ERX vs. SCO
ERX (Direxion Daily Energy Bull 2X Shares) and SCO (ProShares UltraShort Bloomberg Crude Oil) are both exchange-traded funds - ERX is a Leveraged Equities fund tracking the Energy Select Sector 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, ERX returned -9.47%/yr vs -37.19%/yr for SCO. At a correlation of -0.64, they often move in opposite directions. ERX charges 1.09%/yr vs 0.95%/yr for SCO.
Performance
ERX vs. SCO - Performance Comparison
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Returns By Period
In the year-to-date period, ERX achieves a 42.50% return, which is significantly higher than SCO's -56.94% return. Over the past 10 years, ERX has outperformed SCO with an annualized return of -9.47%, while SCO has yielded a comparatively lower -37.19% annualized return.
ERX
- 1D
- 1.86%
- 1M
- -12.34%
- YTD
- 42.50%
- 6M
- 44.57%
- 1Y
- 57.63%
- 3Y*
- 18.03%
- 5Y*
- 24.74%
- 10Y*
- -9.47%
SCO
- 1D
- -4.68%
- 1M
- 26.99%
- YTD
- -56.94%
- 6M
- -55.76%
- 1Y
- -53.34%
- 3Y*
- -31.58%
- 5Y*
- -37.61%
- 10Y*
- -37.19%
ERX vs. SCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 42.50% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
SCO ProShares UltraShort Bloomberg Crude Oil | -56.94% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
Correlation
The correlation between ERX and SCO is -0.63, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.62 |
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 Nov 25, 2008 | -0.64 |
The correlation between ERX and SCO has been stable across timeframes, ranging from -0.66 to -0.62 - a consistent structural relationship.
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Return for Risk
ERX vs. SCO — Risk / Return Rank
ERX
SCO
ERX vs. SCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bull 2X Shares (ERX) 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.
| ERX | SCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.34 | ||
| Sortino ratioReturn per unit of downside risk | +3.37 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.84 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 2.03 | -0.74 | +2.77 |
| Martin ratioReturn relative to average drawdown | 5.74 | -1.43 | +7.17 |
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Drawdowns
ERX vs. SCO - Drawdown Comparison
The maximum ERX drawdown since its inception was -99.54%, roughly equal to the maximum SCO drawdown of -99.80%. Use the drawdown chart below to compare losses from any high point for ERX and SCO.
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Drawdown Indicators
| ERX | SCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.54% | -99.80% | +0.26% |
Max Drawdown (1Y)Largest decline over 1 year | -28.49% | -72.24% | +43.75% |
Max Drawdown (3Y)Largest decline over 3 years | -42.34% | -78.76% | +36.42% |
Max Drawdown (5Y)Largest decline over 5 years | -46.90% | -94.80% | +47.90% |
Max Drawdown (10Y)Largest decline over 10 years | -98.59% | -99.51% | +0.92% |
Current DrawdownCurrent decline from peak | -92.81% | -99.71% | +6.90% |
Average DrawdownAverage peak-to-trough decline | -67.10% | -85.20% | +18.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.06% | 37.37% | -27.31% |
Volatility
ERX vs. SCO - Volatility Comparison
The current volatility for Direxion Daily Energy Bull 2X Shares (ERX) is 13.95%, while ProShares UltraShort Bloomberg Crude Oil (SCO) has a volatility of 17.66%. This indicates that ERX 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
| ERX | SCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.95% | 17.66% | -3.71% |
Volatility (6M)Calculated over the trailing 6-month period | 34.17% | 47.72% | -13.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.76% | 55.96% | -14.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.94% | 60.15% | -8.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.06% | 71.90% | -2.84% |
ERX vs. SCO - Expense Ratio Comparison
ERX has a 1.09% expense ratio, which is higher than SCO's 0.95% expense ratio.
Dividends
ERX vs. SCO - Dividend Comparison
ERX's dividend yield for the trailing twelve months is around 1.79%, while SCO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.79% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
SCO ProShares UltraShort Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ERX and SCO have a correlation of -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCO has higher volatility (17.66%) compared to ERX (13.95%). In terms of maximum drawdown, ERX dropped -99.54% vs SCO's -99.80%.
On 10-year performance, ERX leads with -9.47% vs -37.19% for SCO. On fees, SCO is cheaper at 0.95% per year. On volatility, ERX has been the lower-risk option at 13.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ERX has performed better with a -9.47% return vs -37.19%. 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 1.09% for ERX.
ERX has the higher dividend yield at 1.79%, compared with 0.00% for SCO.
ERX is categorized as Leveraged Equities, while SCO is Oil & Gas. ERX tracks Energy Select Sector 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: 1.09% for ERX and 0.95% for SCO.
ERX currently has the higher Sharpe Ratio (1.39 vs -0.96), 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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