SCO vs. COPZ

Last updated Jun 5, 2026

SCO (ProShares UltraShort Bloomberg Crude Oil) and COPZ (Defiance Daily Target 2X Long Copper ETF) are both Leveraged Commodities funds. SCO is passively managed, while COPZ is actively managed. A 0.53 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

SCO vs. COPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Crude Oil (SCO) and Defiance Daily Target 2X Long Copper ETF (COPZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SCO

• 1D: 4.05%
• 1M: 1.14%
• YTD: -67.25%
• 6M: -65.49%
• 1Y: -67.35%
• 3Y*: -37.24%
• 5Y*: -42.35%
• 10Y*: -38.21%

COPZ

• 1D: -0.40%
• 1M: 27.45%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SCO vs. COPZ - Yearly Performance Comparison

	2026 (YTD)
SCO ProShares UltraShort Bloomberg Crude Oil	-57.10%
COPZ Defiance Daily Target 2X Long Copper ETF	-5.75%

Correlation

The correlation between SCO and COPZ is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 19, 2026	0.53

Return for Risk

SCO vs. COPZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SCO

SCO Risk / Return Rank: 1
SCO Sharpe Ratio Rank: 1
SCO Sortino Ratio Rank: 0
SCO Omega Ratio Rank: 0
SCO Calmar Ratio Rank: 1
SCO Martin Ratio Rank: 0

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SCO vs. COPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and Defiance Daily Target 2X Long Copper ETF (COPZ). 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.

	SCO	COPZ	Difference
Sharpe ratio: Return per unit of total volatility	-1.19	—	—
Sortino ratio: Return per unit of downside risk	-2.29	—	—
Omega ratio: Gain probability vs. loss probability	0.76	—	—
Calmar ratio: Return relative to maximum drawdown	-0.93	—	—
Martin ratio: Return relative to average drawdown	-1.94	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SCO	COPZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.19	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.71	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.38	-0.18	-0.20

Drawdowns

SCO vs. COPZ - Drawdown Comparison

The maximum SCO drawdown since its inception was -99.80%, which is greater than COPZ's maximum drawdown of -49.79%. Use the drawdown chart below to compare losses from any high point for SCO and COPZ.

Drawdown Indicators

	SCO	COPZ	Difference
Max Drawdown Largest peak-to-trough decline	-99.80%	-49.79%	-50.01%
Max Drawdown (1Y) Largest decline over 1 year	-72.24%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-79.85%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-94.80%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.51%	—	—
Current Drawdown Current decline from peak	-99.78%	-21.97%	-77.81%
Average Drawdown Average peak-to-trough decline	-85.18%	-28.44%	-56.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.87%	—	—

Volatility

Volatility by Period

	SCO	COPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.24%	—	—
Volatility (6M) Calculated over the trailing 6-month period	45.73%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	56.81%	104.17%	-47.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.76%	104.17%	-44.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.95%	104.17%	-32.22%

SCO vs. COPZ - Expense Ratio Comparison

Both SCO and COPZ have an expense ratio of 0.95%.

Dividends

SCO vs. COPZ - Dividend Comparison

Neither SCO nor COPZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SCO and COPZ in my portfolio?

SCO and COPZ have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SCO or COPZ?

Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SCO or COPZ?

SCO and COPZ have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, SCO or COPZ?

SCO and COPZ have nearly identical dividend yields, around 0.00%.

What is the main difference between SCO and COPZ?

They also come from different issuers: ProShares and Defiance.