SCO vs. DBO
SCO (ProShares UltraShort Bloomberg Crude Oil) and DBO (Invesco DB Oil Fund) are both Oil & Gas funds - SCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%) while DBO tracks the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 10 years, SCO returned -40.39%/yr vs 12.59%/yr for DBO. Their -0.96 correlation means they have often moved in opposite directions in the past. SCO charges 0.95%/yr vs 0.78%/yr for DBO.
Performance
SCO vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, SCO achieves a -65.39% return, which is significantly lower than DBO's 76.48% return. Over the past 10 years, SCO has underperformed DBO with an annualized return of -40.39%, while DBO has yielded a comparatively higher 12.59% annualized return.
SCO
- 1D
- -1.02%
- 1M
- -23.78%
- 6M
- -55.81%
- YTD
- -65.39%
- 1Y
- -58.66%
- 3Y*
- -29.81%
- 5Y*
- -39.67%
- 10Y*
- -40.39%
- ALL TIME*
- -26.09%
DBO
- 1D
- 1.56%
- 1M
- 24.59%
- 6M
- 53.46%
- YTD
- 76.48%
- 1Y
- 60.30%
- 3Y*
- 14.86%
- 5Y*
- 13.46%
- 10Y*
- 12.59%
- ALL TIME*
- 0.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.01M | $10.23M | $13.95M | |
| $131.70M | $126.01M | $253.57M |
SCO vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -65.39% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
DBO Invesco DB Oil Fund | 76.48% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between SCO and DBO is -0.98, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.98 |
Correlation (3Y) Balances recent behavior with more history. | -0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.97 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.96 |
The correlation between SCO and DBO has been stable across timeframes, ranging from -0.98 to -0.96 - a consistent structural relationship.
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Return for Risk
SCO vs. DBO — Risk / Return Rank
SCO
DBO
SCO vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and Invesco DB Oil Fund (DBO). 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 | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.39 | ||
| Sortino ratioReturn per unit of downside risk | -3.54 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.25 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 2.01 | -2.79 |
| Martin ratioReturn relative to average drawdown | -1.32 | 6.09 | -7.42 |
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Drawdowns
SCO vs. DBO - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, which is greater than DBO's maximum drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for SCO and DBO.
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Drawdown Indicators
| SCO | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -90.18% | -9.62% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -27.73% | -44.51% |
Max Drawdown (3Y)Largest decline over 3 years | -74.64% | -28.20% | -46.44% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -37.68% | -57.12% |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | -61.69% | -37.81% |
Current DrawdownCurrent decline from peak | -99.77% | -53.56% | -46.21% |
Average DrawdownAverage peak-to-trough decline | -85.28% | -62.20% | -23.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.39% | 9.96% | +32.43% |
Volatility
SCO vs. DBO - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 23.27% compared to Invesco DB Oil Fund (DBO) at 17.75%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.27% | 17.75% | +5.52% |
Volatility (6M)Calculated over the trailing 6-month period | 51.24% | 33.77% | +17.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.66% | 38.53% | +21.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.43% | 33.35% | +27.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.89% | 32.20% | +39.69% |
SCO vs. DBO - Expense Ratio Comparison
SCO has a 0.95% expense ratio, which is higher than DBO's 0.78% expense ratio.
Dividends
SCO vs. DBO - Dividend Comparison
SCO has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 1.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.99% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
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 DBO have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCO has higher volatility (23.27%) compared to DBO (17.75%). In terms of maximum drawdown, SCO dropped -99.80% vs DBO's -90.18%.
On 10-year performance, DBO leads with 12.59% vs -40.39% for SCO. On fees, DBO is cheaper at 0.78% per year. On volatility, DBO has been the lower-risk option at 17.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBO has performed better with a 12.59% return vs -40.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBO is cheaper with a 0.78% expense ratio, compared with 0.95% for SCO.
DBO has the higher dividend yield at 1.99%, compared with 0.00% for SCO.
SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for SCO and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.45 vs -0.94), 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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