SCO vs. CMDT
SCO (ProShares UltraShort Bloomberg Crude Oil) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - SCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 3 years, SCO returned -32.01%/yr vs 12.77%/yr for CMDT. At a correlation of -0.79, they often move in opposite directions. SCO charges 0.95%/yr vs 0.65%/yr for CMDT.
Performance
SCO vs. CMDT - 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 CMDT's 15.54% 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%
CMDT
- 1D
- -0.25%
- 1M
- -7.42%
- YTD
- 15.54%
- 6M
- 17.31%
- 1Y
- 21.62%
- 3Y*
- 12.77%
- 5Y*
- —
- 10Y*
- —
SCO vs. CMDT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -59.41% | 15.90% | -19.00% | -18.62% |
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 15.54% | 12.78% | 6.93% | 5.37% |
Correlation
The correlation between SCO and CMDT 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 (3Y) Calculated over the trailing 3-year period | -0.78 |
Correlation (All Time) Calculated using the full available price history since May 10, 2023 | -0.79 |
The correlation between SCO and CMDT has been stable across timeframes, ranging from -0.79 to -0.72 - a consistent structural relationship.
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Return for Risk
SCO vs. CMDT — Risk / Return Rank
SCO
CMDT
SCO vs. CMDT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). 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 | CMDT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.56 | ||
| Sortino ratioReturn per unit of downside risk | -3.60 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.30 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | 2.30 | -2.96 |
| Martin ratioReturn relative to average drawdown | -1.29 | 9.95 | -11.24 |
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Drawdowns
SCO vs. CMDT - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, which is greater than CMDT's maximum drawdown of -9.69%. Use the drawdown chart below to compare losses from any high point for SCO and CMDT.
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Drawdown Indicators
| SCO | CMDT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -9.69% | -90.11% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -9.46% | -62.78% |
Max Drawdown (3Y)Largest decline over 3 years | -78.76% | -9.69% | -69.07% |
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% | -9.46% | -90.27% |
Average DrawdownAverage peak-to-trough decline | -85.19% | -2.75% | -82.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.61% | 2.19% | +34.42% |
Volatility
SCO vs. CMDT - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 16.80% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 3.30%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | CMDT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.80% | 3.30% | +13.50% |
Volatility (6M)Calculated over the trailing 6-month period | 47.16% | 10.50% | +36.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.03% | 12.57% | +44.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.02% | 12.23% | +47.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.92% | 12.23% | +59.69% |
SCO vs. CMDT - Expense Ratio Comparison
SCO has a 0.95% expense ratio, which is higher than CMDT's 0.65% expense ratio.
Dividends
SCO vs. CMDT - Dividend Comparison
SCO has not paid dividends to shareholders, while CMDT's dividend yield for the trailing twelve months is around 2.62%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 2.62% | 3.04% | 8.80% | 2.71% |
SCO ProShares UltraShort Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SCO and CMDT 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 CMDT (3.30%). In terms of maximum drawdown, SCO dropped -99.80% vs CMDT's -9.69%.
On 3-year performance, CMDT leads with 12.77% vs -32.01% for SCO. On fees, CMDT is cheaper at 0.65% per year. On volatility, CMDT has been the lower-risk option at 3.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CMDT has performed better with a 12.77% return vs -32.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMDT is cheaper with a 0.65% expense ratio, compared with 0.95% for SCO.
CMDT has the higher dividend yield at 2.62%, compared with 0.00% for SCO.
SCO is categorized as Oil & Gas, while CMDT is Commodities. SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: ProShares and PIMCO. Their fees differ too: 0.95% for SCO and 0.65% for CMDT.
CMDT 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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