SCO vs. OILD
SCO (ProShares UltraShort Bloomberg Crude Oil) and OILD (MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs) are both exchange-traded funds - SCO is a Leveraged Commodities fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while OILD is a Inverse Equities fund tracking the Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%). Both are passively managed. Over the past 3 years, SCO returned -37.24%/yr vs -48.52%/yr for OILD. A 0.66 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SCO vs. OILD - Performance Comparison
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Returns By Period
In the year-to-date period, SCO achieves a -67.25% return, which is significantly lower than OILD's -61.34% return.
SCO
- 1D
- 4.05%
- 1M
- 1.14%
- YTD
- -67.25%
- 6M
- -65.49%
- 1Y
- -67.35%
- 3Y*
- -37.24%
- 5Y*
- -42.35%
- 10Y*
- -38.21%
OILD
- 1D
- -0.10%
- 1M
- 3.58%
- YTD
- -61.34%
- 6M
- -58.10%
- 1Y
- -73.93%
- 3Y*
- -48.52%
- 5Y*
- —
- 10Y*
- —
SCO vs. OILD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -67.25% | 15.90% | -19.00% | -12.41% | -62.59% | 1.59% |
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs | -61.34% | -41.67% | -14.58% | -19.58% | -90.32% | 5.20% |
Correlation
The correlation between SCO and OILD is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021 | 0.66 |
The correlation between SCO and OILD has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.
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Return for Risk
SCO vs. OILD — Risk / Return Rank
SCO
OILD
SCO vs. OILD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD). 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.
| SCO | OILD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 0.74 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.96 | +0.02 |
| Martin ratioReturn relative to average drawdown | -1.94 | -1.58 | -0.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SCO | OILD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.19 | -1.22 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.71 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.53 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.38 | -0.75 | +0.38 |
Drawdowns
SCO vs. OILD - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, roughly equal to the maximum OILD drawdown of -98.90%. Use the drawdown chart below to compare losses from any high point for SCO and OILD.
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Drawdown Indicators
| SCO | OILD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -98.90% | -0.90% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -77.40% | +5.16% |
Max Drawdown (3Y)Largest decline over 3 years | -79.85% | -88.53% | +8.68% |
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 | -99.78% | -98.74% | -1.04% |
Average DrawdownAverage peak-to-trough decline | -85.18% | -88.65% | +3.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.87% | 46.83% | -11.96% |
Volatility
SCO vs. OILD - Volatility Comparison
The current volatility for ProShares UltraShort Bloomberg Crude Oil (SCO) is 20.24%, while MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) has a volatility of 24.24%. This indicates that SCO experiences smaller price fluctuations and is considered to be less risky than OILD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | OILD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.24% | 24.24% | -4.00% |
Volatility (6M)Calculated over the trailing 6-month period | 45.73% | 48.36% | -2.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.81% | 61.04% | -4.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.76% | 79.35% | -19.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.95% | 79.35% | -7.40% |
SCO vs. OILD - Expense Ratio Comparison
Both SCO and OILD have an expense ratio of 0.95%.
Dividends
SCO vs. OILD - Dividend Comparison
Neither SCO nor OILD has paid dividends to shareholders.
Frequently Asked Questions
SCO and OILD have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILD has higher volatility (24.24%) compared to SCO (20.24%). In terms of maximum drawdown, SCO dropped -99.80% vs OILD's -98.90%.
On 3-year performance, SCO leads with -37.24% vs -48.52% for OILD. Both ETFs have the same 0.95% expense ratio. On volatility, SCO has been the lower-risk option at 20.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SCO has performed better with a -37.24% return vs -48.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCO and OILD have the same expense ratio: 0.95% per year.
SCO and OILD have nearly identical dividend yields, around 0.00%.
SCO is categorized as Leveraged Commodities, while OILD is Inverse Equities. SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while OILD tracks Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%). They also come from different issuers: ProShares and REX.
SCO currently has the higher Sharpe Ratio (-1.19 vs -1.22), 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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