SCO vs. NOBL
SCO (ProShares UltraShort Bloomberg Crude Oil) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - SCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, SCO returned -40.39%/yr vs 9.86%/yr for NOBL. Their -0.19 correlation means they have often moved in opposite directions in the past. SCO charges 0.95%/yr vs 0.35%/yr for NOBL.
Performance
SCO vs. NOBL - 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 NOBL's 10.84% return. Over the past 10 years, SCO has underperformed NOBL with an annualized return of -40.39%, while NOBL has yielded a comparatively higher 9.86% 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%
NOBL
- 1D
- -0.19%
- 1M
- -1.09%
- 6M
- 4.89%
- YTD
- 10.84%
- 1Y
- 15.41%
- 3Y*
- 8.04%
- 5Y*
- 6.49%
- 10Y*
- 9.86%
- ALL TIME*
- 10.70%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $66.40M | $66.46M | $60.79M | |
| $131.70M | $126.01M | $253.57M |
SCO vs. NOBL - 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% |
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 10.84% | 6.84% | 6.72% | 8.09% | -6.52% | 25.46% | 8.35% | 27.39% | -3.26% | 21.02% |
Correlation
The correlation between SCO and NOBL is 0.22, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.22 |
Correlation (3Y) Balances recent behavior with more history. | 0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.16 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013 | -0.19 |
The correlation between SCO and NOBL shifts across timeframes, from -0.19 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SCO vs. NOBL — Risk / Return Rank
SCO
NOBL
SCO vs. NOBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and ProShares S&P 500 Dividend Aristocrats ETF (NOBL). 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 | NOBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.18 | ||
| Sortino ratioReturn per unit of downside risk | -3.39 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.21 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 1.62 | -2.40 |
| Martin ratioReturn relative to average drawdown | -1.32 | 4.10 | -5.42 |
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Drawdowns
SCO vs. NOBL - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for SCO and NOBL.
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Drawdown Indicators
| SCO | NOBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -35.43% | -64.37% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -9.11% | -63.13% |
Max Drawdown (3Y)Largest decline over 3 years | -74.64% | -15.36% | -59.28% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -17.92% | -76.88% |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | -35.43% | -64.07% |
Current DrawdownCurrent decline from peak | -99.77% | -2.31% | -97.46% |
Average DrawdownAverage peak-to-trough decline | -85.28% | -3.46% | -81.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.39% | 3.59% | +38.80% |
Volatility
SCO vs. NOBL - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 23.27% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 5.07%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than NOBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | NOBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.27% | 5.07% | +18.20% |
Volatility (6M)Calculated over the trailing 6-month period | 51.24% | 9.11% | +42.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.66% | 11.92% | +47.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.43% | 14.48% | +45.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.89% | 16.63% | +55.26% |
SCO vs. NOBL - Expense Ratio Comparison
SCO has a 0.95% expense ratio, which is higher than NOBL's 0.35% expense ratio.
Dividends
SCO vs. NOBL - Dividend Comparison
SCO has not paid dividends to shareholders, while NOBL's dividend yield for the trailing twelve months is around 2.04%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 2.04% | 2.14% | 2.05% | 2.09% | 1.94% | 1.89% | 2.14% | 1.89% | 2.37% | 1.74% | 2.13% | 2.02% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
SCO and NOBL 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.
SCO has higher volatility (23.27%) compared to NOBL (5.07%). In terms of maximum drawdown, SCO dropped -99.80% vs NOBL's -35.43%.
On 10-year performance, NOBL leads with 9.86% vs -40.39% for SCO. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 5.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NOBL has performed better with a 9.86% return vs -40.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NOBL is cheaper with a 0.35% expense ratio, compared with 0.95% for SCO.
NOBL has the higher dividend yield at 2.04%, compared with 0.00% for SCO.
SCO is categorized as Oil & Gas, while NOBL is Dividend. SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for SCO and 0.35% for NOBL.
NOBL currently has the higher Sharpe Ratio (1.24 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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