NRGD vs. SCO

Last updated Jul 12, 2026

NRGD (MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN) and SCO (ProShares UltraShort Bloomberg Crude Oil) are both exchange-traded funds - NRGD is a Leveraged Equities fund tracking the Solactive MicroSectors U.S. Big Oil 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 year, NRGD returned -70.03% vs -49.59% for SCO. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

NRGD vs. SCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) and ProShares UltraShort Bloomberg Crude Oil (SCO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRGD achieves a -66.99% return, which is significantly lower than SCO's -57.74% return.

NRGD

• 1D: -1.51%
• 1M: 1.97%
• 6M: -61.58%
• YTD: -66.99%
• 1Y: -70.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NRGD vs. SCO - Yearly Performance Comparison

	2026 (YTD)	2025
NRGD MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN	-66.99%	-35.40%
SCO ProShares UltraShort Bloomberg Crude Oil	-57.74%	21.12%

Correlation

The correlation between NRGD and SCO is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.71

The correlation between NRGD and SCO has been stable across timeframes, ranging from 0.71 to 0.72 - a consistent structural relationship.

Return for Risk

NRGD vs. SCO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NRGD

NRGD Risk / Return Rank: 1
NRGD Sharpe Ratio Rank: 2
NRGD Sortino Ratio Rank: 1
NRGD Omega Ratio Rank: 1
NRGD Calmar Ratio Rank: 1
NRGD Martin Ratio Rank: 1

SCO

SCO Risk / Return Rank: 2
SCO Sharpe Ratio Rank: 2
SCO Sortino Ratio Rank: 2
SCO Omega Ratio Rank: 2
SCO Calmar Ratio Rank: 3
SCO Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NRGD vs. SCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) 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.

	NRGD	SCO	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	-0.91	-0.03
Sortino ratio: Return per unit of downside risk	-1.70	-1.38	-0.31
Omega ratio: Gain probability vs. loss probability	0.82	0.85	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.72	-0.18
Martin ratio: Return relative to average drawdown	-1.41	-1.32	-0.09

NRGD vs. SCO - Sharpe Ratio Comparison

The current NRGD Sharpe Ratio is -0.94, which is comparable to the SCO Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of NRGD and SCO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NRGD vs. SCO - Drawdown Comparison

The maximum NRGD drawdown since its inception was -89.64%, smaller than the maximum SCO drawdown of -99.80%. Use the drawdown chart below to compare losses from any high point for NRGD and SCO.

Drawdown Indicators

	NRGD	SCO	Difference
Max Drawdown Largest peak-to-trough decline	-89.64%	-99.80%	+10.16%
Max Drawdown (1Y) Largest decline over 1 year	-78.53%	-72.24%	-6.29%
Max Drawdown (3Y) Largest decline over 3 years	—	-75.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-94.80%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.51%	—
Current Drawdown Current decline from peak	-87.88%	-99.72%	+11.84%
Average Drawdown Average peak-to-trough decline	-60.74%	-85.24%	+24.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.71%	39.10%	+10.61%

Volatility

NRGD vs. SCO - Volatility Comparison

MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) has a higher volatility of 23.30% compared to ProShares UltraShort Bloomberg Crude Oil (SCO) at 17.87%. This indicates that NRGD's price experiences larger fluctuations and is considered to be riskier than SCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRGD	SCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.30%	17.87%	+5.43%
Volatility (6M) Calculated over the trailing 6-month period	59.88%	48.31%	+11.57%
Volatility (1Y) Calculated over the trailing 1-year period	74.65%	56.84%	+17.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.13%	60.20%	+27.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	88.13%	71.80%	+16.33%

NRGD vs. SCO - Expense Ratio Comparison

Both NRGD and SCO have an expense ratio of 0.95%.

Dividends

NRGD vs. SCO - Dividend Comparison

Neither NRGD nor SCO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NRGD and SCO in my portfolio?

NRGD and SCO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NRGD or SCO?

NRGD has higher volatility (23.30%) compared to SCO (17.87%). In terms of maximum drawdown, NRGD dropped -89.64% vs SCO's -99.80%.

Which ETF is better, NRGD or SCO?

On 1-year performance, SCO leads with -49.59% vs -70.03% for NRGD. Both ETFs have the same 0.95% expense ratio. On volatility, SCO has been the lower-risk option at 17.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NRGD or SCO?

Over the 1-year period, SCO has performed better with a -49.59% return vs -70.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRGD or SCO?

NRGD and SCO have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, NRGD or SCO?

NRGD and SCO have nearly identical dividend yields, around 0.00%.

What is the main difference between NRGD and SCO?

NRGD is categorized as Leveraged Equities, while SCO is Oil & Gas. NRGD tracks Solactive MicroSectors U.S. Big Oil Index (-300%), while SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%). They also come from different issuers: BMO and ProShares.

Which has better risk-adjusted returns?

SCO currently has the higher Sharpe Ratio (-0.91 vs -0.94), 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.