SCO vs. DBE
SCO (ProShares UltraShort Bloomberg Crude Oil) and DBE (Invesco DB Energy Fund) are both Oil & Gas funds - SCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%) while DBE tracks the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, SCO returned -36.90%/yr vs 10.01%/yr for DBE. At a correlation of -0.93, they often move in opposite directions. SCO charges 0.95%/yr vs 0.78%/yr for DBE.
Performance
SCO vs. DBE - 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 DBE's 57.30% return. Over the past 10 years, SCO has underperformed DBE with an annualized return of -36.90%, while DBE has yielded a comparatively higher 10.01% annualized 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%
DBE
- 1D
- 0.27%
- 1M
- -15.15%
- YTD
- 57.30%
- 6M
- 58.99%
- 1Y
- 38.24%
- 3Y*
- 16.48%
- 5Y*
- 15.91%
- 10Y*
- 10.01%
SCO vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -59.41% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
DBE Invesco DB Energy Fund | 57.30% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between SCO and DBE is -0.96, 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 | -0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.94 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.93 |
The correlation between SCO and DBE has been stable across timeframes, ranging from -0.96 to -0.93 - a consistent structural relationship.
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Return for Risk
SCO vs. DBE — Risk / Return Rank
SCO
DBE
SCO vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and Invesco DB Energy Fund (DBE). 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 | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.95 | ||
| Sortino ratioReturn per unit of downside risk | -2.84 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.21 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | 1.99 | -2.65 |
| Martin ratioReturn relative to average drawdown | -1.29 | 4.97 | -6.27 |
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Drawdowns
SCO vs. DBE - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, which is greater than DBE's maximum drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for SCO and DBE.
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Drawdown Indicators
| SCO | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -86.69% | -13.11% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -19.79% | -52.45% |
Max Drawdown (3Y)Largest decline over 3 years | -78.76% | -23.89% | -54.87% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -38.74% | -56.06% |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | -60.84% | -38.67% |
Current DrawdownCurrent decline from peak | -99.73% | -40.28% | -59.45% |
Average DrawdownAverage peak-to-trough decline | -85.19% | -57.25% | -27.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.61% | 7.91% | +28.70% |
Volatility
SCO vs. DBE - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 16.80% compared to Invesco DB Energy Fund (DBE) at 10.22%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.80% | 10.22% | +6.58% |
Volatility (6M)Calculated over the trailing 6-month period | 47.16% | 31.50% | +15.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.03% | 35.23% | +21.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.02% | 29.57% | +30.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.92% | 28.37% | +43.55% |
SCO vs. DBE - Expense Ratio Comparison
SCO has a 0.95% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
SCO vs. DBE - Dividend Comparison
SCO has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.46%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.46% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
SCO ProShares UltraShort Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SCO and DBE 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 (16.80%) compared to DBE (10.22%). In terms of maximum drawdown, SCO dropped -99.80% vs DBE's -86.69%.
On 10-year performance, DBE leads with 10.01% vs -36.90% for SCO. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 10.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 10.01% return vs -36.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.95% for SCO.
DBE has the higher dividend yield at 2.46%, compared with 0.00% for SCO.
SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for SCO and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.12 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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