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 -41.29%/yr vs -37.09%/yr for SCO. A 0.66 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 -43.37% return, which is significantly higher than SCO's -57.74% return. Over the past 10 years, DRIP has underperformed SCO with an annualized return of -41.29%, while SCO has yielded a comparatively higher -37.09% annualized return.
DRIP
- 1D
- 1.41%
- 1M
- 7.28%
- 6M
- -42.02%
- YTD
- -43.37%
- 1Y
- -40.76%
- 3Y*
- -23.75%
- 5Y*
- -40.11%
- 10Y*
- -41.29%
SCO
- 1D
- 0.03%
- 1M
- 18.27%
- 6M
- -55.73%
- YTD
- -57.74%
- 1Y
- -49.59%
- 3Y*
- -29.10%
- 5Y*
- -37.73%
- 10Y*
- -37.09%
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 | -43.37% | -14.81% | 1.27% | -17.24% | -73.57% | -79.74% | -42.76% | -36.11% | 49.62% | -9.05% |
SCO ProShares UltraShort Bloomberg Crude Oil | -57.74% | 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 0.70, 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 | 0.70 |
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 | 0.63 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | 0.66 |
The correlation between DRIP and SCO has been stable across timeframes, ranging from 0.63 to 0.70 - 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 | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.85 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | -0.72 | +0.05 |
| Martin ratioReturn relative to average drawdown | -1.17 | -1.32 | +0.15 |
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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% | -75.14% | -0.88% |
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 | -90.50% | -85.24% | -5.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.33% | 39.10% | -3.77% |
Volatility
DRIP vs. SCO - Volatility Comparison
The current volatility for Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) is 15.59%, while ProShares UltraShort Bloomberg Crude Oil (SCO) has a volatility of 17.87%. This indicates that DRIP 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
| DRIP | SCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.59% | 17.87% | -2.28% |
Volatility (6M)Calculated over the trailing 6-month period | 43.86% | 48.31% | -4.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.19% | 56.84% | -0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.07% | 60.20% | +7.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.95% | 71.80% | +24.15% |
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 3.14%, 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 | 3.14% | 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 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCO has higher volatility (17.87%) compared to DRIP (15.59%). In terms of maximum drawdown, DRIP dropped -99.95% vs SCO's -99.80%.
On 10-year performance, SCO leads with -37.09% vs -41.29% for DRIP. On fees, SCO is cheaper at 0.95% per year. On volatility, DRIP has been the lower-risk option at 15.59%. 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 -37.09% return vs -41.29%. 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 3.14%, 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 (-0.74 vs -0.91), 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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