SCO vs. ERX
SCO (ProShares UltraShort Bloomberg Crude Oil) and ERX (Direxion Daily Energy Bull 2X Shares) are both exchange-traded funds - SCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while ERX is a Leveraged Equities fund tracking the Energy Select Sector Index (300%). Both are passively managed. Over the past 10 years, SCO returned -38.07%/yr vs -10.38%/yr for ERX. At a correlation of -0.64, they often move in opposite directions. SCO charges 0.95%/yr vs 1.09%/yr for ERX.
Performance
SCO vs. ERX - Performance Comparison
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Returns By Period
In the year-to-date period, SCO achieves a -62.90% return, which is significantly lower than ERX's 56.45% return. Over the past 10 years, SCO has underperformed ERX with an annualized return of -38.07%, while ERX has yielded a comparatively higher -10.38% annualized return.
SCO
- 1D
- -12.22%
- 1M
- 3.82%
- 6M
- -60.38%
- YTD
- -62.90%
- 1Y
- -55.75%
- 3Y*
- -31.76%
- 5Y*
- -39.58%
- 10Y*
- -38.07%
ERX
- 1D
- 6.40%
- 1M
- -2.19%
- 6M
- 46.49%
- YTD
- 56.45%
- 1Y
- 56.30%
- 3Y*
- 19.32%
- 5Y*
- 31.60%
- 10Y*
- -10.38%
SCO vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -62.90% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
ERX Direxion Daily Energy Bull 2X Shares | 56.45% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
Correlation
The correlation between SCO and ERX is -0.66, 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 | -0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.63 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.64 |
The correlation between SCO and ERX has been stable across timeframes, ranging from -0.66 to -0.62 - a consistent structural relationship.
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Return for Risk
SCO vs. ERX — Risk / Return Rank
SCO
ERX
SCO vs. ERX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and Direxion Daily Energy Bull 2X Shares (ERX). 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 | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.31 | ||
| Sortino ratioReturn per unit of downside risk | -3.36 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.22 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 1.89 | -2.66 |
| Martin ratioReturn relative to average drawdown | -1.42 | 4.95 | -6.37 |
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Drawdowns
SCO vs. ERX - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, roughly equal to the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for SCO and ERX.
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Drawdown Indicators
| SCO | ERX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -99.54% | -0.26% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -29.97% | -42.27% |
Max Drawdown (3Y)Largest decline over 3 years | -75.14% | -42.34% | -32.80% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -46.90% | -47.90% |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | -98.59% | -0.92% |
Current DrawdownCurrent decline from peak | -99.75% | -92.10% | -7.65% |
Average DrawdownAverage peak-to-trough decline | -85.24% | -67.17% | -18.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.32% | 11.48% | +27.84% |
Volatility
SCO vs. ERX - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 22.38% compared to Direxion Daily Energy Bull 2X Shares (ERX) at 15.01%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than ERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | ERX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.38% | 15.01% | +7.37% |
Volatility (6M)Calculated over the trailing 6-month period | 49.39% | 33.70% | +15.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.01% | 42.30% | +15.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.45% | 51.86% | +8.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.82% | 68.94% | +2.88% |
SCO vs. ERX - Expense Ratio Comparison
SCO has a 0.95% expense ratio, which is lower than ERX's 1.09% expense ratio.
Dividends
SCO vs. ERX - Dividend Comparison
SCO has not paid dividends to shareholders, while ERX's dividend yield for the trailing twelve months is around 1.63%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.63% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
SCO ProShares UltraShort Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SCO and ERX have a correlation of -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCO has higher volatility (22.38%) compared to ERX (15.01%). In terms of maximum drawdown, SCO dropped -99.80% vs ERX's -99.54%.
On 10-year performance, ERX leads with -10.38% vs -38.07% for SCO. On fees, SCO is cheaper at 0.95% per year. On volatility, ERX has been the lower-risk option at 15.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ERX has performed better with a -10.38% return vs -38.07%. 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 1.09% for ERX.
ERX has the higher dividend yield at 1.63%, compared with 0.00% for SCO.
SCO is categorized as Oil & Gas, while ERX is Leveraged Equities. SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while ERX tracks Energy Select Sector Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SCO and 1.09% for ERX.
ERX currently has the higher Sharpe Ratio (1.34 vs -0.97), 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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