SCO vs. PDBC
SCO (ProShares UltraShort Bloomberg Crude Oil) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both exchange-traded funds - SCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while PDBC is a Commodities fund actively managed by Invesco. SCO is passively managed, while PDBC is actively managed. Over the past 10 years, SCO returned -37.09%/yr vs 7.69%/yr for PDBC. At a correlation of -0.86, they often move in opposite directions. SCO charges 0.95%/yr vs 0.58%/yr for PDBC.
Performance
SCO vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, SCO achieves a -57.74% return, which is significantly lower than PDBC's 24.08% return. Over the past 10 years, SCO has underperformed PDBC with an annualized return of -37.09%, while PDBC has yielded a comparatively higher 7.69% annualized return.
SCO
- 1D
- 0.03%
- 1M
- 18.27%
- 6M
- -55.73%
- YTD
- -57.74%
- 1Y
- -49.59%
- 3Y*
- -29.10%
- 5Y*
- -37.73%
- 10Y*
- -37.09%
PDBC
- 1D
- 0.12%
- 1M
- -3.63%
- 6M
- 21.24%
- YTD
- 24.08%
- 1Y
- 27.16%
- 3Y*
- 9.96%
- 5Y*
- 10.22%
- 10Y*
- 7.69%
SCO vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -57.74% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 24.08% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between SCO and PDBC is -0.88, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.89 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | -0.86 |
The correlation between SCO and PDBC has been stable across timeframes, ranging from -0.90 to -0.86 - a consistent structural relationship.
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Return for Risk
SCO vs. PDBC — Risk / Return Rank
SCO
PDBC
SCO vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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 | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.46 | ||
| Sortino ratioReturn per unit of downside risk | -3.51 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.27 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 1.75 | -2.47 |
| Martin ratioReturn relative to average drawdown | -1.32 | 6.25 | -7.57 |
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Drawdowns
SCO vs. PDBC - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, which is greater than PDBC's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for SCO and PDBC.
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Drawdown Indicators
| SCO | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -49.52% | -50.28% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -16.55% | -55.69% |
Max Drawdown (3Y)Largest decline over 3 years | -75.14% | -16.55% | -58.59% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -27.63% | -67.17% |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | -40.73% | -58.78% |
Current DrawdownCurrent decline from peak | -99.72% | -13.06% | -86.66% |
Average DrawdownAverage peak-to-trough decline | -85.24% | -23.11% | -62.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.10% | 4.64% | +34.46% |
Volatility
SCO vs. PDBC - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 17.87% compared to Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) at 5.48%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.87% | 5.48% | +12.39% |
Volatility (6M)Calculated over the trailing 6-month period | 48.31% | 16.59% | +31.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.84% | 18.72% | +38.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.20% | 19.19% | +41.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.80% | 17.75% | +54.05% |
SCO vs. PDBC - Expense Ratio Comparison
SCO has a 0.95% expense ratio, which is higher than PDBC's 0.58% expense ratio.
Dividends
SCO vs. PDBC - Dividend Comparison
SCO has not paid dividends to shareholders, while PDBC's dividend yield for the trailing twelve months is around 3.09%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.09% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% |
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% |
Frequently Asked Questions
SCO and PDBC have a correlation of -0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCO has higher volatility (17.87%) compared to PDBC (5.48%). In terms of maximum drawdown, SCO dropped -99.80% vs PDBC's -49.52%.
On 10-year performance, PDBC leads with 7.69% vs -37.09% for SCO. On fees, PDBC is cheaper at 0.58% per year. On volatility, PDBC has been the lower-risk option at 5.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PDBC has performed better with a 7.69% return vs -37.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PDBC is cheaper with a 0.58% expense ratio, compared with 0.95% for SCO.
PDBC has the higher dividend yield at 3.09%, compared with 0.00% for SCO.
SCO is categorized as Oil & Gas, while PDBC is Commodities. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for SCO and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.55 vs -0.91), 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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