SCO vs. UGA
SCO (ProShares UltraShort Bloomberg Crude Oil) and UGA (United States Gasoline Fund LP) are both Oil & Gas funds - SCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%) while UGA tracks the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, SCO returned -40.39%/yr vs 18.03%/yr for UGA. Their -0.81 correlation means they have often moved in opposite directions in the past. SCO charges 0.95%/yr vs 0.75%/yr for UGA.
Performance
SCO vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, SCO achieves a -65.39% return, which is significantly lower than UGA's 91.06% return. Over the past 10 years, SCO has underperformed UGA with an annualized return of -40.39%, while UGA has yielded a comparatively higher 18.03% annualized return.
SCO
- 1D
- -1.02%
- 1M
- -23.78%
- 6M
- -55.81%
- YTD
- -65.39%
- 1Y
- -58.66%
- 3Y*
- -29.81%
- 5Y*
- -39.67%
- 10Y*
- -40.39%
- ALL TIME*
- -26.09%
UGA
- 1D
- -0.01%
- 1M
- 14.56%
- 6M
- 70.02%
- YTD
- 91.06%
- 1Y
- 88.12%
- 3Y*
- 17.55%
- 5Y*
- 25.78%
- 10Y*
- 18.03%
- ALL TIME*
- 4.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $131.70M | $126.01M | $253.57M | |
| $6.47M | $5.01M | $4.85M |
SCO vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -65.39% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
UGA United States Gasoline Fund LP | 91.06% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between SCO and UGA is -0.88, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.88 |
Correlation (3Y) Balances recent behavior with more history. | -0.86 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.86 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.82 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.81 |
The correlation between SCO and UGA has been stable across timeframes, ranging from -0.88 to -0.81 - a consistent structural relationship.
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Return for Risk
SCO vs. UGA — Risk / Return Rank
SCO
UGA
SCO vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.26 | ||
| Sortino ratioReturn per unit of downside risk | -4.30 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.37 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 4.12 | -4.89 |
| Martin ratioReturn relative to average drawdown | -1.32 | 11.57 | -12.89 |
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Drawdowns
SCO vs. UGA - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, which is greater than UGA's maximum drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for SCO and UGA.
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Drawdown Indicators
| SCO | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -86.59% | -13.21% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -20.32% | -51.92% |
Max Drawdown (3Y)Largest decline over 3 years | -74.64% | -26.68% | -47.96% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -38.11% | -56.69% |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | -75.89% | -23.61% |
Current DrawdownCurrent decline from peak | -99.77% | -5.63% | -94.14% |
Average DrawdownAverage peak-to-trough decline | -85.28% | -36.53% | -48.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.39% | 7.26% | +35.13% |
Volatility
SCO vs. UGA - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 23.27% compared to United States Gasoline Fund LP (UGA) at 11.28%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.27% | 11.28% | +11.99% |
Volatility (6M)Calculated over the trailing 6-month period | 51.24% | 31.98% | +19.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.66% | 36.11% | +23.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.43% | 34.60% | +25.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.89% | 37.26% | +34.63% |
SCO vs. UGA - Expense Ratio Comparison
SCO has a 0.95% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
SCO vs. UGA - Dividend Comparison
Neither SCO nor UGA has paid dividends to shareholders.
Frequently Asked Questions
SCO and UGA have a correlation of -0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCO has higher volatility (23.27%) compared to UGA (11.28%). In terms of maximum drawdown, SCO dropped -99.80% vs UGA's -86.59%.
On 10-year performance, UGA leads with 18.03% vs -40.39% for SCO. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 11.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGA has performed better with a 18.03% return vs -40.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.95% for SCO.
SCO and UGA have nearly identical dividend yields, around 0.00%.
SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for SCO and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.32 vs -0.94), 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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