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 -37.19%/yr vs -25.09%/yr for KOLD. At a 0.12 correlation, their price movements are largely independent. 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 -58.29% return, which is significantly lower than KOLD's -37.17% return. Over the past 10 years, SCO has underperformed KOLD with an annualized return of -37.19%, while KOLD has yielded a comparatively higher -25.09% annualized return.
SCO
- 1D
- 2.76%
- 1M
- 28.62%
- YTD
- -58.29%
- 6M
- -57.59%
- 1Y
- -44.99%
- 3Y*
- -32.52%
- 5Y*
- -38.26%
- 10Y*
- -37.19%
KOLD
- 1D
- -0.18%
- 1M
- -14.27%
- YTD
- -37.17%
- 6M
- -42.50%
- 1Y
- 9.00%
- 3Y*
- -6.55%
- 5Y*
- -38.86%
- 10Y*
- -25.09%
SCO vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -58.29% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
KOLD ProShares UltraShort Bloomberg Natural Gas | -37.17% | -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 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | 0.12 |
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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 | -0.87 | ||
| Sortino ratioReturn per unit of downside risk | -2.04 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.13 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 0.12 | -0.75 |
| Martin ratioReturn relative to average drawdown | -1.22 | 0.24 | -1.46 |
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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 | -78.76% | -84.34% | +5.58% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -98.07% | +3.27% |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | -99.45% | -0.06% |
Current DrawdownCurrent decline from peak | -99.72% | -97.43% | -2.29% |
Average DrawdownAverage peak-to-trough decline | -85.19% | -69.56% | -15.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.81% | 37.81% | -1.00% |
Volatility
SCO vs. KOLD - Volatility Comparison
The current volatility for ProShares UltraShort Bloomberg Crude Oil (SCO) is 15.97%, while ProShares UltraShort Bloomberg Natural Gas (KOLD) has a volatility of 23.90%. This indicates that SCO experiences smaller price fluctuations and is considered to be less risky 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 | 15.97% | 23.90% | -7.93% |
Volatility (6M)Calculated over the trailing 6-month period | 47.16% | 96.77% | -49.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.21% | 113.49% | -56.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.04% | 118.83% | -58.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.95% | 101.81% | -29.86% |
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 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (23.90%) compared to SCO (15.97%). In terms of maximum drawdown, SCO dropped -99.80% vs KOLD's -99.45%.
On 10-year performance, KOLD leads with -25.09% vs -37.19% for SCO. Both ETFs have the same 0.95% expense ratio. On volatility, SCO has been the lower-risk option at 15.97%. 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 -25.09% return vs -37.19%. 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 (0.08 vs -0.79), 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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