SCO vs. NRGD
SCO (ProShares UltraShort Bloomberg Crude Oil) and NRGD (MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN) are both exchange-traded funds - SCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while NRGD is a Leveraged Equities fund tracking the Solactive MicroSectors U.S. Big Oil Index (-300%). Both are passively managed. Over the past year, SCO returned -44.99% vs -69.06% for NRGD. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SCO vs. NRGD - Performance Comparison
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Returns By Period
In the year-to-date period, SCO achieves a -58.29% return, which is significantly higher than NRGD's -62.34% 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%
NRGD
- 1D
- -4.96%
- 1M
- 19.91%
- YTD
- -62.34%
- 6M
- -63.34%
- 1Y
- -69.06%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SCO vs. NRGD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -58.29% | 21.12% |
NRGD MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN | -62.34% | -35.40% |
Correlation
The correlation between SCO and NRGD is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025 | 0.71 |
The correlation between SCO and NRGD has been stable across timeframes, ranging from 0.71 to 0.71 - a consistent structural relationship.
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Return for Risk
SCO vs. NRGD — Risk / Return Rank
SCO
NRGD
SCO vs. NRGD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD). 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 | NRGD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 0.83 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | -0.86 | +0.24 |
| Martin ratioReturn relative to average drawdown | -1.22 | -1.39 | +0.17 |
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Drawdowns
SCO vs. NRGD - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, which is greater than NRGD's maximum drawdown of -89.64%. Use the drawdown chart below to compare losses from any high point for SCO and NRGD.
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Drawdown Indicators
| SCO | NRGD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -89.64% | -10.16% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -80.03% | +7.79% |
Max Drawdown (3Y)Largest decline over 3 years | -78.76% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | — | — |
Current DrawdownCurrent decline from peak | -99.72% | -86.17% | -13.55% |
Average DrawdownAverage peak-to-trough decline | -85.19% | -59.74% | -25.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.81% | 49.71% | -12.90% |
Volatility
SCO vs. NRGD - Volatility Comparison
The current volatility for ProShares UltraShort Bloomberg Crude Oil (SCO) is 15.97%, while MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) has a volatility of 24.94%. This indicates that SCO experiences smaller price fluctuations and is considered to be less risky than NRGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | NRGD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.97% | 24.94% | -8.97% |
Volatility (6M)Calculated over the trailing 6-month period | 47.16% | 59.71% | -12.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.21% | 75.46% | -18.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.04% | 88.84% | -28.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.95% | 88.84% | -16.89% |
SCO vs. NRGD - Expense Ratio Comparison
Both SCO and NRGD have an expense ratio of 0.95%.
Dividends
SCO vs. NRGD - Dividend Comparison
Neither SCO nor NRGD has paid dividends to shareholders.
Frequently Asked Questions
SCO and NRGD have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NRGD has higher volatility (24.94%) compared to SCO (15.97%). In terms of maximum drawdown, SCO dropped -99.80% vs NRGD's -89.64%.
On 1-year performance, SCO leads with -44.99% vs -69.06% for NRGD. 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 1-year period, SCO has performed better with a -44.99% return vs -69.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCO and NRGD have the same expense ratio: 0.95% per year.
SCO and NRGD have nearly identical dividend yields, around 0.00%.
SCO is categorized as Oil & Gas, while NRGD is Leveraged Equities. SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while NRGD tracks Solactive MicroSectors U.S. Big Oil Index (-300%). They also come from different issuers: ProShares and BMO.
SCO currently has the higher Sharpe Ratio (-0.79 vs -0.92), 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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