SCO vs. AGQ
SCO (ProShares UltraShort Bloomberg Crude Oil) and AGQ (ProShares Ultra Silver) are both exchange-traded funds - SCO is a Leveraged Commodities fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%). Both are passively managed. Over the past 10 years, SCO returned -38.21%/yr vs 11.51%/yr for AGQ. At a correlation of -0.22, they often move in opposite directions. SCO charges 0.95%/yr vs 0.93%/yr for AGQ.
Performance
SCO vs. AGQ - Performance Comparison
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Returns By Period
In the year-to-date period, SCO achieves a -67.25% return, which is significantly lower than AGQ's -29.18% return. Over the past 10 years, SCO has underperformed AGQ with an annualized return of -38.21%, while AGQ has yielded a comparatively higher 11.51% annualized return.
SCO
- 1D
- 4.05%
- 1M
- 1.14%
- YTD
- -67.25%
- 6M
- -65.49%
- 1Y
- -67.35%
- 3Y*
- -37.24%
- 5Y*
- -42.35%
- 10Y*
- -38.21%
AGQ
- 1D
- 2.38%
- 1M
- 0.62%
- YTD
- -29.18%
- 6M
- 1.31%
- 1Y
- 149.89%
- 3Y*
- 55.60%
- 5Y*
- 15.82%
- 10Y*
- 11.51%
SCO vs. AGQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -67.25% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
AGQ ProShares Ultra Silver | -29.18% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
Correlation
The correlation between SCO and AGQ is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since Dec 5, 2008 | -0.22 |
The correlation between SCO and AGQ shifts across timeframes, from -0.22 (all time) to 0.06 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SCO vs. AGQ — Risk / Return Rank
SCO
AGQ
SCO vs. AGQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and ProShares Ultra Silver (AGQ). 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.
| SCO | AGQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.44 | ||
| Sortino ratioReturn per unit of downside risk | -4.23 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.33 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 1.98 | -2.91 |
| Martin ratioReturn relative to average drawdown | -1.94 | 3.75 | -5.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SCO | AGQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.19 | 1.25 | -2.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.71 | 0.21 | -0.92 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.53 | 0.18 | -0.71 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.38 | 0.08 | -0.46 |
Drawdowns
SCO vs. AGQ - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, roughly equal to the maximum AGQ drawdown of -98.16%. Use the drawdown chart below to compare losses from any high point for SCO and AGQ.
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Drawdown Indicators
| SCO | AGQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -98.16% | -1.64% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -76.21% | +3.97% |
Max Drawdown (3Y)Largest decline over 3 years | -79.85% | -76.21% | -3.64% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -76.21% | -18.59% |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | -76.25% | -23.26% |
Current DrawdownCurrent decline from peak | -99.78% | -84.96% | -14.82% |
Average DrawdownAverage peak-to-trough decline | -85.18% | -79.86% | -5.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.87% | 40.19% | -5.32% |
Volatility
SCO vs. AGQ - Volatility Comparison
The current volatility for ProShares UltraShort Bloomberg Crude Oil (SCO) is 20.24%, while ProShares Ultra Silver (AGQ) has a volatility of 33.59%. This indicates that SCO experiences smaller price fluctuations and is considered to be less risky than AGQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | AGQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.24% | 33.59% | -13.35% |
Volatility (6M)Calculated over the trailing 6-month period | 45.73% | 133.69% | -87.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.81% | 120.79% | -63.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.76% | 74.68% | -14.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.95% | 65.65% | +6.30% |
SCO vs. AGQ - Expense Ratio Comparison
SCO has a 0.95% expense ratio, which is higher than AGQ's 0.93% expense ratio.
Dividends
SCO vs. AGQ - Dividend Comparison
Neither SCO nor AGQ has paid dividends to shareholders.
Frequently Asked Questions
SCO and AGQ have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGQ has higher volatility (33.59%) compared to SCO (20.24%). In terms of maximum drawdown, SCO dropped -99.80% vs AGQ's -98.16%.
On 10-year performance, AGQ leads with 11.51% vs -38.21% for SCO. On fees, AGQ is cheaper at 0.93% per year. On volatility, SCO has been the lower-risk option at 20.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AGQ has performed better with a 11.51% return vs -38.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGQ is cheaper with a 0.93% expense ratio, compared with 0.95% for SCO.
SCO and AGQ have nearly identical dividend yields, around 0.00%.
SCO is categorized as Leveraged Commodities, while AGQ is Silver. SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while AGQ tracks Bloomberg Silver Subindex (200%). Their fees differ too: 0.95% for SCO and 0.93% for AGQ.
AGQ currently has the higher Sharpe Ratio (1.25 vs -1.19), 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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