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 Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%). Both are passively managed. Over the past 10 years, UVXY returned -72.73%/yr vs -11.98%/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 -23.07% return, which is significantly lower than UCO's 139.34% return. Over the past 10 years, UVXY has underperformed UCO with an annualized return of -72.73%, while UCO has yielded a comparatively higher -11.98% annualized return.
UVXY
- 1D
- -4.95%
- 1M
- -26.21%
- YTD
- -23.07%
- 6M
- -39.47%
- 1Y
- -74.10%
- 3Y*
- -64.78%
- 5Y*
- -68.23%
- 10Y*
- -72.73%
UCO
- 1D
- -3.93%
- 1M
- -5.57%
- YTD
- 139.34%
- 6M
- 124.58%
- 1Y
- 115.57%
- 3Y*
- 24.38%
- 5Y*
- 21.18%
- 10Y*
- -11.98%
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 | -23.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
UCO ProShares Ultra Bloomberg Crude Oil | 139.34% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | -92.91% | 53.83% | -43.26% | 0.34% |
Correlation
The correlation between UVXY and UCO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
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 5, 2011 | -0.22 |
The correlation between UVXY and UCO shifts across timeframes, from -0.22 (all time) to 0.23 (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.
| UVXY | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.91 | ||
| Sortino ratioReturn per unit of downside risk | -4.06 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.31 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 3.34 | -4.32 |
| Martin ratioReturn relative to average drawdown | -1.33 | 6.32 | -7.65 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UVXY | UCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.88 | 2.03 | -2.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | 0.36 | -1.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | -0.17 | -0.47 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | -0.34 | -0.33 |
Drawdowns
UVXY vs. UCO - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, roughly equal to the maximum UCO drawdown of -99.95%. 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% | -99.95% | -0.05% |
Max Drawdown (1Y)Largest decline over 1 year | -76.19% | -34.77% | -41.42% |
Max Drawdown (3Y)Largest decline over 3 years | -95.25% | -50.38% | -44.87% |
Max Drawdown (5Y)Largest decline over 5 years | -99.69% | -67.24% | -32.45% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -98.75% | -1.25% |
Current DrawdownCurrent decline from peak | -100.00% | -99.26% | -0.74% |
Average DrawdownAverage peak-to-trough decline | -98.55% | -85.49% | -13.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.83% | 18.34% | +37.49% |
Volatility
UVXY vs. UCO - Volatility Comparison
The current volatility for ProShares Ultra VIX Short-Term Futures ETF (UVXY) is 12.26%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 20.99%. This indicates that UVXY 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
| UVXY | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.26% | 20.99% | -8.73% |
Volatility (6M)Calculated over the trailing 6-month period | 62.79% | 46.57% | +16.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 84.51% | 57.26% | +27.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.82% | 59.81% | +44.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 113.81% | 71.35% | +42.46% |
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 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (20.99%) compared to UVXY (12.26%). In terms of maximum drawdown, UVXY dropped -100.00% vs UCO's -99.95%.
On 10-year performance, UCO leads with -11.98% vs -72.73% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 12.26%. 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 -11.98% return vs -72.73%. 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 Leveraged Commodities. UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%).
UCO currently has the higher Sharpe Ratio (2.03 vs -0.88), 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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