WTIU vs. UCO

Last updated Jun 24, 2026

WTIU (MicroSectors Energy 3X Leveraged ETN) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - WTIU is a Leveraged Equities fund tracking the Solactive MicroSectors Energy Index - Benchmark TR Gross (--300%), while UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. Over the past 3 years, WTIU returned 0.71%/yr vs 15.38%/yr for UCO. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

WTIU vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Energy 3X Leveraged ETN (WTIU) and ProShares Ultra Bloomberg Crude Oil (UCO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WTIU achieves a 48.25% return, which is significantly lower than UCO's 81.88% return.

WTIU

• 1D: 1.81%
• 1M: -23.04%
• YTD: 48.25%
• 6M: 48.93%
• 1Y: 40.86%
• 3Y*: 0.71%
• 5Y*: —
• 10Y*: —

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

WTIU vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WTIU MicroSectors Energy 3X Leveraged ETN	48.25%	-17.13%	-29.63%	-28.45%
UCO ProShares Ultra Bloomberg Crude Oil	81.88%	-29.75%	5.36%	-11.22%

Correlation

The correlation between WTIU and UCO is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (All Time) Calculated using the full available price history since Feb 15, 2023	0.65

The correlation between WTIU and UCO has been stable across timeframes, ranging from 0.65 to 0.69 - a consistent structural relationship.

Return for Risk

WTIU vs. UCO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

WTIU

WTIU Risk / Return Rank: 20
WTIU Sharpe Ratio Rank: 18
WTIU Sortino Ratio Rank: 22
WTIU Omega Ratio Rank: 21
WTIU Calmar Ratio Rank: 20
WTIU Martin Ratio Rank: 20

UCO

UCO Risk / Return Rank: 24
UCO Sharpe Ratio Rank: 22
UCO Sortino Ratio Rank: 24
UCO Omega Ratio Rank: 24
UCO Calmar Ratio Rank: 27
UCO Martin Ratio Rank: 22

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

WTIU vs. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Energy 3X Leveraged ETN (WTIU) 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.

	WTIU	UCO	Difference
Sharpe ratio: Return per unit of total volatility	0.60	0.75	-0.15
Sortino ratio: Return per unit of downside risk	1.19	1.30	-0.11
Omega ratio: Gain probability vs. loss probability	1.14	1.16	-0.02
Calmar ratio: Return relative to maximum drawdown	0.87	1.30	-0.43
Martin ratio: Return relative to average drawdown	2.30	2.61	-0.30

WTIU vs. UCO - Sharpe Ratio Comparison

The current WTIU Sharpe Ratio is 0.60, which is comparable to the UCO Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of WTIU and UCO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

WTIU vs. UCO - Drawdown Comparison

The maximum WTIU drawdown since its inception was -75.73%, smaller than the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for WTIU and UCO.

Drawdown Indicators

	WTIU	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-75.73%	-99.86%	+24.13%
Max Drawdown (1Y) Largest decline over 1 year	-47.07%	-32.37%	-14.70%
Max Drawdown (3Y) Largest decline over 3 years	-75.73%	-50.38%	-25.35%
Max Drawdown (5Y) Largest decline over 5 years	—	-67.24%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-96.50%	—
Current Drawdown Current decline from peak	-47.45%	-85.89%	+38.44%
Average Drawdown Average peak-to-trough decline	-39.19%	-82.11%	+42.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.80%	16.23%	+1.57%

Volatility

WTIU vs. UCO - Volatility Comparison

MicroSectors Energy 3X Leveraged ETN (WTIU) has a higher volatility of 23.51% compared to ProShares Ultra Bloomberg Crude Oil (UCO) at 16.11%. This indicates that WTIU'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.

Volatility by Period

	WTIU	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.51%	16.11%	+7.40%
Volatility (6M) Calculated over the trailing 6-month period	56.01%	48.06%	+7.95%
Volatility (1Y) Calculated over the trailing 1-year period	68.81%	57.57%	+11.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.79%	60.09%	+10.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.79%	317.77%	-246.98%

WTIU vs. UCO - Expense Ratio Comparison

Both WTIU and UCO have an expense ratio of 0.95%.

Dividends

WTIU vs. UCO - Dividend Comparison

Neither WTIU nor UCO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both WTIU and UCO in my portfolio?

WTIU and UCO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WTIU or UCO?

WTIU has higher volatility (23.51%) compared to UCO (16.11%). In terms of maximum drawdown, WTIU dropped -75.73% vs UCO's -99.86%.

Which ETF is better, WTIU or UCO?

On 3-year performance, UCO leads with 15.38% vs 0.71% for WTIU. 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.

Which ETF has performed better, WTIU or UCO?

Over the 3-year period, UCO has performed better with a 15.38% return vs 0.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WTIU or UCO?

WTIU and UCO have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, WTIU or UCO?

WTIU and UCO have nearly identical dividend yields, around 0.00%.

What is the main difference between WTIU and UCO?

WTIU is categorized as Leveraged Equities, while UCO is Oil & Gas. WTIU tracks Solactive MicroSectors Energy Index - Benchmark TR Gross (--300%), while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%). They also come from different issuers: REX and ProShares.

Which has better risk-adjusted returns?

UCO currently has the higher Sharpe Ratio (0.75 vs 0.60), 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.