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 Leveraged Commodities fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%). Both are passively managed. Over the past 10 years, ERX returned -8.79%/yr vs -38.69%/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
Loading charts...
Returns By Period
In the year-to-date period, ERX achieves a 66.93% return, which is significantly higher than SCO's -68.52% return. Over the past 10 years, ERX has outperformed SCO with an annualized return of -8.79%, while SCO has yielded a comparatively lower -38.69% annualized return.
ERX
- 1D
- 2.68%
- 1M
- -3.38%
- YTD
- 66.93%
- 6M
- 59.74%
- 1Y
- 90.37%
- 3Y*
- 23.69%
- 5Y*
- 28.75%
- 10Y*
- -8.79%
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%
ERX vs. SCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 66.93% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
SCO ProShares UltraShort Bloomberg Crude Oil | -68.52% | 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 -0.64, 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 | -0.64 |
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 26, 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| ERX | SCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.42 | ||
| Sortino ratioReturn per unit of downside risk | +4.96 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.75 | +0.57 |
| Calmar ratioReturn relative to maximum drawdown | 3.89 | -0.94 | +4.84 |
| Martin ratioReturn relative to average drawdown | 10.60 | -1.97 | +12.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| ERX | SCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.21 | -1.20 | +3.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.56 | -0.72 | +1.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.13 | -0.54 | +0.41 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | -0.38 | +0.29 |
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.
Loading charts...
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 | -23.34% | -72.24% | +48.90% |
Max Drawdown (3Y)Largest decline over 3 years | -42.34% | -79.85% | +37.51% |
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 | -91.57% | -99.79% | +8.22% |
Average DrawdownAverage peak-to-trough decline | -67.02% | -85.17% | +18.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.57% | 34.60% | -26.03% |
Volatility
ERX vs. SCO - Volatility Comparison
The current volatility for Direxion Daily Energy Bull 2X Shares (ERX) is 16.49%, while ProShares UltraShort Bloomberg Crude Oil (SCO) has a volatility of 20.05%. 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.
Loading charts...
Volatility by Period
| ERX | SCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.49% | 20.05% | -3.56% |
Volatility (6M)Calculated over the trailing 6-month period | 33.45% | 45.60% | -12.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.14% | 56.64% | -15.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.98% | 59.74% | -7.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.18% | 71.95% | -2.77% |
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 1.61%, 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 | 1.61% | 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 -0.64, 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 ERX (16.49%). In terms of maximum drawdown, ERX dropped -99.54% vs SCO's -99.80%.
On 10-year performance, ERX leads with -8.79% vs -38.69% for SCO. On fees, SCO is cheaper at 0.95% per year. On volatility, ERX has been the lower-risk option at 16.49%. 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 -8.79% return vs -38.69%. 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 1.61%, compared with 0.00% for SCO.
ERX is categorized as Leveraged Equities, while SCO is Leveraged Commodities. 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 (2.21 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.
Find the right allocation for ERX and SCO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer