SCO vs. UNL
SCO (ProShares UltraShort Bloomberg Crude Oil) and UNL (United States 12 Month Natural Gas Fund LP) are both Oil & Gas funds - SCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%) while UNL tracks the 12 Month Natural Gas. Both are passively managed. Over the past 10 years, SCO returned -37.09%/yr vs -5.16%/yr for UNL. At a correlation of -0.13, they often move in opposite directions. SCO charges 0.95%/yr vs 0.90%/yr for UNL.
Performance
SCO vs. UNL - 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 UNL's -17.95% return. Over the past 10 years, SCO has underperformed UNL with an annualized return of -37.09%, while UNL has yielded a comparatively higher -5.16% 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%
UNL
- 1D
- -1.35%
- 1M
- -5.54%
- 6M
- -6.56%
- YTD
- -17.95%
- 1Y
- -30.40%
- 3Y*
- -19.15%
- 5Y*
- -9.80%
- 10Y*
- -5.16%
SCO vs. UNL - 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% |
UNL United States 12 Month Natural Gas Fund LP | -17.95% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -21.47% |
Correlation
The correlation between SCO and UNL is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010 | -0.13 |
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Return for Risk
SCO vs. UNL — Risk / Return Rank
SCO
UNL
SCO vs. UNL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and United States 12 Month Natural Gas Fund LP (UNL). 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 | UNL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.86 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | -0.91 | +0.19 |
| Martin ratioReturn relative to average drawdown | -1.32 | -1.51 | +0.19 |
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Drawdowns
SCO vs. UNL - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, which is greater than UNL's maximum drawdown of -89.28%. Use the drawdown chart below to compare losses from any high point for SCO and UNL.
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Drawdown Indicators
| SCO | UNL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -89.28% | -10.52% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -32.50% | -39.74% |
Max Drawdown (3Y)Largest decline over 3 years | -75.14% | -49.46% | -25.68% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -78.66% | -16.14% |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | -78.66% | -20.85% |
Current DrawdownCurrent decline from peak | -99.72% | -89.28% | -10.44% |
Average DrawdownAverage peak-to-trough decline | -85.24% | -73.43% | -11.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.10% | 19.54% | +19.56% |
Volatility
SCO vs. UNL - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 17.87% compared to United States 12 Month Natural Gas Fund LP (UNL) at 5.84%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than UNL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | UNL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.87% | 5.84% | +12.03% |
Volatility (6M)Calculated over the trailing 6-month period | 48.31% | 29.45% | +18.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.84% | 35.23% | +21.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.20% | 41.74% | +18.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.80% | 33.82% | +37.98% |
SCO vs. UNL - Expense Ratio Comparison
SCO has a 0.95% expense ratio, which is higher than UNL's 0.90% expense ratio.
Dividends
SCO vs. UNL - Dividend Comparison
Neither SCO nor UNL has paid dividends to shareholders.
Frequently Asked Questions
SCO and UNL have a correlation of -0.22, 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 UNL (5.84%). In terms of maximum drawdown, SCO dropped -99.80% vs UNL's -89.28%.
On 10-year performance, UNL leads with -5.16% vs -37.09% for SCO. On fees, UNL is cheaper at 0.90% per year. On volatility, UNL has been the lower-risk option at 5.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UNL has performed better with a -5.16% return vs -37.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UNL is cheaper with a 0.90% expense ratio, compared with 0.95% for SCO.
SCO and UNL have nearly identical dividend yields, around 0.00%.
SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while UNL tracks 12 Month Natural Gas. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for SCO and 0.90% for UNL.
UNL currently has the higher Sharpe Ratio (-0.84 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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