SCO vs. SSO
SCO (ProShares UltraShort Bloomberg Crude Oil) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - SCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SCO returned -38.07%/yr vs 23.27%/yr for SSO. At a correlation of -0.31, they often move in opposite directions. SCO charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
SCO vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, SCO achieves a -62.90% return, which is significantly lower than SSO's 17.32% return. Over the past 10 years, SCO has underperformed SSO with an annualized return of -38.07%, while SSO has yielded a comparatively higher 23.27% annualized 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%
SSO
- 1D
- -1.53%
- 1M
- 1.94%
- 6M
- 13.10%
- YTD
- 17.32%
- 1Y
- 37.37%
- 3Y*
- 32.47%
- 5Y*
- 17.61%
- 10Y*
- 23.27%
SCO vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -62.90% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
SSO ProShares Ultra S&P500 | 17.32% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between SCO and SSO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.31 |
The correlation between SCO and SSO shifts across timeframes, from -0.31 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SCO vs. SSO — Risk / Return Rank
SCO
SSO
SCO vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and ProShares Ultra S&P500 (SSO). 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 | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.47 | ||
| Sortino ratioReturn per unit of downside risk | -3.55 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.27 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 2.07 | -2.84 |
| Martin ratioReturn relative to average drawdown | -1.42 | 8.51 | -9.93 |
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Drawdowns
SCO vs. SSO - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for SCO and SSO.
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Drawdown Indicators
| SCO | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -84.67% | -15.13% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -18.17% | -54.07% |
Max Drawdown (3Y)Largest decline over 3 years | -75.14% | -35.21% | -39.93% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -46.73% | -48.07% |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | -59.34% | -40.17% |
Current DrawdownCurrent decline from peak | -99.75% | -3.10% | -96.65% |
Average DrawdownAverage peak-to-trough decline | -85.24% | -19.49% | -65.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.32% | 4.40% | +34.92% |
Volatility
SCO vs. SSO - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 22.38% compared to ProShares Ultra S&P500 (SSO) at 8.22%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.38% | 8.22% | +14.16% |
Volatility (6M)Calculated over the trailing 6-month period | 49.39% | 19.91% | +29.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.01% | 25.05% | +32.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.45% | 33.87% | +26.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.82% | 35.88% | +35.94% |
SCO vs. SSO - Expense Ratio Comparison
SCO has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
SCO vs. SSO - Dividend Comparison
SCO has not paid dividends to shareholders, while SSO's dividend yield for the trailing twelve months is around 0.67%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SSO ProShares Ultra S&P500 | 0.67% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
Frequently Asked Questions
SCO and SSO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCO has higher volatility (22.38%) compared to SSO (8.22%). In terms of maximum drawdown, SCO dropped -99.80% vs SSO's -84.67%.
On 10-year performance, SSO leads with 23.27% vs -38.07% for SCO. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 8.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SSO has performed better with a 23.27% return vs -38.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for SCO.
SSO has the higher dividend yield at 0.67%, compared with 0.00% for SCO.
SCO is categorized as Oil & Gas, while SSO is Leveraged Equities. SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for SCO and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.50 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.
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