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 -43.88%/yr vs -40.39%/yr for SCO. Their 0.65 correlation means they have sometimes moved together and sometimes differently. 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 -55.32% return, which is significantly higher than SCO's -65.39% return. Over the past 10 years, DRIP has underperformed SCO with an annualized return of -43.88%, while SCO has yielded a comparatively higher -40.39% annualized return.
DRIP
- 1D
- -2.95%
- 1M
- -25.11%
- 6M
- -44.52%
- YTD
- -55.32%
- 1Y
- -59.32%
- 3Y*
- -26.17%
- 5Y*
- -45.26%
- 10Y*
- -43.88%
- ALL TIME*
- -42.20%
SCO
- 1D
- -1.02%
- 1M
- -23.78%
- 6M
- -55.81%
- YTD
- -65.39%
- 1Y
- -58.66%
- 3Y*
- -29.81%
- 5Y*
- -39.67%
- 10Y*
- -40.39%
- ALL TIME*
- -26.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.97M | $70.63M | $133.34M | |
| $131.70M | $126.01M | $253.57M |
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 | -55.32% | -14.81% | 1.27% | -17.24% | -73.57% | -79.74% | -42.76% | -36.11% | 49.62% | -9.05% |
SCO ProShares UltraShort Bloomberg Crude Oil | -65.39% | 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 have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.70 |
Correlation (3Y) Balances recent behavior with more history. | 0.65 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.66 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.63 |
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 0.63 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 | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.84 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | -0.78 | -0.13 |
| Martin ratioReturn relative to average drawdown | -1.49 | -1.32 | -0.16 |
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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% | -74.64% | -1.38% |
Max Drawdown (5Y)Largest decline over 5 years | -96.24% | -94.80% | -1.44% |
Max Drawdown (10Y)Largest decline over 10 years | -99.92% | -99.50% | -0.42% |
Current DrawdownCurrent decline from peak | -99.94% | -99.77% | -0.17% |
Average DrawdownAverage peak-to-trough decline | -90.56% | -85.28% | -5.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.99% | 42.39% | -4.40% |
Volatility
DRIP vs. SCO - Volatility Comparison
The current volatility for Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) is 16.75%, while ProShares UltraShort Bloomberg Crude Oil (SCO) has a volatility of 23.27%. 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 | 16.75% | 23.27% | -6.52% |
Volatility (6M)Calculated over the trailing 6-month period | 44.83% | 51.24% | -6.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.15% | 59.66% | -2.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.64% | 60.43% | +7.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.75% | 71.89% | +23.86% |
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 3.98%, 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 | 3.98% | 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 (23.27%) compared to DRIP (16.75%). In terms of maximum drawdown, DRIP dropped -99.95% vs SCO's -99.80%.
On 10-year performance, SCO leads with -40.39% vs -43.88% for DRIP. On fees, SCO is cheaper at 0.95% per year. On volatility, DRIP has been the lower-risk option at 16.75%. 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 -40.39% return vs -43.88%. 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 3.98%, 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.
SCO currently has the higher Sharpe Ratio (-0.94 vs -0.99), 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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