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 Energy Equities fund tracking the Energy Select Sector Index (200%), 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 -9.50%/yr vs -38.92%/yr for SCO. Their -0.64 correlation means they have often moved in opposite directions in the past. ERX charges 0.91%/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 58.73% return, which is significantly higher than SCO's -60.59% return. Over the past 10 years, ERX has outperformed SCO with an annualized return of -9.50%, while SCO has yielded a comparatively lower -38.92% annualized return.
ERX
- 1D
- -3.72%
- 1M
- 15.60%
- 6M
- 14.96%
- YTD
- 58.73%
- 1Y
- 73.31%
- 3Y*
- 14.98%
- 5Y*
- 33.57%
- 10Y*
- -9.50%
- ALL TIME*
- -7.37%
SCO
- 1D
- 1.11%
- 1M
- -12.31%
- 6M
- -50.78%
- YTD
- -60.59%
- 1Y
- -54.84%
- 3Y*
- -26.14%
- 5Y*
- -39.42%
- 10Y*
- -38.92%
- ALL TIME*
- -25.53%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $23.06M | $23.66M | $27.73M | |
| $146.92M | $131.80M | $228.32M |
ERX vs. SCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 58.73% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
SCO ProShares UltraShort Bloomberg Crude Oil | -60.59% | 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 -0.66, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.66 |
Correlation (3Y) Balances recent behavior with more history. | -0.62 |
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 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 | +2.66 | ||
| Sortino ratioReturn per unit of downside risk | +3.61 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.85 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | -0.76 | +3.22 |
| Martin ratioReturn relative to average drawdown | 6.18 | -1.28 | +7.46 |
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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 | -29.97% | -72.24% | +42.27% |
Max Drawdown (3Y)Largest decline over 3 years | -42.34% | -74.64% | +32.30% |
Max Drawdown (5Y)Largest decline over 5 years | -46.90% | -94.80% | +47.90% |
Max Drawdown (10Y)Largest decline over 10 years | -98.59% | -99.50% | +0.91% |
Current DrawdownCurrent decline from peak | -91.99% | -99.74% | +7.75% |
Average DrawdownAverage peak-to-trough decline | -67.26% | -85.29% | +18.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.90% | 42.96% | -31.06% |
Volatility
ERX vs. SCO - Volatility Comparison
The current volatility for Direxion Daily Energy Bull 2X Shares (ERX) is 12.41%, while ProShares UltraShort Bloomberg Crude Oil (SCO) has a volatility of 24.86%. 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 | 12.41% | 24.86% | -12.45% |
Volatility (6M)Calculated over the trailing 6-month period | 33.24% | 50.94% | -17.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.40% | 59.89% | -17.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.46% | 60.44% | -8.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.84% | 71.91% | -3.07% |
ERX vs. SCO - Expense Ratio Comparison
ERX has a 0.91% expense ratio, which is lower 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 -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCO has higher volatility (24.86%) compared to ERX (12.41%). In terms of maximum drawdown, ERX dropped -99.54% vs SCO's -99.80%.
On 10-year performance, ERX leads with -9.50% vs -38.92% for SCO. On fees, ERX is cheaper at 0.91% per year. On volatility, ERX has been the lower-risk option at 12.41%. 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 -9.50% return vs -38.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ERX is cheaper with a 0.91% expense ratio, compared with 0.95% for SCO.
ERX has the higher dividend yield at 1.61%, compared with 0.00% for SCO.
ERX is categorized as Energy Equities, while SCO is Oil & Gas. ERX tracks Energy Select Sector Index (200%), while SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.91% for ERX and 0.95% for SCO.
ERX currently has the higher Sharpe Ratio (1.74 vs -0.92), 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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