SCO vs. BNO
SCO (ProShares UltraShort Bloomberg Crude Oil) and BNO (United States Brent Oil Fund LP) are both Oil & Gas funds - SCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%) while BNO tracks the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, SCO returned -37.09%/yr vs 11.29%/yr for BNO. At a correlation of -0.92, they often move in opposite directions. SCO charges 0.95%/yr vs 1.00%/yr for BNO.
Performance
SCO vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, SCO achieves a -57.74% return, which is significantly lower than BNO's 48.83% return. Over the past 10 years, SCO has underperformed BNO with an annualized return of -37.09%, while BNO has yielded a comparatively higher 11.29% annualized return.
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%
BNO
- 1D
- -0.05%
- 1M
- -11.86%
- 6M
- 43.76%
- YTD
- 48.83%
- 1Y
- 36.19%
- 3Y*
- 16.16%
- 5Y*
- 16.70%
- 10Y*
- 11.29%
SCO vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -57.74% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
BNO United States Brent Oil Fund LP | 48.83% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between SCO and BNO is -0.96, 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 | -0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | -0.92 |
The correlation between SCO and BNO has been stable across timeframes, ranging from -0.98 to -0.92 - a consistent structural relationship.
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Return for Risk
SCO vs. BNO — Risk / Return Rank
SCO
BNO
SCO vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and United States Brent Oil Fund LP (BNO). 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.
| SCO | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.86 | ||
| Sortino ratioReturn per unit of downside risk | -2.88 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.19 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 1.15 | -1.87 |
| Martin ratioReturn relative to average drawdown | -1.32 | 3.44 | -4.76 |
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Drawdowns
SCO vs. BNO - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, which is greater than BNO's maximum drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SCO and BNO.
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Drawdown Indicators
| SCO | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -87.06% | -12.74% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -34.46% | -37.78% |
Max Drawdown (3Y)Largest decline over 3 years | -75.14% | -34.46% | -40.68% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -34.46% | -60.34% |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | -75.18% | -24.33% |
Current DrawdownCurrent decline from peak | -99.72% | -29.90% | -69.82% |
Average DrawdownAverage peak-to-trough decline | -85.24% | -40.07% | -45.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.10% | 11.55% | +27.55% |
Volatility
SCO vs. BNO - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 17.87% compared to United States Brent Oil Fund LP (BNO) at 13.12%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.87% | 13.12% | +4.75% |
Volatility (6M)Calculated over the trailing 6-month period | 48.31% | 38.38% | +9.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.84% | 41.83% | +15.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.20% | 35.87% | +24.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.80% | 36.71% | +35.09% |
SCO vs. BNO - Expense Ratio Comparison
SCO has a 0.95% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
SCO vs. BNO - Dividend Comparison
Neither SCO nor BNO has paid dividends to shareholders.
Frequently Asked Questions
SCO and BNO have a correlation of -0.96, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCO has higher volatility (17.87%) compared to BNO (13.12%). In terms of maximum drawdown, SCO dropped -99.80% vs BNO's -87.06%.
On 10-year performance, BNO leads with 11.29% vs -37.09% for SCO. On fees, SCO is cheaper at 0.95% per year. On volatility, BNO has been the lower-risk option at 13.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNO has performed better with a 11.29% return vs -37.09%. 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 1.00% for BNO.
SCO and BNO have nearly identical dividend yields, around 0.00%.
SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: ProShares and USCF Investments. Their fees differ too: 0.95% for SCO and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (0.95 vs -0.91), 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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