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 Energy Equities fund tracking the Energy Select Sector Index (200%). Both are passively managed. Over the past 10 years, SCO returned -40.39%/yr vs -8.11%/yr for ERX. Their -0.64 correlation means they have often moved in opposite directions in the past. SCO charges 0.95%/yr vs 0.91%/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 -65.39% return, which is significantly lower than ERX's 71.01% return. Over the past 10 years, SCO has underperformed ERX with an annualized return of -40.39%, while ERX has yielded a comparatively higher -8.11% 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%
ERX
- 1D
- 1.98%
- 1M
- 23.93%
- 6M
- 32.46%
- YTD
- 71.01%
- 1Y
- 85.96%
- 3Y*
- 17.67%
- 5Y*
- 35.70%
- 10Y*
- -8.11%
- ALL TIME*
- -6.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $22.14M | $22.35M | $28.47M | |
| $131.70M | $126.01M | $253.57M |
SCO vs. ERX - 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% |
ERX Direxion Daily Energy Bull 2X Shares | 71.01% | 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 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. | -0.66 |
Correlation (3Y) Balances recent behavior with more history. | -0.62 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.66 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 | -2.83 | ||
| Sortino ratioReturn per unit of downside risk | -3.80 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.29 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 2.65 | -3.43 |
| Martin ratioReturn relative to average drawdown | -1.32 | 6.74 | -8.07 |
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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 | -74.64% | -42.34% | -32.30% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -46.90% | -47.90% |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | -98.59% | -0.91% |
Current DrawdownCurrent decline from peak | -99.77% | -91.37% | -8.40% |
Average DrawdownAverage peak-to-trough decline | -85.28% | -67.24% | -18.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.39% | 11.83% | +30.56% |
Volatility
SCO vs. ERX - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 23.27% compared to Direxion Daily Energy Bull 2X Shares (ERX) at 11.87%. 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 | 23.27% | 11.87% | +11.40% |
Volatility (6M)Calculated over the trailing 6-month period | 51.24% | 33.76% | +17.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.66% | 42.31% | +17.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.43% | 51.50% | +8.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.89% | 68.84% | +3.05% |
SCO vs. ERX - Expense Ratio Comparison
SCO has a 0.95% expense ratio, which is higher than ERX's 0.91% 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 1.49%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.49% | 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 (23.27%) compared to ERX (11.87%). In terms of maximum drawdown, SCO dropped -99.80% vs ERX's -99.54%.
On 10-year performance, ERX leads with -8.11% vs -40.39% for SCO. On fees, ERX is cheaper at 0.91% per year. On volatility, ERX has been the lower-risk option at 11.87%. 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 -8.11% return vs -40.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ERX is cheaper with a 0.91% expense ratio, compared with 0.95% for SCO.
ERX has the higher dividend yield at 1.49%, compared with 0.00% for SCO.
SCO is categorized as Oil & Gas, while ERX is Energy Equities. SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while ERX tracks Energy Select Sector Index (200%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SCO and 0.91% for ERX.
ERX currently has the higher Sharpe Ratio (1.88 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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