SCO vs. SOXL
SCO (ProShares UltraShort Bloomberg Crude Oil) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - SCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, SCO returned -36.53%/yr vs 64.21%/yr for SOXL. At a correlation of -0.21, they often move in opposite directions. SCO charges 0.95%/yr vs 0.75%/yr for SOXL.
Performance
SCO vs. SOXL - Performance Comparison
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Returns By Period
In the year-to-date period, SCO achieves a -54.61% return, which is significantly lower than SOXL's 412.97% return. Over the past 10 years, SCO has underperformed SOXL with an annualized return of -36.53%, while SOXL has yielded a comparatively higher 64.21% annualized return.
SCO
- 1D
- 5.39%
- 1M
- 29.55%
- YTD
- -54.61%
- 6M
- -55.28%
- 1Y
- -50.31%
- 3Y*
- -31.30%
- 5Y*
- -36.95%
- 10Y*
- -36.53%
SOXL
- 1D
- -14.65%
- 1M
- -1.09%
- YTD
- 412.97%
- 6M
- 387.67%
- 1Y
- 755.81%
- 3Y*
- 108.11%
- 5Y*
- 40.45%
- 10Y*
- 64.21%
SCO vs. SOXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -54.61% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 412.97% | 54.91% | -12.31% | 226.98% | -85.66% | 118.84% | 70.04% | 231.83% | -39.07% | 141.71% |
Correlation
The correlation between SCO and SOXL is 0.07, 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 | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | -0.21 |
The correlation between SCO and SOXL shifts across timeframes, from -0.21 (all time) to 0.07 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SCO vs. SOXL — Risk / Return Rank
SCO
SOXL
SCO vs. SOXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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 | SOXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -7.38 | ||
| Sortino ratioReturn per unit of downside risk | -5.02 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.52 | -0.67 |
| Calmar ratioReturn relative to maximum drawdown | -0.70 | 17.55 | -18.25 |
| Martin ratioReturn relative to average drawdown | -1.34 | 55.39 | -56.73 |
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Drawdowns
SCO vs. SOXL - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, which is greater than SOXL's maximum drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for SCO and SOXL.
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Drawdown Indicators
| SCO | SOXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -90.46% | -9.34% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -43.47% | -28.77% |
Max Drawdown (3Y)Largest decline over 3 years | -77.98% | -87.88% | +9.90% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -90.46% | -4.34% |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | -90.46% | -9.05% |
Current DrawdownCurrent decline from peak | -99.70% | -28.32% | -71.38% |
Average DrawdownAverage peak-to-trough decline | -85.21% | -34.94% | -50.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.55% | 13.75% | +23.80% |
Volatility
SCO vs. SOXL - Volatility Comparison
The current volatility for ProShares UltraShort Bloomberg Crude Oil (SCO) is 18.02%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 68.63%. This indicates that SCO experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | SOXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.02% | 68.63% | -50.61% |
Volatility (6M)Calculated over the trailing 6-month period | 48.08% | 101.44% | -53.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.22% | 117.77% | -61.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.18% | 110.57% | -50.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.92% | 100.67% | -28.75% |
SCO vs. SOXL - Expense Ratio Comparison
SCO has a 0.95% expense ratio, which is higher than SOXL's 0.75% expense ratio.
Dividends
SCO vs. SOXL - Dividend Comparison
Neither SCO nor SOXL has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 0.00% | 0.34% | 1.18% | 0.51% | 1.07% | 0.04% | 0.05% | 0.38% | 1.30% | 0.09% | 4.84% |
Frequently Asked Questions
SCO and SOXL have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXL has higher volatility (68.63%) compared to SCO (18.02%). In terms of maximum drawdown, SCO dropped -99.80% vs SOXL's -90.46%.
On 10-year performance, SOXL leads with 64.21% vs -36.53% for SCO. On fees, SOXL is cheaper at 0.75% per year. On volatility, SCO has been the lower-risk option at 18.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SOXL has performed better with a 64.21% return vs -36.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXL is cheaper with a 0.75% expense ratio, compared with 0.95% for SCO.
SCO and SOXL have nearly identical dividend yields, around 0.00%.
SCO is categorized as Oil & Gas, while SOXL is Leveraged Equities. SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while SOXL tracks ICE Semiconductor Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SCO and 0.75% for SOXL.
SOXL currently has the higher Sharpe Ratio (6.48 vs -0.90), 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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