SCO vs. UGL
SCO (ProShares UltraShort Bloomberg Crude Oil) and UGL (ProShares Ultra Gold) are both exchange-traded funds - SCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, SCO returned -40.39%/yr vs 14.00%/yr for UGL. Their -0.15 correlation means they have often moved in opposite directions in the past. 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 -65.39% return, which is significantly lower than UGL's -20.41% return. Over the past 10 years, SCO has underperformed UGL with an annualized return of -40.39%, while UGL has yielded a comparatively higher 14.00% 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%
UGL
- 1D
- -2.99%
- 1M
- -4.25%
- 6M
- -34.89%
- YTD
- -20.41%
- 1Y
- 24.87%
- 3Y*
- 43.93%
- 5Y*
- 24.15%
- 10Y*
- 14.00%
- ALL TIME*
- 11.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $131.70M | $126.01M | $253.57M | |
| $72.32M | $67.11M | $108.24M |
SCO vs. UGL - 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% |
UGL ProShares Ultra Gold | -20.41% | 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 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.08 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.09 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.15 |
The correlation between SCO and UGL shifts across timeframes, from -0.15 (all time) to 0.08 (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.
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 | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -2.49 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.14 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 0.60 | -1.38 |
| Martin ratioReturn relative to average drawdown | -1.32 | 1.22 | -2.55 |
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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% | -50.02% | -22.22% |
Max Drawdown (3Y)Largest decline over 3 years | -74.64% | -50.02% | -24.62% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -50.02% | -44.78% |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | -50.02% | -49.48% |
Current DrawdownCurrent decline from peak | -99.77% | -48.39% | -51.38% |
Average DrawdownAverage peak-to-trough decline | -85.28% | -43.64% | -41.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.39% | 24.47% | +17.92% |
Volatility
SCO vs. UGL - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 23.27% compared to ProShares Ultra Gold (UGL) at 12.79%. 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 | 23.27% | 12.79% | +10.48% |
Volatility (6M)Calculated over the trailing 6-month period | 51.24% | 47.42% | +3.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.66% | 55.84% | +3.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.43% | 37.12% | +23.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.89% | 32.70% | +39.19% |
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 0.08, 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 UGL (12.79%). In terms of maximum drawdown, SCO dropped -99.80% vs UGL's -75.93%.
On 10-year performance, UGL leads with 14.00% vs -40.39% for SCO. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 12.79%. 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 14.00% return vs -40.39%. 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 is categorized as Oil & Gas, while UGL is Leveraged Commodities. SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while UGL tracks Bloomberg Gold Subindex (200%).
UGL currently has the higher Sharpe Ratio (0.54 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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