SCO vs. SSO
SCO (ProShares UltraShort Bloomberg Crude Oil) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - SCO is a Leveraged Commodities 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 -38.21%/yr vs 24.16%/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 -67.25% return, which is significantly lower than SSO's 20.20% return. Over the past 10 years, SCO has underperformed SSO with an annualized return of -38.21%, while SSO has yielded a comparatively higher 24.16% 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%
SSO
- 1D
- 0.70%
- 1M
- 8.84%
- YTD
- 20.20%
- 6M
- 19.43%
- 1Y
- 53.91%
- 3Y*
- 38.10%
- 5Y*
- 19.79%
- 10Y*
- 24.16%
SCO vs. SSO - 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% |
SSO ProShares Ultra S&P500 | 20.20% | 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 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | -0.31 |
The correlation between SCO and SSO shifts across timeframes, from -0.31 (all time) to 0.29 (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.
| SCO | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.49 | ||
| Sortino ratioReturn per unit of downside risk | -5.19 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.38 | -0.63 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 2.98 | -3.92 |
| Martin ratioReturn relative to average drawdown | -1.94 | 13.10 | -15.04 |
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 | SSO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.19 | 2.30 | -3.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.71 | 0.59 | -1.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.53 | 0.68 | -1.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.38 | 0.42 | -0.80 |
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 | -79.85% | -35.21% | -44.64% |
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 | -99.78% | -0.71% | -99.07% |
Average DrawdownAverage peak-to-trough decline | -85.18% | -19.57% | -65.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.87% | 4.13% | +30.74% |
Volatility
SCO vs. SSO - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 20.24% compared to ProShares Ultra S&P500 (SSO) at 5.56%. 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 | 20.24% | 5.56% | +14.68% |
Volatility (6M)Calculated over the trailing 6-month period | 45.73% | 17.78% | +27.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.81% | 23.59% | +33.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.76% | 33.64% | +26.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.95% | 35.89% | +36.06% |
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 0.61%.
| 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 | 0.61% | 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 0.29, 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 SSO (5.56%). In terms of maximum drawdown, SCO dropped -99.80% vs SSO's -84.67%.
On 10-year performance, SSO leads with 24.16% vs -38.21% for SCO. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 5.56%. 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 24.16% return vs -38.21%. 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 0.61%, compared with 0.00% for SCO.
SCO is categorized as Leveraged Commodities, 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 (2.30 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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