SCO vs. DRIP

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares UltraShort Bloomberg Crude Oil (SCO) and Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP).

SCO and DRIP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SCO is a passively managed fund by ProShares that tracks the performance of the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%). It was launched on Nov 24, 2008. DRIP is a passively managed fund by Direxion that tracks the performance of the S&P Oil & Gas Exploration & Production Select Industry Index (-300%). It was launched on Apr 1, 2020. Both SCO and DRIP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SCO vs. DRIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Crude Oil (SCO) and Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP). The values are adjusted to include any dividend payments, if applicable.

SCO vs. DRIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCO ProShares UltraShort Bloomberg Crude Oil	-57.57%	15.90%	-19.00%	-12.41%	-62.59%	-72.62%	-4.20%	-58.50%	19.22%	-22.40%
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares	-53.90%	-14.81%	1.27%	-17.24%	-73.57%	-79.74%	-42.76%	-36.11%	49.62%	-9.05%

Returns By Period

In the year-to-date period, SCO achieves a -57.57% return, which is significantly lower than DRIP's -53.90% return. Over the past 10 years, SCO has outperformed DRIP with an annualized return of -40.15%, while DRIP has yielded a comparatively lower -47.04% annualized return.

SCO

• 1D: 7.91%
• 1M: -40.99%
• YTD: -57.57%
• 6M: -52.24%
• 1Y: -50.36%
• 3Y*: -30.90%
• 5Y*: -42.55%
• 10Y*: -40.15%

DRIP

• 1D: 4.02%
• 1M: -30.07%
• YTD: -53.90%
• 6M: -51.15%
• 1Y: -60.00%
• 3Y*: -31.92%
• 5Y*: -46.13%
• 10Y*: -47.04%

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

SCO vs. DRIP - Expense Ratio Comparison

SCO has a 0.95% expense ratio, which is lower than DRIP's 1.07% expense ratio.

DRIP

Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares

SCO

ProShares UltraShort Bloomberg Crude Oil

Return for Risk

SCO vs. DRIP — 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: 1
SCO Omega Ratio Rank: 1
SCO Calmar Ratio Rank: 1
SCO Martin Ratio Rank: 0

DRIP

DRIP Risk / Return Rank: 1
DRIP Sharpe Ratio Rank: 1
DRIP Sortino Ratio Rank: 1
DRIP Omega Ratio Rank: 1
DRIP Calmar Ratio Rank: 1
DRIP Martin Ratio Rank: 2

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. DRIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP). 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	DRIP	Difference
Sharpe ratio Return per unit of total volatility	-0.89	-0.90	+0.01
Sortino ratio Return per unit of downside risk	-1.34	-1.52	+0.18
Omega ratio Gain probability vs. loss probability	0.85	0.83	+0.02
Calmar ratio Return relative to maximum drawdown	-0.80	-0.80	0.00
Martin ratio Return relative to average drawdown	-1.92	-1.30	-0.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SCO vs. DRIP - Sharpe Ratio Comparison

The current SCO Sharpe Ratio is -0.89, which is comparable to the DRIP Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of SCO and DRIP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SCO	DRIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	-0.90	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.72	-0.67	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.56	-0.49	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	-0.37	-0.43	+0.06

Correlation

The correlation between SCO and DRIP is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SCO vs. DRIP - Dividend Comparison

SCO has not paid dividends to shareholders, while DRIP's dividend yield for the trailing twelve months is around 4.28%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SCO ProShares UltraShort Bloomberg Crude Oil	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares	4.28%	2.86%	4.38%	5.09%	0.00%	0.00%	0.01%	0.96%	0.58%

Drawdowns

SCO vs. DRIP - Drawdown Comparison

The maximum SCO drawdown since its inception was -99.74%, roughly equal to the maximum DRIP drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for SCO and DRIP.

Drawdown Indicators

	SCO	DRIP	Difference
Max Drawdown Largest peak-to-trough decline	-99.74%	-99.95%	+0.21%
Max Drawdown (1Y) Largest decline over 1 year	-66.46%	-76.02%	+9.56%
Max Drawdown (5Y) Largest decline over 5 years	-94.53%	-96.75%	+2.22%
Max Drawdown (10Y) Largest decline over 10 years	-99.48%	-99.92%	+0.44%
Current Drawdown Current decline from peak	-99.72%	-99.94%	+0.22%
Average Drawdown Average peak-to-trough decline	-85.02%	-90.30%	+5.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.57%	46.55%	-18.98%

Volatility

SCO vs. DRIP - Volatility Comparison

ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 23.33% compared to Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) at 14.57%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than DRIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCO	DRIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.33%	14.57%	+8.76%
Volatility (6M) Calculated over the trailing 6-month period	39.96%	38.68%	+1.28%
Volatility (1Y) Calculated over the trailing 1-year period	56.93%	66.53%	-9.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.10%	68.89%	-9.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.92%	97.12%	-25.20%