SCO vs. UGL
SCO (ProShares UltraShort Bloomberg Crude Oil) and UGL (ProShares Ultra Gold) are both Leveraged Commodities funds from ProShares - SCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%) while UGL tracks the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, SCO returned -38.69%/yr vs 18.45%/yr for UGL. At a correlation of -0.15, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SCO vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, SCO achieves a -68.52% return, which is significantly lower than UGL's -2.16% return. Over the past 10 years, SCO has underperformed UGL with an annualized return of -38.69%, while UGL has yielded a comparatively higher 18.45% annualized return.
SCO
- 1D
- -2.80%
- 1M
- 0.04%
- YTD
- -68.52%
- 6M
- -67.29%
- 1Y
- -68.07%
- 3Y*
- -37.96%
- 5Y*
- -42.81%
- 10Y*
- -38.69%
UGL
- 1D
- -2.00%
- 1M
- -3.96%
- YTD
- -2.16%
- 6M
- 1.78%
- 1Y
- 51.67%
- 3Y*
- 53.18%
- 5Y*
- 27.00%
- 10Y*
- 18.45%
SCO vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -68.52% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
UGL ProShares Ultra Gold | -2.16% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between SCO and UGL is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | -0.15 |
The correlation between SCO and UGL shifts across timeframes, from -0.15 (all time) to 0.05 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SCO vs. UGL — Risk / Return Rank
SCO
UGL
SCO vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and ProShares Ultra Gold (UGL). 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 | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.19 | ||
| Sortino ratioReturn per unit of downside risk | -3.77 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.21 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 1.38 | -2.33 |
| Martin ratioReturn relative to average drawdown | -1.97 | 3.17 | -5.14 |
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 | UGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.20 | 0.98 | -2.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.72 | 0.75 | -1.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.54 | 0.57 | -1.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.38 | 0.39 | -0.77 |
Drawdowns
SCO vs. UGL - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, which is greater than UGL's maximum drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for SCO and UGL.
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Drawdown Indicators
| SCO | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -75.93% | -23.87% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -37.56% | -34.68% |
Max Drawdown (3Y)Largest decline over 3 years | -79.85% | -37.56% | -42.29% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -40.23% | -54.57% |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | -46.23% | -53.28% |
Current DrawdownCurrent decline from peak | -99.79% | -36.56% | -63.23% |
Average DrawdownAverage peak-to-trough decline | -85.17% | -43.63% | -41.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.60% | 16.35% | +18.25% |
Volatility
SCO vs. UGL - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 20.05% compared to ProShares Ultra Gold (UGL) at 11.03%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than UGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.05% | 11.03% | +9.02% |
Volatility (6M)Calculated over the trailing 6-month period | 45.60% | 46.81% | -1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.64% | 52.91% | +3.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.74% | 36.18% | +23.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.95% | 32.34% | +39.61% |
SCO vs. UGL - Expense Ratio Comparison
Both SCO and UGL have an expense ratio of 0.95%.
Dividends
SCO vs. UGL - Dividend Comparison
Neither SCO nor UGL has paid dividends to shareholders.
Frequently Asked Questions
SCO and UGL have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCO has higher volatility (20.05%) compared to UGL (11.03%). In terms of maximum drawdown, SCO dropped -99.80% vs UGL's -75.93%.
On 10-year performance, UGL leads with 18.45% vs -38.69% for SCO. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 11.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGL has performed better with a 18.45% return vs -38.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCO and UGL have the same expense ratio: 0.95% per year.
SCO and UGL have nearly identical dividend yields, around 0.00%.
SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while UGL tracks Bloomberg Gold Subindex (200%).
UGL currently has the higher Sharpe Ratio (0.98 vs -1.20), 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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