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 -71.80%/yr vs 22.97%/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
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Returns By Period
In the year-to-date period, UVXY achieves a -29.20% return, which is significantly lower than UCO's 112.22% return. Over the past 10 years, UVXY has underperformed UCO with an annualized return of -71.80%, while UCO has yielded a comparatively higher 22.97% annualized return.
UVXY
- 1D
- 8.81%
- 1M
- -7.29%
- 6M
- -28.42%
- YTD
- -29.20%
- 1Y
- -70.71%
- 3Y*
- -60.83%
- 5Y*
- -67.79%
- 10Y*
- -71.80%
UCO
- 1D
- 4.73%
- 1M
- 12.14%
- 6M
- 100.39%
- YTD
- 112.22%
- 1Y
- 69.63%
- 3Y*
- 15.38%
- 5Y*
- 16.65%
- 10Y*
- 22.97%
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 | -29.20% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
UCO ProShares Ultra Bloomberg Crude Oil | 112.22% | -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 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.18 |
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 0.20 (1 year), reflecting how their relationship changes across market environments.
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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 | -2.02 | ||
| Sortino ratioReturn per unit of downside risk | -3.20 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.22 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 1.82 | -2.77 |
| Martin ratioReturn relative to average drawdown | -1.43 | 3.83 | -5.26 |
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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.
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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 | -73.88% | -38.55% | -35.33% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | -50.38% | -45.04% |
Max Drawdown (5Y)Largest decline over 5 years | -99.75% | -67.24% | -32.51% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -96.50% | -3.50% |
Current DrawdownCurrent decline from peak | -100.00% | -83.53% | -16.47% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -82.12% | -16.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 49.63% | 18.22% | +31.41% |
Volatility
UVXY vs. UCO - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) and ProShares Ultra Bloomberg Crude Oil (UCO) have volatilities of 19.34% and 19.48%, 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
| UVXY | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.34% | 19.48% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 67.22% | 50.04% | +17.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 85.95% | 58.37% | +27.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.85% | 60.44% | +43.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.04% | 317.63% | -205.59% |
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 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (19.48%) compared to UVXY (19.34%). In terms of maximum drawdown, UVXY dropped -100.00% vs UCO's -99.86%.
On 10-year performance, UCO leads with 22.97% vs -71.80% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 19.34%. 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 22.97% return vs -71.80%. 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 (1.20 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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