SCO vs. QLD
SCO (ProShares UltraShort Bloomberg Crude Oil) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - SCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, SCO returned -40.39%/yr vs 32.56%/yr for QLD. Their -0.23 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
SCO vs. QLD - Performance Comparison
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Returns By Period
In the year-to-date period, SCO achieves a -65.39% return, which is significantly lower than QLD's 18.94% return. Over the past 10 years, SCO has underperformed QLD with an annualized return of -40.39%, while QLD has yielded a comparatively higher 32.56% annualized return.
SCO
- 1D
- -1.02%
- 1M
- -23.78%
- 6M
- -55.81%
- YTD
- -65.39%
- 1Y
- -58.66%
- 3Y*
- -29.81%
- 5Y*
- -39.67%
- 10Y*
- -40.39%
- ALL TIME*
- -26.09%
QLD
- 1D
- 1.20%
- 1M
- -7.66%
- 6M
- 16.78%
- YTD
- 18.94%
- 1Y
- 42.18%
- 3Y*
- 35.01%
- 5Y*
- 17.45%
- 10Y*
- 32.56%
- ALL TIME*
- 24.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $408.78M | $399.91M | $439.78M | |
| $131.70M | $126.01M | $253.57M |
SCO vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -65.39% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
QLD ProShares Ultra QQQ | 18.94% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between SCO and QLD is 0.18, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.18 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.05 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.13 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.23 |
The correlation between SCO and QLD shifts across timeframes, from -0.23 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SCO vs. QLD — Risk / Return Rank
SCO
QLD
SCO vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and ProShares Ultra QQQ (QLD). 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 | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.89 | ||
| Sortino ratioReturn per unit of downside risk | -2.92 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.18 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 1.46 | -2.24 |
| Martin ratioReturn relative to average drawdown | -1.32 | 4.32 | -5.65 |
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Drawdowns
SCO vs. QLD - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for SCO and QLD.
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Drawdown Indicators
| SCO | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -83.13% | -16.67% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -25.13% | -47.11% |
Max Drawdown (3Y)Largest decline over 3 years | -74.64% | -42.29% | -32.35% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -63.68% | -31.12% |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | -63.68% | -35.82% |
Current DrawdownCurrent decline from peak | -99.77% | -16.72% | -83.05% |
Average DrawdownAverage peak-to-trough decline | -85.28% | -18.11% | -67.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.39% | 8.47% | +33.92% |
Volatility
SCO vs. QLD - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 23.27% compared to ProShares Ultra QQQ (QLD) at 13.69%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.27% | 13.69% | +9.58% |
Volatility (6M)Calculated over the trailing 6-month period | 51.24% | 31.99% | +19.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.66% | 38.62% | +21.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.43% | 45.76% | +14.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.89% | 44.97% | +26.92% |
SCO vs. QLD - Expense Ratio Comparison
Both SCO and QLD have an expense ratio of 0.95%.
Dividends
SCO vs. QLD - Dividend Comparison
SCO has not paid dividends to shareholders, while QLD's dividend yield for the trailing twelve months is around 0.14%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.14% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
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% | 0.00% |
Frequently Asked Questions
SCO and QLD have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCO has higher volatility (23.27%) compared to QLD (13.69%). In terms of maximum drawdown, SCO dropped -99.80% vs QLD's -83.13%.
On 10-year performance, QLD leads with 32.56% vs -40.39% for SCO. Both ETFs have the same 0.95% expense ratio. On volatility, QLD has been the lower-risk option at 13.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QLD has performed better with a 32.56% return vs -40.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCO and QLD have the same expense ratio: 0.95% per year.
QLD has the higher dividend yield at 0.14%, compared with 0.00% for SCO.
SCO is categorized as Oil & Gas, while QLD is Leveraged Equities. SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (0.95 vs -0.94), 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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