SCO vs. BOIL
SCO (ProShares UltraShort Bloomberg Crude Oil) and BOIL (ProShares Ultra Bloomberg Natural Gas) are both Oil & Gas funds from ProShares - SCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%) while BOIL tracks the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, SCO returned -37.19%/yr vs -57.64%/yr for BOIL. At a correlation of -0.12, they often move in opposite directions. SCO charges 0.95%/yr vs 1.31%/yr for BOIL.
Performance
SCO vs. BOIL - Performance Comparison
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Returns By Period
In the year-to-date period, SCO achieves a -58.29% return, which is significantly lower than BOIL's -38.08% return. Over the past 10 years, SCO has outperformed BOIL with an annualized return of -37.19%, while BOIL has yielded a comparatively lower -57.64% annualized return.
SCO
- 1D
- 2.76%
- 1M
- 28.62%
- YTD
- -58.29%
- 6M
- -57.59%
- 1Y
- -44.99%
- 3Y*
- -32.52%
- 5Y*
- -38.26%
- 10Y*
- -37.19%
BOIL
- 1D
- 0.18%
- 1M
- 11.30%
- YTD
- -38.08%
- 6M
- -35.19%
- 1Y
- -76.58%
- 3Y*
- -65.93%
- 5Y*
- -65.65%
- 10Y*
- -57.64%
SCO vs. BOIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -58.29% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
BOIL ProShares Ultra Bloomberg Natural Gas | -38.08% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -20.55% | -65.72% |
Correlation
The correlation between SCO and BOIL is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.12 |
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Return for Risk
SCO vs. BOIL — Risk / Return Rank
SCO
BOIL
SCO vs. BOIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and ProShares Ultra Bloomberg Natural Gas (BOIL). 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 | BOIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 0.89 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | -0.98 | +0.36 |
| Martin ratioReturn relative to average drawdown | -1.22 | -1.35 | +0.13 |
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Drawdowns
SCO vs. BOIL - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, roughly equal to the maximum BOIL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SCO and BOIL.
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Drawdown Indicators
| SCO | BOIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -100.00% | +0.20% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -78.06% | +5.82% |
Max Drawdown (3Y)Largest decline over 3 years | -78.76% | -96.86% | +18.10% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -99.91% | +5.11% |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | -99.99% | +0.48% |
Current DrawdownCurrent decline from peak | -99.72% | -100.00% | +0.28% |
Average DrawdownAverage peak-to-trough decline | -85.19% | -93.58% | +8.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.81% | 59.95% | -23.14% |
Volatility
SCO vs. BOIL - Volatility Comparison
The current volatility for ProShares UltraShort Bloomberg Crude Oil (SCO) is 15.97%, while ProShares Ultra Bloomberg Natural Gas (BOIL) has a volatility of 23.27%. This indicates that SCO experiences smaller price fluctuations and is considered to be less risky than BOIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | BOIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.97% | 23.27% | -7.30% |
Volatility (6M)Calculated over the trailing 6-month period | 47.16% | 104.92% | -57.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.21% | 113.57% | -56.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.04% | 118.96% | -58.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.95% | 101.84% | -29.89% |
SCO vs. BOIL - Expense Ratio Comparison
SCO has a 0.95% expense ratio, which is lower than BOIL's 1.31% expense ratio.
Dividends
SCO vs. BOIL - Dividend Comparison
Neither SCO nor BOIL has paid dividends to shareholders.
Frequently Asked Questions
SCO and BOIL have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BOIL has higher volatility (23.27%) compared to SCO (15.97%). In terms of maximum drawdown, SCO dropped -99.80% vs BOIL's -100.00%.
On 10-year performance, SCO leads with -37.19% vs -57.64% for BOIL. On fees, SCO is cheaper at 0.95% per year. On volatility, SCO has been the lower-risk option at 15.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SCO has performed better with a -37.19% return vs -57.64%. 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 1.31% for BOIL.
SCO and BOIL have nearly identical dividend yields, around 0.00%.
SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while BOIL tracks Bloomberg Natural Gas Subindex. Their fees differ too: 0.95% for SCO and 1.31% for BOIL.
BOIL currently has the higher Sharpe Ratio (-0.68 vs -0.79), 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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