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 -40.39%/yr vs 15.06%/yr for BNO. Their -0.92 correlation means they have often moved in opposite directions in the past. SCO charges 0.95%/yr vs 1.00%/yr for BNO.
Performance
SCO vs. BNO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SCO achieves a -65.39% return, which is significantly lower than BNO's 77.90% return. Over the past 10 years, SCO has underperformed BNO with an annualized return of -40.39%, while BNO has yielded a comparatively higher 15.06% annualized return.
SCO
- 1D
- -1.02%
- 1M
- -23.78%
- 6M
- -55.81%
- YTD
- -65.39%
- 1Y
- -58.66%
- 3Y*
- -29.81%
- 5Y*
- -39.67%
- 10Y*
- -40.39%
- ALL TIME*
- -26.09%
BNO
- 1D
- 1.45%
- 1M
- 27.00%
- 6M
- 52.90%
- YTD
- 77.90%
- 1Y
- 62.83%
- 3Y*
- 20.31%
- 5Y*
- 20.89%
- 10Y*
- 15.06%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $131.70M | $126.01M | $253.57M |
SCO vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -65.39% | 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 | 77.90% | -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 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. | -0.96 |
Correlation (3Y) Balances recent behavior with more history. | -0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -2.26 | ||
| Sortino ratioReturn per unit of downside risk | -3.39 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.24 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 1.70 | -2.48 |
| Martin ratioReturn relative to average drawdown | -1.32 | 5.15 | -6.48 |
Loading charts...
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.
Loading charts...
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 | -74.64% | -34.46% | -40.18% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -34.46% | -60.34% |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | -75.18% | -24.32% |
Current DrawdownCurrent decline from peak | -99.77% | -16.21% | -83.56% |
Average DrawdownAverage peak-to-trough decline | -85.28% | -39.99% | -45.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.39% | 11.86% | +30.53% |
Volatility
SCO vs. BNO - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 23.27% compared to United States Brent Oil Fund LP (BNO) at 17.47%. 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.
Loading charts...
Volatility by Period
| SCO | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.27% | 17.47% | +5.80% |
Volatility (6M)Calculated over the trailing 6-month period | 51.24% | 40.96% | +10.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.66% | 44.54% | +15.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.43% | 36.41% | +24.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.89% | 36.98% | +34.91% |
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 (23.27%) compared to BNO (17.47%). In terms of maximum drawdown, SCO dropped -99.80% vs BNO's -87.06%.
On 10-year performance, BNO leads with 15.06% vs -40.39% for SCO. On fees, SCO is cheaper at 0.95% per year. On volatility, BNO has been the lower-risk option at 17.47%. 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 15.06% return vs -40.39%. 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. Their fees differ too: 0.95% for SCO and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 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.
Find the right allocation for SCO and BNO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer