SCO vs. GLL
SCO (ProShares UltraShort Bloomberg Crude Oil) and GLL (ProShares UltraShort Gold) are both Leveraged Commodities funds from ProShares - SCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%) while GLL tracks the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, SCO returned -38.21%/yr vs -23.48%/yr for GLL. At a 0.15 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
SCO vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, SCO achieves a -67.25% return, which is significantly lower than GLL's -15.95% return. Over the past 10 years, SCO has underperformed GLL with an annualized return of -38.21%, while GLL has yielded a comparatively higher -23.48% annualized return.
SCO
- 1D
- 4.05%
- 1M
- 1.14%
- YTD
- -67.25%
- 6M
- -65.49%
- 1Y
- -67.35%
- 3Y*
- -37.24%
- 5Y*
- -42.35%
- 10Y*
- -38.21%
GLL
- 1D
- -1.70%
- 1M
- 3.39%
- YTD
- -15.95%
- 6M
- -19.96%
- 1Y
- -48.55%
- 3Y*
- -41.54%
- 5Y*
- -29.06%
- 10Y*
- -23.48%
SCO vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -67.25% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
GLL ProShares UltraShort Gold | -15.95% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between SCO and GLL is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | 0.15 |
The correlation between SCO and GLL shifts across timeframes, from -0.05 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SCO vs. GLL — Risk / Return Rank
SCO
GLL
SCO vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and ProShares UltraShort Gold (GLL). 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 | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 0.83 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.75 | -0.19 |
| Martin ratioReturn relative to average drawdown | -1.94 | -1.16 | -0.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SCO | GLL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.19 | -0.93 | -0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.71 | -0.81 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.53 | -0.73 | +0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.38 | -0.68 | +0.30 |
Drawdowns
SCO vs. GLL - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, roughly equal to the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for SCO and GLL.
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Drawdown Indicators
| SCO | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -99.24% | -0.56% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -65.10% | -7.14% |
Max Drawdown (3Y)Largest decline over 3 years | -79.85% | -87.95% | +8.10% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -89.76% | -5.04% |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | -95.76% | -3.75% |
Current DrawdownCurrent decline from peak | -99.78% | -98.96% | -0.82% |
Average DrawdownAverage peak-to-trough decline | -85.18% | -85.13% | -0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.87% | 41.87% | -7.00% |
Volatility
SCO vs. GLL - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 20.24% compared to ProShares UltraShort Gold (GLL) at 11.07%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than GLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.24% | 11.07% | +9.17% |
Volatility (6M)Calculated over the trailing 6-month period | 45.73% | 44.43% | +1.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.81% | 52.37% | +4.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.76% | 35.89% | +23.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.95% | 32.12% | +39.83% |
SCO vs. GLL - Expense Ratio Comparison
Both SCO and GLL have an expense ratio of 0.95%.
Dividends
SCO vs. GLL - Dividend Comparison
Neither SCO nor GLL has paid dividends to shareholders.
Frequently Asked Questions
SCO and GLL have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCO has higher volatility (20.24%) compared to GLL (11.07%). In terms of maximum drawdown, SCO dropped -99.80% vs GLL's -99.24%.
On 10-year performance, GLL leads with -23.48% vs -38.21% for SCO. Both ETFs have the same 0.95% expense ratio. On volatility, GLL has been the lower-risk option at 11.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLL has performed better with a -23.48% return vs -38.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCO and GLL have the same expense ratio: 0.95% per year.
SCO and GLL have nearly identical dividend yields, around 0.00%.
SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while GLL tracks Bloomberg Gold (-200%).
GLL currently has the higher Sharpe Ratio (-0.93 vs -1.19), 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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