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 -37.09%/yr vs 15.78%/yr for UGA. At a correlation of -0.81, they often move in opposite directions. 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 -57.74% return, which is significantly lower than UGA's 71.80% return. Over the past 10 years, SCO has underperformed UGA with an annualized return of -37.09%, while UGA has yielded a comparatively higher 15.78% annualized return.
SCO
- 1D
- 0.03%
- 1M
- 18.27%
- 6M
- -55.73%
- YTD
- -57.74%
- 1Y
- -49.59%
- 3Y*
- -29.10%
- 5Y*
- -37.73%
- 10Y*
- -37.09%
UGA
- 1D
- -1.13%
- 1M
- 0.87%
- 6M
- 65.75%
- YTD
- 71.80%
- 1Y
- 66.14%
- 3Y*
- 17.96%
- 5Y*
- 23.72%
- 10Y*
- 15.78%
SCO vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -57.74% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
UGA United States Gasoline Fund LP | 71.80% | -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 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 | -0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 | -2.88 | ||
| Sortino ratioReturn per unit of downside risk | -3.88 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.32 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 3.41 | -4.13 |
| Martin ratioReturn relative to average drawdown | -1.32 | 9.53 | -10.86 |
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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 | -75.14% | -26.68% | -48.46% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -38.11% | -56.69% |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | -75.89% | -23.62% |
Current DrawdownCurrent decline from peak | -99.72% | -14.20% | -85.52% |
Average DrawdownAverage peak-to-trough decline | -85.24% | -36.64% | -48.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.10% | 7.26% | +31.84% |
Volatility
SCO vs. UGA - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 17.87% compared to United States Gasoline Fund LP (UGA) at 10.45%. 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 | 17.87% | 10.45% | +7.42% |
Volatility (6M)Calculated over the trailing 6-month period | 48.31% | 31.50% | +16.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.84% | 35.39% | +21.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.20% | 34.57% | +25.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.80% | 37.20% | +34.60% |
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 (17.87%) compared to UGA (10.45%). In terms of maximum drawdown, SCO dropped -99.80% vs UGA's -86.59%.
On 10-year performance, UGA leads with 15.78% vs -37.09% for SCO. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 10.45%. 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 15.78% return vs -37.09%. 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 (1.96 vs -0.91), 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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