CPXR vs. SCO
CPXR (USCF Daily Target 2X Copper Index ETF) and SCO (ProShares UltraShort Bloomberg Crude Oil) are both Leveraged Commodities funds - CPXR tracks the SummerHaven Copper Index while SCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%). Both are passively managed. Over the past year, CPXR returned 37.97% vs -68.07% for SCO. At a correlation of -0.04, they often move in opposite directions. CPXR charges 1.20%/yr vs 0.95%/yr for SCO.
Performance
CPXR vs. SCO - Performance Comparison
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Returns By Period
In the year-to-date period, CPXR achieves a 21.61% return, which is significantly higher than SCO's -68.52% return.
CPXR
- 1D
- -5.10%
- 1M
- 21.98%
- YTD
- 21.61%
- 6M
- 34.31%
- 1Y
- 37.97%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SCO
- 1D
- -2.80%
- 1M
- 0.04%
- YTD
- -68.52%
- 6M
- -67.29%
- 1Y
- -68.07%
- 3Y*
- -37.96%
- 5Y*
- -42.81%
- 10Y*
- -38.69%
CPXR vs. SCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CPXR USCF Daily Target 2X Copper Index ETF | 21.61% | 36.03% |
SCO ProShares UltraShort Bloomberg Crude Oil | -68.52% | 26.43% |
Correlation
The correlation between CPXR and SCO is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025 | -0.04 |
The correlation between CPXR and SCO shifts across timeframes, from -0.04 (all time) to 0.07 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CPXR vs. SCO — Risk / Return Rank
CPXR
SCO
CPXR vs. SCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USCF Daily Target 2X Copper Index ETF (CPXR) and ProShares UltraShort Bloomberg Crude Oil (SCO). 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.
| CPXR | SCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.76 | ||
| Sortino ratioReturn per unit of downside risk | +3.45 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.75 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 0.80 | -0.94 | +1.74 |
| Martin ratioReturn relative to average drawdown | 1.47 | -1.97 | +3.44 |
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
| CPXR | SCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.55 | -1.20 | +1.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.72 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.54 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | -0.38 | +1.04 |
Drawdowns
CPXR vs. SCO - Drawdown Comparison
The maximum CPXR drawdown since its inception was -47.87%, smaller than the maximum SCO drawdown of -99.80%. Use the drawdown chart below to compare losses from any high point for CPXR and SCO.
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Drawdown Indicators
| CPXR | SCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.87% | -99.80% | +51.93% |
Max Drawdown (1Y)Largest decline over 1 year | -47.87% | -72.24% | +24.37% |
Max Drawdown (3Y)Largest decline over 3 years | — | -79.85% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -94.80% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.51% | — |
Current DrawdownCurrent decline from peak | -5.10% | -99.79% | +94.69% |
Average DrawdownAverage peak-to-trough decline | -19.88% | -85.17% | +65.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.94% | 34.60% | -8.66% |
Volatility
CPXR vs. SCO - Volatility Comparison
The current volatility for USCF Daily Target 2X Copper Index ETF (CPXR) is 18.75%, while ProShares UltraShort Bloomberg Crude Oil (SCO) has a volatility of 20.05%. This indicates that CPXR experiences smaller price fluctuations and is considered to be less risky than SCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPXR | SCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.75% | 20.05% | -1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 45.26% | 45.60% | -0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.77% | 56.64% | +12.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.61% | 59.74% | +8.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.61% | 71.95% | -3.34% |
CPXR vs. SCO - Expense Ratio Comparison
CPXR has a 1.20% expense ratio, which is higher than SCO's 0.95% expense ratio.
Dividends
CPXR vs. SCO - Dividend Comparison
CPXR's dividend yield for the trailing twelve months is around 0.58%, while SCO has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CPXR USCF Daily Target 2X Copper Index ETF | 0.58% | 0.70% |
SCO ProShares UltraShort Bloomberg Crude Oil | 0.00% | 0.00% |
Frequently Asked Questions
CPXR and SCO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCO has higher volatility (20.05%) compared to CPXR (18.75%). In terms of maximum drawdown, CPXR dropped -47.87% vs SCO's -99.80%.
On 1-year performance, CPXR leads with 37.97% vs -68.07% for SCO. On fees, SCO is cheaper at 0.95% per year. On volatility, CPXR has been the lower-risk option at 18.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CPXR has performed better with a 37.97% return vs -68.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCO is cheaper with a 0.95% expense ratio, compared with 1.20% for CPXR.
CPXR has the higher dividend yield at 0.58%, compared with 0.00% for SCO.
CPXR tracks SummerHaven Copper Index, while SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%). They also come from different issuers: USCF and ProShares. Their fees differ too: 1.20% for CPXR and 0.95% for SCO.
CPXR currently has the higher Sharpe Ratio (0.55 vs -1.20), 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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