SCO vs. KOLD
SCO (ProShares UltraShort Bloomberg Crude Oil) and KOLD (ProShares UltraShort Bloomberg Natural Gas) are both Oil & Gas funds from ProShares - SCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%) while KOLD tracks the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, SCO returned -40.39%/yr vs -22.29%/yr for KOLD. Their 0.12 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.
Performance
SCO vs. KOLD - 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 KOLD's -16.81% return. Over the past 10 years, SCO has underperformed KOLD with an annualized return of -40.39%, while KOLD has yielded a comparatively higher -22.29% 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%
KOLD
- 1D
- -1.11%
- 1M
- 25.17%
- 6M
- 116.05%
- YTD
- -16.81%
- 1Y
- -4.80%
- 3Y*
- -1.53%
- 5Y*
- -30.36%
- 10Y*
- -22.29%
- ALL TIME*
- -11.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $57.12M | $61.92M | $74.91M | |
| $131.70M | $126.01M | $253.57M |
SCO vs. KOLD - 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% |
KOLD ProShares UltraShort Bloomberg Natural Gas | -16.81% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
Correlation
The correlation between SCO and KOLD is 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.13 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | 0.12 |
The correlation between SCO and KOLD shifts across timeframes, from 0.12 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SCO vs. KOLD — Risk / Return Rank
SCO
KOLD
SCO vs. KOLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and ProShares UltraShort Bloomberg Natural Gas (KOLD). 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 | KOLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -2.23 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.10 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | -0.07 | -0.71 |
| Martin ratioReturn relative to average drawdown | -1.32 | -0.12 | -1.20 |
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Drawdowns
SCO vs. KOLD - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, roughly equal to the maximum KOLD drawdown of -99.45%. Use the drawdown chart below to compare losses from any high point for SCO and KOLD.
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Drawdown Indicators
| SCO | KOLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -99.45% | -0.35% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -72.50% | +0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -74.64% | -84.34% | +9.70% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -97.46% | +2.66% |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | -99.45% | -0.05% |
Current DrawdownCurrent decline from peak | -99.77% | -96.60% | -3.17% |
Average DrawdownAverage peak-to-trough decline | -85.28% | -69.77% | -15.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.39% | 40.92% | +1.47% |
Volatility
SCO vs. KOLD - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 23.27% compared to ProShares UltraShort Bloomberg Natural Gas (KOLD) at 17.96%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than KOLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | KOLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.27% | 17.96% | +5.31% |
Volatility (6M)Calculated over the trailing 6-month period | 51.24% | 71.96% | -20.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.66% | 110.38% | -50.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.43% | 118.81% | -58.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.89% | 101.60% | -29.71% |
SCO vs. KOLD - Expense Ratio Comparison
Both SCO and KOLD have an expense ratio of 0.95%.
Dividends
SCO vs. KOLD - Dividend Comparison
Neither SCO nor KOLD has paid dividends to shareholders.
Frequently Asked Questions
SCO and KOLD have a correlation of 0.24, 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 KOLD (17.96%). In terms of maximum drawdown, SCO dropped -99.80% vs KOLD's -99.45%.
On 10-year performance, KOLD leads with -22.29% vs -40.39% for SCO. Both ETFs have the same 0.95% expense ratio. On volatility, KOLD has been the lower-risk option at 17.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KOLD has performed better with a -22.29% return vs -40.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCO and KOLD have the same expense ratio: 0.95% per year.
SCO and KOLD have nearly identical dividend yields, around 0.00%.
SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while KOLD tracks Bloomberg Natural Gas Subindex.
KOLD currently has the higher Sharpe Ratio (-0.05 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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