SCO vs. QLD
SCO (ProShares UltraShort Bloomberg Crude Oil) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - SCO is a Leveraged Commodities 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 -38.21%/yr vs 35.87%/yr for QLD. At a correlation of -0.23, they often move in opposite directions. 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 -67.25% return, which is significantly lower than QLD's 40.66% return. Over the past 10 years, SCO has underperformed QLD with an annualized return of -38.21%, while QLD has yielded a comparatively higher 35.87% annualized 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%
QLD
- 1D
- -0.98%
- 1M
- 17.34%
- YTD
- 40.66%
- 6M
- 36.42%
- 1Y
- 82.72%
- 3Y*
- 49.60%
- 5Y*
- 25.50%
- 10Y*
- 35.87%
SCO vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -67.25% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
QLD ProShares Ultra QQQ | 40.66% | 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 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | -0.23 |
The correlation between SCO and QLD shifts across timeframes, from -0.23 (all time) to 0.25 (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.
| SCO | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.80 | ||
| Sortino ratioReturn per unit of downside risk | -5.37 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.40 | -0.64 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 3.31 | -4.24 |
| Martin ratioReturn relative to average drawdown | -1.94 | 11.53 | -13.47 |
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 | QLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.19 | 2.61 | -3.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.71 | 0.57 | -1.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.53 | 0.81 | -1.34 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.38 | 0.59 | -0.97 |
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 | -79.85% | -42.29% | -37.56% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -63.68% | -31.12% |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | -63.68% | -35.83% |
Current DrawdownCurrent decline from peak | -99.78% | -1.50% | -98.28% |
Average DrawdownAverage peak-to-trough decline | -85.18% | -18.17% | -67.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.87% | 7.20% | +27.67% |
Volatility
SCO vs. QLD - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 20.24% compared to ProShares Ultra QQQ (QLD) at 8.93%. 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 | 20.24% | 8.93% | +11.31% |
Volatility (6M)Calculated over the trailing 6-month period | 45.73% | 24.08% | +21.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.81% | 31.84% | +24.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.76% | 44.72% | +15.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.95% | 44.55% | +27.40% |
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 0.12%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.12% | 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 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCO has higher volatility (20.24%) compared to QLD (8.93%). In terms of maximum drawdown, SCO dropped -99.80% vs QLD's -83.13%.
On 10-year performance, QLD leads with 35.87% vs -38.21% for SCO. Both ETFs have the same 0.95% expense ratio. On volatility, QLD has been the lower-risk option at 8.93%. 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 35.87% return vs -38.21%. 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 0.12%, compared with 0.00% for SCO.
SCO is categorized as Leveraged Commodities, 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 (2.61 vs -1.19), 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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