SCO vs. SHNY

Last updated Jul 12, 2026

SCO (ProShares UltraShort Bloomberg Crude Oil) and SHNY (MicroSectors Gold 3X Leveraged ETN) are both exchange-traded funds - SCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while SHNY is a Leveraged Commodities fund managed by BMO. Over the past 3 years, SCO returned -29.10%/yr vs 47.98%/yr for SHNY. At a correlation of -0.08, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

SCO vs. SHNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Crude Oil (SCO) and MicroSectors Gold 3X Leveraged ETN (SHNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCO achieves a -57.74% return, which is significantly lower than SHNY's -35.42% 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%

SHNY

• 1D: -0.82%
• 1M: -9.83%
• 6M: -43.15%
• YTD: -35.42%
• 1Y: 16.22%
• 3Y*: 47.98%
• 5Y*: —
• 10Y*: —

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

SCO vs. SHNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SCO ProShares UltraShort Bloomberg Crude Oil	-57.74%	15.90%	-19.00%	-18.40%
SHNY MicroSectors Gold 3X Leveraged ETN	-35.42%	214.54%	50.30%	10.98%

Correlation

The correlation between SCO and SHNY is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023	-0.08

The correlation between SCO and SHNY shifts across timeframes, from -0.09 (3 years) to 0.08 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SCO vs. SHNY — 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: 2

SHNY

SHNY Risk / Return Rank: 16
SHNY Sharpe Ratio Rank: 14
SHNY Sortino Ratio Rank: 18
SHNY Omega Ratio Rank: 21
SHNY Calmar Ratio Rank: 13
SHNY Martin Ratio Rank: 13

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. SHNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and MicroSectors Gold 3X Leveraged ETN (SHNY). 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	SHNY	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	0.23	-1.15
Sortino ratio: Return per unit of downside risk	-1.38	0.85	-2.24
Omega ratio: Gain probability vs. loss probability	0.85	1.12	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.72	0.28	-1.00
Martin ratio: Return relative to average drawdown	-1.32	0.59	-1.91

SCO vs. SHNY - Sharpe Ratio Comparison

The current SCO Sharpe Ratio is -0.91, which is lower than the SHNY Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of SCO and SHNY, 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. SHNY - Drawdown Comparison

The maximum SCO drawdown since its inception was -99.80%, which is greater than SHNY's maximum drawdown of -68.52%. Use the drawdown chart below to compare losses from any high point for SCO and SHNY.

Drawdown Indicators

	SCO	SHNY	Difference
Max Drawdown Largest peak-to-trough decline	-99.80%	-68.52%	-31.28%
Max Drawdown (1Y) Largest decline over 1 year	-72.24%	-68.52%	-3.72%
Max Drawdown (3Y) Largest decline over 3 years	-75.14%	-68.52%	-6.62%
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	-99.72%	-66.02%	-33.70%
Average Drawdown Average peak-to-trough decline	-85.24%	-16.37%	-68.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.10%	32.40%	+6.70%

Volatility

SCO vs. SHNY - Volatility Comparison

The current volatility for ProShares UltraShort Bloomberg Crude Oil (SCO) is 17.87%, while MicroSectors Gold 3X Leveraged ETN (SHNY) has a volatility of 24.57%. This indicates that SCO experiences smaller price fluctuations and is considered to be less risky than SHNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCO	SHNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.87%	24.57%	-6.70%
Volatility (6M) Calculated over the trailing 6-month period	48.31%	73.40%	-25.09%
Volatility (1Y) Calculated over the trailing 1-year period	56.84%	82.21%	-25.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.20%	59.31%	+0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.80%	59.31%	+12.49%

SCO vs. SHNY - Expense Ratio Comparison

Both SCO and SHNY have an expense ratio of 0.95%.

Dividends

SCO vs. SHNY - Dividend Comparison

Neither SCO nor SHNY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SCO and SHNY in my portfolio?

SCO and SHNY have a correlation of 0.08, 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 SHNY?

SHNY has higher volatility (24.57%) compared to SCO (17.87%). In terms of maximum drawdown, SCO dropped -99.80% vs SHNY's -68.52%.

Which ETF is better, SCO or SHNY?

On 3-year performance, SHNY leads with 47.98% vs -29.10% for SCO. Both ETFs have the same 0.95% expense ratio. On volatility, SCO has been the lower-risk option at 17.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCO or SHNY?

Over the 3-year period, SHNY has performed better with a 47.98% return vs -29.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCO or SHNY?

SCO and SHNY have the same expense ratio: 0.95% per year.

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

SCO and SHNY have nearly identical dividend yields, around 0.00%.

What is the main difference between SCO and SHNY?

SCO is categorized as Oil & Gas, while SHNY is Leveraged Commodities. They also come from different issuers: ProShares and BMO.

Which has better risk-adjusted returns?

SHNY currently has the higher Sharpe Ratio (0.23 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.