Actually the answer is everything is 'relative'. So using this Qcharts chart you can see a much different story. We are comparing a double with a single so depends on what time frame your comparison is in. I get caught with this now and again and come to a different conclusion until I start comparing from a low onward or from a high onward. Exact opposite charts being they are relative in each time frame. I don't know why I get caught with this often but one does believe what they see. But with Qcharts I can drag the chart back for years if I wish and the chart then reverses its relative difference as I drag. Kinda blows ones mind when trying to come to conclusions but it is what it is I guess. Would need someone much smarter than I to strategize it all. So here is a chart from the 'major' low in March/09 that saw most markets bottom. This does make more sense as the double bull UCO is more volatile than the single bul USO. I guess I caused a 'kerfuffle" for nothing...............

What I do see though is still a difference in performance with the double bull UCO underperforming the USO from last Oct through Feb/12. I suspect this is because of the more sideways price action this time that saw this underperformance. If you compare this latest period to the March/09 major low to the March/10 high you can see this last run up from October was weak 'relative' to the Mar/09-Mar/10 run up. And if there is one thing that will screw up a double ETF chart price action it's sideways trading of any kind. The doubles have a decaying bias to them and it shows with sideways trading especially.