SCO vs. BITO
SCO (ProShares UltraShort Bloomberg Crude Oil) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - SCO is a Leveraged Commodities fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while BITO is a Cryptocurrency fund actively managed by ProShares. SCO is passively managed, while BITO is actively managed. Over the past 3 years, SCO returned -37.24%/yr vs 26.82%/yr for BITO. At a correlation of -0.06, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SCO vs. BITO - 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 BITO's -28.44% 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%
BITO
- 1D
- -2.81%
- 1M
- -22.52%
- YTD
- -28.44%
- 6M
- -32.46%
- 1Y
- -41.98%
- 3Y*
- 26.82%
- 5Y*
- —
- 10Y*
- —
SCO vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -67.25% | 15.90% | -19.00% | -12.41% | -62.59% | -0.55% |
BITO ProShares Bitcoin Strategy ETF | -28.44% | -11.19% | 104.45% | 137.33% | -63.91% | -31.09% |
Correlation
The correlation between SCO and BITO is 0.05, 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 | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021 | -0.06 |
The correlation between SCO and BITO shifts across timeframes, from -0.06 (all time) to 0.05 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SCO vs. BITO — Risk / Return Rank
SCO
BITO
SCO vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and ProShares Bitcoin Strategy ETF (BITO). 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 | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.89 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 0.84 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.83 | -0.10 |
| Martin ratioReturn relative to average drawdown | -1.94 | -1.44 | -0.50 |
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 | BITO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.19 | -0.97 | -0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.71 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.53 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.38 | -0.10 | -0.28 |
Drawdowns
SCO vs. BITO - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for SCO and BITO.
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Drawdown Indicators
| SCO | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -77.86% | -21.94% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -50.64% | -21.60% |
Max Drawdown (3Y)Largest decline over 3 years | -79.85% | -50.64% | -29.21% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | — | — |
Current DrawdownCurrent decline from peak | -99.78% | -50.64% | -49.14% |
Average DrawdownAverage peak-to-trough decline | -85.18% | -36.75% | -48.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.87% | 29.27% | +5.60% |
Volatility
SCO vs. BITO - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 20.24% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.03%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.24% | 9.03% | +11.21% |
Volatility (6M)Calculated over the trailing 6-month period | 45.73% | 33.71% | +12.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.81% | 43.61% | +13.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.76% | 55.10% | +4.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.95% | 55.10% | +16.85% |
SCO vs. BITO - Expense Ratio Comparison
Both SCO and BITO have an expense ratio of 0.95%.
Dividends
SCO vs. BITO - Dividend Comparison
SCO has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 69.59%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 69.59% | 78.29% | 61.59% | 15.14% |
SCO ProShares UltraShort Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SCO and BITO have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCO has higher volatility (20.24%) compared to BITO (9.03%). In terms of maximum drawdown, SCO dropped -99.80% vs BITO's -77.86%.
On 3-year performance, BITO leads with 26.82% vs -37.24% for SCO. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 9.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BITO has performed better with a 26.82% return vs -37.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCO and BITO have the same expense ratio: 0.95% per year.
BITO has the higher dividend yield at 69.59%, compared with 0.00% for SCO.
SCO is categorized as Leveraged Commodities, while BITO is Cryptocurrency.
BITO currently has the higher Sharpe Ratio (-0.97 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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