USO vs. UCO
USO (United States Oil Fund LP) and UCO (ProShares Ultra Bloomberg Crude Oil) are both Oil & Gas funds - USO tracks the Front Month Light Sweet Crude Oil while UCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. Over the past 10 years, USO returned 3.91%/yr vs 23.34%/yr for UCO. Their 0.99 correlation means they have historically moved very closely together. USO charges 0.86%/yr vs 0.95%/yr for UCO.
Performance
USO vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, USO achieves a 67.41% return, which is significantly lower than UCO's 84.37% return. Over the past 10 years, USO has underperformed UCO with an annualized return of 3.91%, while UCO has yielded a comparatively higher 23.34% annualized return.
USO
- 1D
- -5.19%
- 1M
- 11.35%
- 6M
- 49.45%
- YTD
- 67.41%
- 1Y
- 52.12%
- 3Y*
- 16.20%
- 5Y*
- 19.21%
- 10Y*
- 3.91%
- ALL TIME*
- -7.35%
UCO
- 1D
- -5.69%
- 1M
- 10.04%
- 6M
- 54.80%
- YTD
- 84.37%
- 1Y
- 48.98%
- 3Y*
- 4.60%
- 5Y*
- 14.50%
- 10Y*
- 23.34%
- ALL TIME*
- -9.84%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $135.32M | $139.41M | $146.61M | |
| $990.59M | $905.37M | $892.65M |
USO vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 67.41% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
UCO ProShares Ultra Bloomberg Crude Oil | 84.37% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
Correlation
The correlation between USO and UCO is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.96 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.99 |
The correlation between USO and UCO has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.
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Return for Risk
USO vs. UCO — Risk / Return Rank
USO
UCO
USO vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) 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.
| USO | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.17 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.61 | 1.28 | +0.34 |
| Martin ratioReturn relative to average drawdown | 4.70 | 3.25 | +1.45 |
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Drawdowns
USO vs. UCO - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, roughly equal to the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for USO and UCO.
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Drawdown Indicators
| USO | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -99.86% | +1.67% |
Max Drawdown (1Y)Largest decline over 1 year | -32.49% | -38.55% | +6.06% |
Max Drawdown (3Y)Largest decline over 3 years | -32.49% | -50.38% | +17.89% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -67.24% | +31.01% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | -96.50% | +9.75% |
Current DrawdownCurrent decline from peak | -87.68% | -85.69% | -1.99% |
Average DrawdownAverage peak-to-trough decline | -75.38% | -82.13% | +6.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.15% | 15.16% | -4.01% |
Volatility
USO vs. UCO - Volatility Comparison
The current volatility for United States Oil Fund LP (USO) is 19.90%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 24.57%. This indicates that USO experiences smaller price fluctuations and is considered to be less risky than UCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USO | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.90% | 24.57% | -4.67% |
Volatility (6M)Calculated over the trailing 6-month period | 43.20% | 51.63% | -8.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.43% | 60.27% | -12.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.17% | 60.48% | -23.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.35% | 317.78% | -278.43% |
USO vs. UCO - Expense Ratio Comparison
USO has a 0.86% expense ratio, which is lower than UCO's 0.95% expense ratio.
Dividends
USO vs. UCO - Dividend Comparison
Neither USO nor UCO has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.96, USO and UCO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
UCO has higher volatility (24.57%) compared to USO (19.90%). In terms of maximum drawdown, USO dropped -98.19% vs UCO's -99.86%.
On 10-year performance, UCO leads with 23.34% vs 3.91% for USO. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 19.90%. 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 23.34% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 0.95% for UCO.
USO and UCO have nearly identical dividend yields, around 0.00%.
USO tracks Front Month Light Sweet Crude Oil, while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%). They also come from different issuers: USCF and ProShares. Their fees differ too: 0.86% for USO and 0.95% for UCO.
USO currently has the higher Sharpe Ratio (1.11 vs 0.82), 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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