SCO vs. UCO

Last updated Jun 20, 2026

SCO (ProShares UltraShort Bloomberg Crude Oil) and UCO (ProShares Ultra Bloomberg Crude Oil) are both Oil & Gas funds from ProShares - SCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%) while UCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. Over the past 10 years, SCO returned -36.90%/yr vs 18.97%/yr for UCO. At a correlation of -1.00, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

SCO vs. UCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Crude Oil (SCO) and ProShares Ultra Bloomberg Crude Oil (UCO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCO achieves a -59.41% return, which is significantly lower than UCO's 89.65% return. Over the past 10 years, SCO has underperformed UCO with an annualized return of -36.90%, while UCO has yielded a comparatively higher 18.97% annualized return.

SCO

• 1D: -0.09%
• 1M: 27.77%
• YTD: -59.41%
• 6M: -60.52%
• 1Y: -47.25%
• 3Y*: -32.01%
• 5Y*: -39.29%
• 10Y*: -36.90%

UCO

• 1D: 0.22%
• 1M: -23.87%
• YTD: 89.65%
• 6M: 93.97%
• 1Y: 33.48%
• 3Y*: 14.78%
• 5Y*: 14.79%
• 10Y*: 18.97%

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

SCO vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCO ProShares UltraShort Bloomberg Crude Oil	-59.41%	15.90%	-19.00%	-12.41%	-62.59%	-72.62%	-4.20%	-58.50%	19.22%	-22.40%
UCO ProShares Ultra Bloomberg Crude Oil	89.65%	-29.75%	5.36%	-13.89%	39.71%	139.26%	77.27%	53.83%	-43.26%	0.34%

Correlation

The correlation between SCO and UCO is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-1.00
Correlation (3Y) Calculated over the trailing 3-year period	-1.00
Correlation (5Y) Calculated over the trailing 5-year period	-1.00
Correlation (10Y) Calculated over the trailing 10-year period	-1.00
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008	-1.00

The correlation between SCO and UCO has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.

Return for Risk

SCO vs. UCO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SCO

SCO Risk / Return Rank: 3
SCO Sharpe Ratio Rank: 3
SCO Sortino Ratio Rank: 3
SCO Omega Ratio Rank: 3
SCO Calmar Ratio Rank: 4
SCO Martin Ratio Rank: 2

UCO

UCO Risk / Return Rank: 19
UCO Sharpe Ratio Rank: 18
UCO Sortino Ratio Rank: 21
UCO Omega Ratio Rank: 20
UCO Calmar Ratio Rank: 21
UCO Martin Ratio Rank: 17

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. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and ProShares Ultra Bloomberg Crude Oil (UCO). 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	UCO	Difference
Sharpe ratio: Return per unit of total volatility	-0.83	0.59	-1.42
Sortino ratio: Return per unit of downside risk	-1.19	1.12	-2.30
Omega ratio: Gain probability vs. loss probability	0.87	1.14	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.66	0.97	-1.62
Martin ratio: Return relative to average drawdown	-1.29	1.79	-3.08

SCO vs. UCO - Sharpe Ratio Comparison

The current SCO Sharpe Ratio is -0.83, which is lower than the UCO Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of SCO and UCO, 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. UCO - Drawdown Comparison

The maximum SCO drawdown since its inception was -99.80%, roughly equal to the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for SCO and UCO.

Drawdown Indicators

	SCO	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-99.80%	-99.86%	+0.06%
Max Drawdown (1Y) Largest decline over 1 year	-72.24%	-34.77%	-37.47%
Max Drawdown (3Y) Largest decline over 3 years	-78.76%	-50.38%	-28.38%
Max Drawdown (5Y) Largest decline over 5 years	-94.80%	-67.24%	-27.56%
Max Drawdown (10Y) Largest decline over 10 years	-99.51%	-96.50%	-3.01%
Current Drawdown Current decline from peak	-99.73%	-85.29%	-14.44%
Average Drawdown Average peak-to-trough decline	-85.19%	-82.11%	-3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.61%	18.79%	+17.82%

Volatility

SCO vs. UCO - Volatility Comparison

ProShares UltraShort Bloomberg Crude Oil (SCO) and ProShares Ultra Bloomberg Crude Oil (UCO) have volatilities of 16.80% and 17.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCO	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.80%	17.30%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	47.16%	48.10%	-0.94%
Volatility (1Y) Calculated over the trailing 1-year period	57.03%	57.48%	-0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.02%	60.08%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.92%	317.60%	-245.68%

SCO vs. UCO - Expense Ratio Comparison

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

Dividends

SCO vs. UCO - Dividend Comparison

Neither SCO nor UCO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SCO and UCO in my portfolio?

SCO and UCO have a correlation of -1.00, 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 UCO?

UCO has higher volatility (17.30%) compared to SCO (16.80%). In terms of maximum drawdown, SCO dropped -99.80% vs UCO's -99.86%.

Which ETF is better, SCO or UCO?

On 10-year performance, UCO leads with 18.97% vs -36.90% for SCO. Both ETFs have the same 0.95% expense ratio. On volatility, SCO has been the lower-risk option at 16.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCO or UCO?

Over the 10-year period, UCO has performed better with a 18.97% return vs -36.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCO or UCO?

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

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

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

What is the main difference between SCO and UCO?

SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%).

Which has better risk-adjusted returns?

UCO currently has the higher Sharpe Ratio (0.59 vs -0.83), 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.