs XLE's -71.26%.

On 10-year performance, XLE leads with 10.08% vs -11.55% for UCO. On fees, XLE is cheaper at 0.08% per year. On volatility, XLE has been the lower-risk option at 8.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, XLE has performed better with a 10.08% return vs -11.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XLE is cheaper with a 0.08% expense ratio, compared with 0.95% for UCO.

XLE has the higher dividend yield at 2.57%, compared with 0.00% for UCO.

UCO is categorized as Leveraged Commodities, while XLE is Energy Equities. UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%), while XLE tracks Energy Select Sector Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for UCO and 0.08% for XLE.

XLE currently has the higher Sharpe Ratio (2.20 vs 2.08), 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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