SCO vs. DRIP
SCO (ProShares UltraShort Bloomberg Crude Oil) and DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) are both exchange-traded funds - SCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while DRIP is a Leveraged Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry Index (-300%). Both are passively managed. Over the past 10 years, SCO returned -37.10%/yr vs -42.06%/yr for DRIP. A 0.65 correlation means they provide meaningful diversification when combined. SCO charges 0.95%/yr vs 1.07%/yr for DRIP.
Performance
SCO vs. DRIP - Performance Comparison
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Returns By Period
In the year-to-date period, SCO achieves a -57.74% return, which is significantly lower than DRIP's -41.20% return. Over the past 10 years, SCO has outperformed DRIP with an annualized return of -37.10%, while DRIP has yielded a comparatively lower -42.06% annualized return.
SCO
- 1D
- 1.31%
- 1M
- 30.31%
- YTD
- -57.74%
- 6M
- -56.56%
- 1Y
- -50.02%
- 3Y*
- -32.22%
- 5Y*
- -38.03%
- 10Y*
- -37.10%
DRIP
- 1D
- -0.94%
- 1M
- 18.92%
- YTD
- -41.20%
- 6M
- -40.68%
- 1Y
- -42.23%
- 3Y*
- -27.26%
- 5Y*
- -38.71%
- 10Y*
- -42.06%
SCO vs. DRIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -57.74% | 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 | -41.20% | -14.81% | 1.27% | -17.24% | -73.57% | -79.74% | -42.76% | -36.11% | 49.62% | -9.05% |
Correlation
The correlation between SCO and DRIP is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | 0.65 |
The correlation between SCO and DRIP has been stable across timeframes, ranging from 0.64 to 0.68 - a consistent structural relationship.
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Return for Risk
SCO vs. DRIP — Risk / Return Rank
SCO
DRIP
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.
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 | DRIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.90 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | -0.68 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.35 | -1.25 | -0.10 |
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Drawdowns
SCO vs. DRIP - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, 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.
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Drawdown Indicators
| SCO | DRIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -99.95% | +0.15% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -62.18% | -10.06% |
Max Drawdown (3Y)Largest decline over 3 years | -78.76% | -76.02% | -2.74% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -96.24% | +1.44% |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | -99.92% | +0.41% |
Current DrawdownCurrent decline from peak | -99.72% | -99.93% | +0.21% |
Average DrawdownAverage peak-to-trough decline | -85.20% | -90.46% | +5.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.01% | 33.75% | +3.26% |
Volatility
SCO vs. DRIP - Volatility Comparison
The current volatility for ProShares UltraShort Bloomberg Crude Oil (SCO) is 15.93%, while Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a volatility of 18.04%. This indicates that SCO experiences smaller price fluctuations and is considered to be less risky than DRIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | DRIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.93% | 18.04% | -2.11% |
Volatility (6M)Calculated over the trailing 6-month period | 47.12% | 43.68% | +3.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.11% | 56.75% | +0.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.04% | 68.37% | -8.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.88% | 96.33% | -24.45% |
SCO vs. DRIP - Expense Ratio Comparison
SCO has a 0.95% expense ratio, which is lower than DRIP's 1.07% expense ratio.
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 3.36%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.36% | 2.86% | 4.38% | 5.09% | 0.00% | 0.00% | 0.01% | 0.96% | 0.58% |
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 DRIP have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRIP has higher volatility (18.04%) compared to SCO (15.93%). In terms of maximum drawdown, SCO dropped -99.80% vs DRIP's -99.95%.
On 10-year performance, SCO leads with -37.10% vs -42.06% for DRIP. On fees, SCO is cheaper at 0.95% per year. On volatility, SCO has been the lower-risk option at 15.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SCO has performed better with a -37.10% return vs -42.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCO is cheaper with a 0.95% expense ratio, compared with 1.07% for DRIP.
DRIP has the higher dividend yield at 3.36%, compared with 0.00% for SCO.
SCO is categorized as Oil & Gas, while DRIP is Leveraged Equities. SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SCO and 1.07% for DRIP.
DRIP currently has the higher Sharpe Ratio (-0.75 vs -0.90), 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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