SCO vs. JEPQ

Last updated Jul 17, 2026

SCO (ProShares UltraShort Bloomberg Crude Oil) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - SCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, SCO returned -32.51%/yr vs 18.48%/yr for JEPQ. At a correlation of -0.04, they often move in opposite directions. SCO charges 0.95%/yr vs 0.35%/yr for JEPQ.

Performance

SCO vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Crude Oil (SCO) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCO achieves a -63.25% return, which is significantly lower than JEPQ's 7.89% return.

SCO

• 1D: 1.91%
• 1M: -7.45%
• 6M: -61.02%
• YTD: -63.25%
• 1Y: -57.90%
• 3Y*: -32.51%
• 5Y*: -39.94%
• 10Y*: -38.31%

JEPQ

• 1D: -1.43%
• 1M: -1.48%
• 6M: 6.48%
• YTD: 7.89%
• 1Y: 20.98%
• 3Y*: 18.48%
• 5Y*: —
• 10Y*: —

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

SCO vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SCO ProShares UltraShort Bloomberg Crude Oil	-63.25%	15.90%	-19.00%	-12.41%	-9.83%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.89%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between SCO and JEPQ is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (All Time) Calculated using the full available price history since May 4, 2022	-0.04

The correlation between SCO and JEPQ shifts across timeframes, from -0.04 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SCO vs. JEPQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SCO

SCO Risk / Return Rank: 2
SCO Sharpe Ratio Rank: 2
SCO Sortino Ratio Rank: 1
SCO Omega Ratio Rank: 2
SCO Calmar Ratio Rank: 3
SCO Martin Ratio Rank: 1

JEPQ

JEPQ Risk / Return Rank: 60
JEPQ Sharpe Ratio Rank: 55
JEPQ Sortino Ratio Rank: 52
JEPQ Omega Ratio Rank: 59
JEPQ Calmar Ratio Rank: 59
JEPQ Martin Ratio Rank: 74

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. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). 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	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	1.52	-2.53
Sortino ratio: Return per unit of downside risk	-1.64	2.08	-3.72
Omega ratio: Gain probability vs. loss probability	0.82	1.29	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.80	2.39	-3.19
Martin ratio: Return relative to average drawdown	-1.45	10.98	-12.43

SCO vs. JEPQ - Sharpe Ratio Comparison

The current SCO Sharpe Ratio is -1.00, which is lower than the JEPQ Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of SCO and JEPQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SCO vs. JEPQ - Drawdown Comparison

The maximum SCO drawdown since its inception was -99.80%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for SCO and JEPQ.

Drawdown Indicators

	SCO	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.80%	-20.07%	-79.73%
Max Drawdown (1Y) Largest decline over 1 year	-72.24%	-8.82%	-63.42%
Max Drawdown (3Y) Largest decline over 3 years	-74.64%	-20.07%	-54.57%
Max Drawdown (5Y) Largest decline over 5 years	-94.80%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.51%	—	—
Current Drawdown Current decline from peak	-99.76%	-2.57%	-97.19%
Average Drawdown Average peak-to-trough decline	-85.25%	-3.37%	-81.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.97%	1.92%	+38.05%

Volatility

SCO vs. JEPQ - Volatility Comparison

ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 20.88% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 5.76%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than JEPQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCO	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.88%	5.76%	+15.12%
Volatility (6M) Calculated over the trailing 6-month period	49.34%	11.42%	+37.92%
Volatility (1Y) Calculated over the trailing 1-year period	57.86%	13.83%	+44.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.40%	16.82%	+43.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.79%	16.82%	+54.97%

SCO vs. JEPQ - Expense Ratio Comparison

SCO has a 0.95% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

SCO vs. JEPQ - Dividend Comparison

SCO has not paid dividends to shareholders, while JEPQ's dividend yield for the trailing twelve months is around 10.57%.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.57%	10.53%	9.65%	10.03%	9.44%
SCO ProShares UltraShort Bloomberg Crude Oil	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SCO and JEPQ in my portfolio?

SCO and JEPQ have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCO or JEPQ?

SCO has higher volatility (20.88%) compared to JEPQ (5.76%). In terms of maximum drawdown, SCO dropped -99.80% vs JEPQ's -20.07%.

Which ETF is better, SCO or JEPQ?

On 3-year performance, JEPQ leads with 18.48% vs -32.51% for SCO. On fees, JEPQ is cheaper at 0.35% per year. On volatility, JEPQ has been the lower-risk option at 5.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCO or JEPQ?

Over the 3-year period, JEPQ has performed better with a 18.48% return vs -32.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCO or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.95% for SCO.

Which ETF pays a higher dividend yield, SCO or JEPQ?

JEPQ has the higher dividend yield at 10.57%, compared with 0.00% for SCO.

What is the main difference between SCO and JEPQ?

SCO is categorized as Oil & Gas, while JEPQ is Nasdaq-100. SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: ProShares and JPMorgan. Their fees differ too: 0.95% for SCO and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (1.52 vs -1.00), 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.