DRIP vs. SCO
DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) and SCO (ProShares UltraShort Bloomberg Crude Oil) are both exchange-traded funds - DRIP is a Leveraged Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry Index (-300%), while SCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%). Both are passively managed. Over the past 10 years, DRIP returned -42.00%/yr vs -37.19%/yr for SCO. A 0.65 correlation means they provide meaningful diversification when combined. DRIP charges 1.07%/yr vs 0.95%/yr for SCO.
Performance
DRIP vs. SCO - Performance Comparison
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Returns By Period
In the year-to-date period, DRIP achieves a -40.65% return, which is significantly higher than SCO's -58.29% return. Over the past 10 years, DRIP has underperformed SCO with an annualized return of -42.00%, while SCO has yielded a comparatively higher -37.19% annualized return.
DRIP
- 1D
- -3.09%
- 1M
- 20.05%
- YTD
- -40.65%
- 6M
- -41.35%
- 1Y
- -37.54%
- 3Y*
- -27.03%
- 5Y*
- -38.96%
- 10Y*
- -42.00%
SCO
- 1D
- 2.76%
- 1M
- 28.62%
- YTD
- -58.29%
- 6M
- -57.59%
- 1Y
- -44.99%
- 3Y*
- -32.52%
- 5Y*
- -38.26%
- 10Y*
- -37.19%
DRIP vs. SCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | -40.65% | -14.81% | 1.27% | -17.24% | -73.57% | -79.74% | -42.76% | -36.11% | 49.62% | -9.05% |
SCO ProShares UltraShort Bloomberg Crude Oil | -58.29% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
Correlation
The correlation between DRIP and SCO 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 (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | 0.65 |
The correlation between DRIP and SCO has been stable across timeframes, ranging from 0.64 to 0.69 - a consistent structural relationship.
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Return for Risk
DRIP vs. SCO — Risk / Return Rank
DRIP
SCO
DRIP vs. SCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) 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.
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.
| DRIP | SCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 0.88 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | -0.62 | +0.02 |
| Martin ratioReturn relative to average drawdown | -1.12 | -1.22 | +0.11 |
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Drawdowns
DRIP vs. SCO - Drawdown Comparison
The maximum DRIP drawdown since its inception was -99.95%, roughly equal to the maximum SCO drawdown of -99.80%. Use the drawdown chart below to compare losses from any high point for DRIP and SCO.
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Drawdown Indicators
| DRIP | SCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -99.80% | -0.15% |
Max Drawdown (1Y)Largest decline over 1 year | -62.18% | -72.24% | +10.06% |
Max Drawdown (3Y)Largest decline over 3 years | -76.02% | -78.76% | +2.74% |
Max Drawdown (5Y)Largest decline over 5 years | -96.24% | -94.80% | -1.44% |
Max Drawdown (10Y)Largest decline over 10 years | -99.92% | -99.51% | -0.41% |
Current DrawdownCurrent decline from peak | -99.93% | -99.72% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -90.46% | -85.19% | -5.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.61% | 36.81% | -3.20% |
Volatility
DRIP vs. SCO - Volatility Comparison
Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a higher volatility of 18.24% compared to ProShares UltraShort Bloomberg Crude Oil (SCO) at 15.97%. This indicates that DRIP's price experiences larger fluctuations and is considered to be riskier 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
| DRIP | SCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.24% | 15.97% | +2.27% |
Volatility (6M)Calculated over the trailing 6-month period | 43.95% | 47.16% | -3.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.86% | 57.21% | -0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.37% | 60.04% | +8.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 96.46% | 71.95% | +24.51% |
DRIP vs. SCO - Expense Ratio Comparison
DRIP has a 1.07% expense ratio, which is higher than SCO's 0.95% expense ratio.
Dividends
DRIP vs. SCO - Dividend Comparison
DRIP's dividend yield for the trailing twelve months is around 3.33%, while SCO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.33% | 2.86% | 4.38% | 5.09% | 0.00% | 0.00% | 0.01% | 0.96% | 0.58% |
SCO ProShares UltraShort Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DRIP and SCO 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.
DRIP has higher volatility (18.24%) compared to SCO (15.97%). In terms of maximum drawdown, DRIP dropped -99.95% vs SCO's -99.80%.
On 10-year performance, SCO leads with -37.19% vs -42.00% for DRIP. On fees, SCO is cheaper at 0.95% per year. On volatility, SCO has been the lower-risk option at 15.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SCO has performed better with a -37.19% return vs -42.00%. 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 1.07% for DRIP.
DRIP has the higher dividend yield at 3.33%, compared with 0.00% for SCO.
DRIP is categorized as Leveraged Equities, while SCO is Oil & Gas. DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%), while SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.07% for DRIP and 0.95% for SCO.
DRIP currently has the higher Sharpe Ratio (-0.66 vs -0.79), 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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