SCO vs. NRGD

Last updated Jul 14, 2026

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 -55.75% vs -73.89% for NRGD. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

SCO vs. NRGD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Crude Oil (SCO) and MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCO achieves a -62.90% return, which is significantly higher than NRGD's -71.23% return.

SCO

• 1D: -12.22%
• 1M: 3.82%
• 6M: -60.38%
• YTD: -62.90%
• 1Y: -55.75%
• 3Y*: -31.76%
• 5Y*: -39.58%
• 10Y*: -38.07%

NRGD

• 1D: -12.87%
• 1M: -11.15%
• 6M: -67.30%
• YTD: -71.23%
• 1Y: -73.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SCO vs. NRGD - Yearly Performance Comparison

	2026 (YTD)	2025
SCO ProShares UltraShort Bloomberg Crude Oil	-62.90%	21.12%
NRGD MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN	-71.23%	-35.40%

Correlation

The correlation between SCO and NRGD is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.72

The correlation between SCO and NRGD has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.

Return for Risk

SCO vs. NRGD — 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: 2
SCO Omega Ratio Rank: 2
SCO Calmar Ratio Rank: 3
SCO Martin Ratio Rank: 1

NRGD

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

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. 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 ratio: Return per unit of total volatility	-0.97	-0.98	+0.01
Sortino ratio: Return per unit of downside risk	-1.52	-1.88	+0.36
Omega ratio: Gain probability vs. loss probability	0.83	0.80	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.77	-0.94	+0.17
Martin ratio: Return relative to average drawdown	-1.42	-1.48	+0.06

SCO vs. NRGD - Sharpe Ratio Comparison

The current SCO Sharpe Ratio is -0.97, which is comparable to the NRGD Sharpe Ratio of -0.98. The chart below compares the historical Sharpe Ratios of SCO and NRGD, 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. 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.

Drawdown Indicators

	SCO	NRGD	Difference
Max Drawdown Largest peak-to-trough decline	-99.80%	-89.64%	-10.16%
Max Drawdown (1Y) Largest decline over 1 year	-72.24%	-78.53%	+6.29%
Max Drawdown (3Y) Largest decline over 3 years	-75.14%	—	—
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	-99.75%	-89.44%	-10.31%
Average Drawdown Average peak-to-trough decline	-85.24%	-60.82%	-24.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.32%	49.95%	-10.63%

Volatility

SCO vs. NRGD - Volatility Comparison

The current volatility for ProShares UltraShort Bloomberg Crude Oil (SCO) is 22.38%, while MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) has a volatility of 26.28%. 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.

Volatility by Period

	SCO	NRGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.38%	26.28%	-3.90%
Volatility (6M) Calculated over the trailing 6-month period	49.39%	60.05%	-10.66%
Volatility (1Y) Calculated over the trailing 1-year period	58.01%	75.76%	-17.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.45%	88.65%	-28.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.82%	88.65%	-16.83%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SCO and NRGD in my portfolio?

SCO and NRGD have a correlation of 0.73, 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 NRGD?

NRGD has higher volatility (26.28%) compared to SCO (22.38%). In terms of maximum drawdown, SCO dropped -99.80% vs NRGD's -89.64%.

Which ETF is better, SCO or NRGD?

On 1-year performance, SCO leads with -55.75% vs -73.89% for NRGD. Both ETFs have the same 0.95% expense ratio. On volatility, SCO has been the lower-risk option at 22.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCO or NRGD?

Over the 1-year period, SCO has performed better with a -55.75% return vs -73.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCO or NRGD?

SCO and NRGD have the same expense ratio: 0.95% per year.

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

SCO and NRGD have nearly identical dividend yields, around 0.00%.

What is the main difference between SCO and NRGD?

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.

Which has better risk-adjusted returns?

SCO currently has the higher Sharpe Ratio (-0.97 vs -0.98), 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.