UVXY vs. UCO
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), 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, UVXY returned -73.90%/yr vs 19.59%/yr for UCO. At a correlation of -0.22, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UVXY vs. UCO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UVXY achieves a -24.94% return, which is significantly lower than UCO's 77.33% return. Over the past 10 years, UVXY has underperformed UCO with an annualized return of -73.90%, while UCO has yielded a comparatively higher 19.59% annualized return.
UVXY
- 1D
- -2.46%
- 1M
- -14.14%
- YTD
- -24.94%
- 6M
- -26.89%
- 1Y
- -71.73%
- 3Y*
- -62.37%
- 5Y*
- -66.99%
- 10Y*
- -73.90%
UCO
- 1D
- 4.80%
- 1M
- -24.44%
- YTD
- 77.33%
- 6M
- 71.99%
- 1Y
- 53.08%
- 3Y*
- 14.02%
- 5Y*
- 11.51%
- 10Y*
- 19.59%
UVXY vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -24.94% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
UCO ProShares Ultra Bloomberg Crude Oil | 77.33% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
Correlation
The correlation between UVXY and UCO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.22 |
The correlation between UVXY and UCO shifts across timeframes, from -0.22 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UVXY vs. UCO — Risk / Return Rank
UVXY
UCO
UVXY vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) 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.
| UVXY | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.79 | ||
| Sortino ratioReturn per unit of downside risk | -3.02 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.18 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 1.44 | -2.43 |
| Martin ratioReturn relative to average drawdown | -1.43 | 3.23 | -4.66 |
Loading charts...
Drawdowns
UVXY vs. UCO - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, roughly equal to the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for UVXY and UCO.
Loading charts...
Drawdown Indicators
| UVXY | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.86% | -0.14% |
Max Drawdown (1Y)Largest decline over 1 year | -72.74% | -37.09% | -35.65% |
Max Drawdown (3Y)Largest decline over 3 years | -94.91% | -50.38% | -44.53% |
Max Drawdown (5Y)Largest decline over 5 years | -99.71% | -67.24% | -32.47% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -96.50% | -3.50% |
Current DrawdownCurrent decline from peak | -100.00% | -86.24% | -13.76% |
Average DrawdownAverage peak-to-trough decline | -98.75% | -82.11% | -16.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.54% | 16.46% | +34.08% |
Volatility
UVXY vs. UCO - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 25.55% compared to ProShares Ultra Bloomberg Crude Oil (UCO) at 18.06%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than UCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UVXY | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.55% | 18.06% | +7.49% |
Volatility (6M)Calculated over the trailing 6-month period | 66.08% | 48.70% | +17.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 84.93% | 56.42% | +28.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.95% | 60.21% | +43.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.35% | 317.66% | -205.31% |
UVXY vs. UCO - Expense Ratio Comparison
Both UVXY and UCO have an expense ratio of 0.95%.
Dividends
UVXY vs. UCO - Dividend Comparison
Neither UVXY nor UCO has paid dividends to shareholders.
Frequently Asked Questions
UVXY and UCO have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.55%) compared to UCO (18.06%). In terms of maximum drawdown, UVXY dropped -100.00% vs UCO's -99.86%.
On 10-year performance, UCO leads with 19.59% vs -73.90% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UCO has been the lower-risk option at 18.06%. 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 19.59% return vs -73.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UVXY and UCO have the same expense ratio: 0.95% per year.
UVXY and UCO have nearly identical dividend yields, around 0.00%.
UVXY is categorized as Volatility, while UCO is Oil & Gas. UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%).
UCO currently has the higher Sharpe Ratio (0.95 vs -0.85), 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.
Find the right allocation for UVXY and UCO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer