SCO vs. PIT

Last updated Jul 14, 2026

SCO (ProShares UltraShort Bloomberg Crude Oil) and PIT (VanEck Commodity Strategy ETF) are both exchange-traded funds - SCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while PIT is a Commodities fund actively managed by VanEck. SCO is passively managed, while PIT is actively managed. Over the past 3 years, SCO returned -31.76%/yr vs 19.62%/yr for PIT. At a correlation of -0.84, they often move in opposite directions. SCO charges 0.95%/yr vs 0.55%/yr for PIT.

Performance

SCO vs. PIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Crude Oil (SCO) and VanEck Commodity Strategy ETF (PIT). 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 lower than PIT's 33.35% 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%

PIT

• 1D: 2.97%
• 1M: 0.66%
• 6M: 27.09%
• YTD: 33.35%
• 1Y: 44.72%
• 3Y*: 19.62%
• 5Y*: —
• 10Y*: —

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

SCO vs. PIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SCO ProShares UltraShort Bloomberg Crude Oil	-62.90%	15.90%	-19.00%	-12.41%	-6.36%
PIT VanEck Commodity Strategy ETF	33.35%	21.63%	6.77%	-4.54%	1.67%

Correlation

The correlation between SCO and PIT is -0.79, 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	-0.79
Correlation (3Y) Calculated over the trailing 3-year period	-0.83
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022	-0.84

The correlation between SCO and PIT has been stable across timeframes, ranging from -0.84 to -0.79 - a consistent structural relationship.

Return for Risk

SCO vs. PIT — 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

PIT

PIT Risk / Return Rank: 72
PIT Sharpe Ratio Rank: 81
PIT Sortino Ratio Rank: 73
PIT Omega Ratio Rank: 77
PIT Calmar Ratio Rank: 66
PIT Martin Ratio Rank: 64

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. PIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and VanEck Commodity Strategy ETF (PIT). 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	PIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	2.04	-3.01
Sortino ratio: Return per unit of downside risk	-1.52	2.63	-4.15
Omega ratio: Gain probability vs. loss probability	0.83	1.36	-0.52
Calmar ratio: Return relative to maximum drawdown	-0.77	2.61	-3.39
Martin ratio: Return relative to average drawdown	-1.42	9.11	-10.53

SCO vs. PIT - Sharpe Ratio Comparison

The current SCO Sharpe Ratio is -0.97, which is lower than the PIT Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of SCO and PIT, 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. PIT - Drawdown Comparison

The maximum SCO drawdown since its inception was -99.80%, which is greater than PIT's maximum drawdown of -17.20%. Use the drawdown chart below to compare losses from any high point for SCO and PIT.

Drawdown Indicators

	SCO	PIT	Difference
Max Drawdown Largest peak-to-trough decline	-99.80%	-17.20%	-82.60%
Max Drawdown (1Y) Largest decline over 1 year	-72.24%	-17.20%	-55.04%
Max Drawdown (3Y) Largest decline over 3 years	-75.14%	-17.20%	-57.94%
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%	-9.97%	-89.78%
Average Drawdown Average peak-to-trough decline	-85.24%	-4.24%	-81.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.32%	4.92%	+34.40%

Volatility

SCO vs. PIT - Volatility Comparison

ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 22.38% compared to VanEck Commodity Strategy ETF (PIT) at 6.57%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than PIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCO	PIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.38%	6.57%	+15.81%
Volatility (6M) Calculated over the trailing 6-month period	49.39%	19.74%	+29.65%
Volatility (1Y) Calculated over the trailing 1-year period	58.01%	22.03%	+35.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.45%	17.64%	+42.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.82%	17.64%	+54.18%

SCO vs. PIT - Expense Ratio Comparison

SCO has a 0.95% expense ratio, which is higher than PIT's 0.55% expense ratio.

Dividends

SCO vs. PIT - Dividend Comparison

SCO has not paid dividends to shareholders, while PIT's dividend yield for the trailing twelve months is around 6.69%.

Position	TTM	2025	2024	2023
PIT VanEck Commodity Strategy ETF	6.69%	8.92%	3.59%	6.44%
SCO ProShares UltraShort Bloomberg Crude Oil	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SCO and PIT in my portfolio?

SCO and PIT have a correlation of -0.79, 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 PIT?

SCO has higher volatility (22.38%) compared to PIT (6.57%). In terms of maximum drawdown, SCO dropped -99.80% vs PIT's -17.20%.

Which ETF is better, SCO or PIT?

On 3-year performance, PIT leads with 19.62% vs -31.76% for SCO. On fees, PIT is cheaper at 0.55% per year. On volatility, PIT has been the lower-risk option at 6.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCO or PIT?

Over the 3-year period, PIT has performed better with a 19.62% return vs -31.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCO or PIT?

PIT is cheaper with a 0.55% expense ratio, compared with 0.95% for SCO.

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

PIT has the higher dividend yield at 6.69%, compared with 0.00% for SCO.

What is the main difference between SCO and PIT?

SCO is categorized as Oil & Gas, while PIT is Commodities. They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.95% for SCO and 0.55% for PIT.

Which has better risk-adjusted returns?

PIT currently has the higher Sharpe Ratio (2.04 vs -0.97), 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.