SCO vs. CERY
SCO (ProShares UltraShort Bloomberg Crude Oil) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both exchange-traded funds - SCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index. Both are passively managed. Over the past year, SCO returned -46.47% vs 27.02% for CERY. At a correlation of -0.75, they often move in opposite directions. SCO charges 0.95%/yr vs 0.28%/yr for CERY.
Performance
SCO vs. CERY - Performance Comparison
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Returns By Period
In the year-to-date period, SCO achieves a -59.41% return, which is significantly lower than CERY's 20.35% return.
SCO
- 1D
- -0.09%
- 1M
- 27.56%
- YTD
- -59.41%
- 6M
- -60.52%
- 1Y
- -46.47%
- 3Y*
- -32.01%
- 5Y*
- -39.29%
- 10Y*
- -36.90%
CERY
- 1D
- -0.55%
- 1M
- -8.10%
- YTD
- 20.35%
- 6M
- 20.89%
- 1Y
- 27.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SCO vs. CERY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -59.41% | 15.90% | -14.72% |
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 20.35% | 15.68% | 3.80% |
Correlation
The correlation between SCO and CERY is -0.72, 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 | -0.72 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024 | -0.75 |
The correlation between SCO and CERY has been stable across timeframes, ranging from -0.75 to -0.72 - a consistent structural relationship.
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Return for Risk
SCO vs. CERY — Risk / Return Rank
SCO
CERY
SCO vs. CERY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). 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 | CERY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.56 | ||
| Sortino ratioReturn per unit of downside risk | -3.51 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.30 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | 2.51 | -3.16 |
| Martin ratioReturn relative to average drawdown | -1.29 | 9.85 | -11.14 |
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Drawdowns
SCO vs. CERY - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, which is greater than CERY's maximum drawdown of -10.78%. Use the drawdown chart below to compare losses from any high point for SCO and CERY.
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Drawdown Indicators
| SCO | CERY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -10.78% | -89.02% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -10.78% | -61.46% |
Max Drawdown (3Y)Largest decline over 3 years | -78.76% | — | — |
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 | -99.73% | -10.78% | -88.95% |
Average DrawdownAverage peak-to-trough decline | -85.19% | -2.25% | -82.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.61% | 2.76% | +33.85% |
Volatility
SCO vs. CERY - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 16.80% compared to SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) at 3.74%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than CERY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | CERY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.80% | 3.74% | +13.06% |
Volatility (6M)Calculated over the trailing 6-month period | 47.16% | 13.59% | +33.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.03% | 15.59% | +41.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.02% | 14.73% | +45.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.92% | 14.73% | +57.19% |
SCO vs. CERY - Expense Ratio Comparison
SCO has a 0.95% expense ratio, which is higher than CERY's 0.28% expense ratio.
Dividends
SCO vs. CERY - Dividend Comparison
SCO has not paid dividends to shareholders, while CERY's dividend yield for the trailing twelve months is around 4.15%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 4.15% | 4.99% | 0.52% |
SCO ProShares UltraShort Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SCO and CERY have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCO has higher volatility (16.80%) compared to CERY (3.74%). In terms of maximum drawdown, SCO dropped -99.80% vs CERY's -10.78%.
On 1-year performance, CERY leads with 27.02% vs -46.47% for SCO. On fees, CERY is cheaper at 0.28% per year. On volatility, CERY has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CERY has performed better with a 27.02% return vs -46.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CERY is cheaper with a 0.28% expense ratio, compared with 0.95% for SCO.
CERY has the higher dividend yield at 4.15%, compared with 0.00% for SCO.
SCO is categorized as Oil & Gas, while CERY is Commodities. SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while CERY tracks Bloomberg Enhanced Roll Yield Total Return Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for SCO and 0.28% for CERY.
CERY currently has the higher Sharpe Ratio (1.73 vs -0.83), 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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