UGL vs. UCO
UGL (ProShares Ultra Gold) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. Over the past 10 years, UGL returned 15.23%/yr vs 19.46%/yr for UCO. At a 0.15 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
UGL vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, UGL achieves a -16.89% return, which is significantly lower than UCO's 81.88% return. Over the past 10 years, UGL has underperformed UCO with an annualized return of 15.23%, while UCO has yielded a comparatively higher 19.46% annualized return.
UGL
- 1D
- -3.69%
- 1M
- -17.68%
- YTD
- -16.89%
- 6M
- -24.16%
- 1Y
- 27.53%
- 3Y*
- 46.82%
- 5Y*
- 26.27%
- 10Y*
- 15.23%
UCO
- 1D
- -1.26%
- 1M
- -25.61%
- YTD
- 81.88%
- 6M
- 76.32%
- 1Y
- 42.04%
- 3Y*
- 15.38%
- 5Y*
- 12.42%
- 10Y*
- 19.46%
UGL vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -16.89% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
UCO ProShares Ultra Bloomberg Crude Oil | 81.88% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
Correlation
The correlation between UGL and UCO is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | 0.15 |
The correlation between UGL and UCO shifts across timeframes, from -0.06 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UGL vs. UCO — Risk / Return Rank
UGL
UCO
UGL vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) and ProShares Ultra Bloomberg Crude Oil (UCO). 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.
| UGL | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.16 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.59 | 1.30 | -0.71 |
| Martin ratioReturn relative to average drawdown | 1.46 | 2.61 | -1.15 |
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Drawdowns
UGL vs. UCO - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, smaller than the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for UGL and UCO.
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Drawdown Indicators
| UGL | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -99.86% | +23.93% |
Max Drawdown (1Y)Largest decline over 1 year | -46.64% | -32.37% | -14.27% |
Max Drawdown (3Y)Largest decline over 3 years | -46.64% | -50.38% | +3.74% |
Max Drawdown (5Y)Largest decline over 5 years | -46.64% | -67.24% | +20.60% |
Max Drawdown (10Y)Largest decline over 10 years | -46.64% | -96.50% | +49.86% |
Current DrawdownCurrent decline from peak | -46.11% | -85.89% | +39.78% |
Average DrawdownAverage peak-to-trough decline | -43.62% | -82.11% | +38.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.88% | 16.23% | +2.65% |
Volatility
UGL vs. UCO - Volatility Comparison
ProShares Ultra Gold (UGL) and ProShares Ultra Bloomberg Crude Oil (UCO) have volatilities of 16.29% and 16.11%, 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
| UGL | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.29% | 16.11% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 49.19% | 48.06% | +1.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.81% | 57.57% | -2.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.65% | 60.09% | -23.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.51% | 317.77% | -285.26% |
UGL vs. UCO - Expense Ratio Comparison
Both UGL and UCO have an expense ratio of 0.95%.
Dividends
UGL vs. UCO - Dividend Comparison
Neither UGL nor UCO has paid dividends to shareholders.
Frequently Asked Questions
UGL and UCO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (16.29%) compared to UCO (16.11%). In terms of maximum drawdown, UGL dropped -75.93% vs UCO's -99.86%.
On 10-year performance, UCO leads with 19.46% vs 15.23% for UGL. Both ETFs have the same 0.95% expense ratio. On volatility, UCO has been the lower-risk option at 16.11%. 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 19.46% return vs 15.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL and UCO have the same expense ratio: 0.95% per year.
UGL and UCO have nearly identical dividend yields, around 0.00%.
UGL is categorized as Leveraged Commodities, while UCO is Oil & Gas. UGL tracks Bloomberg Gold Subindex (200%), while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%).
UCO currently has the higher Sharpe Ratio (0.75 vs 0.50), 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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