ProShares Ultra Bloomberg Crude Oil (UCO) Performance
UCO total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +242.2% since Dec 31, 2025
- 1 year
- +208.8% total return
- 5 years
- +21.5% a year
- 10 years
- −7.4% a year
- Since first price
- −21.8% a year since 2008
UCO trailing returns vs SPY, QQQ, AGG
| Period | UCO total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +26.7% | +26.7% | −1.0% | −5.0% | +0.9% |
| 3 months | +49.5% | +49.5% | +3.2% | +1.9% | −0.4% |
| 6 months | +50.6% | +50.6% | +7.8% | +8.4% | −1.5% |
| YTD | +242.2% | +242.2% | +12.3% | +15.1% | −1.0% |
| 1 year | +208.8% | +208.8% | +14.4% | +15.9% | −1.1% |
| 3 years | +92.9%+24.5%/yr | +92.9% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +165.3%+21.5%/yr | +165.3% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −53.7%−7.4%/yr | −53.7% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −96.8%−20.5%/yr | −96.8% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionNov 25, 2008 | −98.8%−21.8%/yr | −98.8% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: UCO vs SPY
From Nov 25, 2008: UCO grew to $122, SPY to $122,925.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
UCO returns by calendar year
6 of 17 full years positive. Best 2021 (+139.3%), worst 2020 (−92.9%). 2026 is year to date.
UCO annual returns table
| Year | UCO | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +242.2% | −38.5% | +12.3% | +15.1% | −1.0% |
| 2025 | −29.7% | −42.3% | +17.7% | +20.8% | +7.2% |
| 2024 | +5.4% | −33.7% | +24.9% | +25.6% | +1.3% |
| 2023 | −13.9% | −32.2% | +26.2% | +54.9% | +5.7% |
| 2022 | +39.7% | −55.2% | −18.2% | −32.6% | −13.0% |
| 2021 | +139.3% | −34.3% | +28.7% | +27.4% | −1.8% |
| 2020 | −92.9% | −97.8% | +18.3% | +48.6% | +7.5% |
| 2019 | +53.8% | −42.3% | +31.2% | +39.0% | +8.5% |
| 2018 | −43.3% | −67.8% | −4.6% | −0.1% | +0.1% |
| 2017 | +0.3% | −45.9% | +21.7% | +32.7% | +3.6% |
| 2016 | −6.9% | −48.8% | +12.0% | +7.1% | +2.4% |
| 2015 | −75.8% | −76.6% | +1.2% | +9.4% | +0.5% |
| 2014 | −67.8% | −74.3% | +13.5% | +19.2% | +6.0% |
| 2013 | +9.9% | −28.2% | +32.3% | +36.6% | −2.0% |
| 2012 | −28.4% | −51.6% | +16.0% | +18.1% | +3.8% |
| 2011 | −18.1% | −59.9% | +1.9% | +3.4% | +7.7% |
| 2010 | −1.4% | −41.9% | +15.1% | +19.9% | +6.4% |
| 2009 | −7.4% | −66.6% | +26.4% | +54.7% | +3.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
UCO largest drawdowns
Now 98.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 26, 2008 | −99.95% | Apr 28, 2020 | not yet | 11.4 years | 17.9 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
UCO risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2008 |
|---|---|---|---|---|
| Annualized return | +14.8% | +20.5% | −8.5% | −23.0% |
| Volatility (annualized) | 52.4% | 53.6% | 68.0% | 65.2% |
| Sharpe ratio | 0.42 | 0.54 | 0.29 | -0.02 |
| Sortino ratio | 0.77 | 0.94 | 0.41 | -0.03 |
| Best month | +53.9% | +53.9% | +67.1% | +67.1% |
| Worst month | −29.9% | −29.9% | −85.5% | −85.5% |
| Best 12 months | +151.7% | +151.7% | +325.4% | +325.4% |
| Worst 12 months | −42.3% | −54.7% | −97.6% | −97.6% |
| Positive months | 50% | 52% | 54% | 49% |
| Beta vs S&P 500 | -0.39 | 0.33 | 1.37 | — |
| Correlation with S&P 500 | -0.09 | 0.10 | 0.31 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
UCO rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 204 | −97.6% | −11.2% | +325.4% | 42% |
| 3-year (a year) | 180 | −67.8% | −18.8% | +94.5% | 22% |
| 5-year (a year) | 156 | −64.1% | −30.9% | +39.0% | 15% |
| 10-year (a year) | 96 | −49.7% | −33.7% | −5.8% | 0% |
Every holding period starting at a month-end since 2008. Returns for 3 years and longer are annualized.
UCO performance overview
ProShares Ultra Bloomberg Crude Oil (UCO) returned +208.8% over the past year and −7.4% a year over ten years, with distributions reinvested. Since its first recorded price in 2008 it has returned −21.8% a year, turning $10,000 into about $122. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −99.95%, from Nov 26, 2008 to Apr 28, 2020; the fund has not yet regained that high. UCO finished 6 of its 17 full calendar years with a gain; the best year was 2021 (+139.3%) and the worst 2020 (−92.9%). Volatility has been 65.2% a year.
Related: UCO chart. See the UCO overview for the latest quote and fund facts.
UCO performance FAQ
What is the UCO return over the past year?
UCO returned +208.8% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 208.8%.
What is the average annual return of UCO?
UCO has returned +21.5% a year over 5 years, −7.4% a year over 10 years, −21.8% a year since November 25, 2008 (total return, distributions reinvested).
How much would $10,000 invested in UCO be worth?
$10,000 invested in UCO at its first recorded close on November 25, 2008 would be worth about $122 on October 23, 2026 with distributions reinvested.
What was the worst year for UCO?
The worst calendar year was 2020, with a total return of −92.9%. The best was 2021 at +139.3%.
What is the biggest drawdown of UCO?
The largest peak-to-trough decline was −99.95% between November 26, 2008 and April 28, 2020. It has not yet recovered to that high; it is 98.9% below its peak.
How volatile is UCO?
Over the past 3 years UCO had an annualized volatility of 52.4% and a Sharpe ratio of 0.42 (excess return over 1–3 month T-bills per unit of risk).