PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
SCO vs. UPRO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SCO vs. UPRO

Last updated Jun 4, 2026

SCO (ProShares UltraShort Bloomberg Crude Oil) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - SCO is a Leveraged Commodities fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SCO returned -38.69%/yr vs 30.09%/yr for UPRO. At a correlation of -0.30, they often move in opposite directions. SCO charges 0.95%/yr vs 0.89%/yr for UPRO.

Performance

SCO vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Crude Oil (SCO) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, SCO achieves a -68.52% return, which is significantly lower than UPRO's 27.90% return. Over the past 10 years, SCO has underperformed UPRO with an annualized return of -38.69%, while UPRO has yielded a comparatively higher 30.09% 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%

UPRO

1D
-2.09%
1M
14.64%
YTD
27.90%
6M
26.67%
1Y
80.84%
3Y*
52.58%
5Y*
23.13%
10Y*
30.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SCO vs. UPRO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
UPRO
ProShares UltraPro S&P 500		27.90%31.88%63.57%68.53%-56.84%98.64%10.09%102.30%-25.11%71.37%

Correlation

The correlation between SCO and UPRO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.28

Correlation (3Y)
Calculated over the trailing 3-year period

0.03

Correlation (5Y)
Calculated over the trailing 5-year period

-0.10

Correlation (10Y)
Calculated over the trailing 10-year period

-0.20

Correlation (All Time)
Calculated using the full available price history since Jun 26, 2009

-0.30

The correlation between SCO and UPRO shifts across timeframes, from -0.30 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort Bloomberg Crude Oil

ProShares UltraPro S&P 500

Often compared with SCO:
SCO vs. UCOSCO vs. USOSCO vs. DRIPSCO vs. NRGDSCO vs. BOILSCO vs. KOLDSCO vs. ERX
Often compared with UPRO:
UPRO vs. SPYUPRO vs. TQQQUPRO vs. SPXLUPRO vs. SSOUPRO vs. VOOUPRO vs. QLDUPRO vs. TMF

Return for Risk

SCO vs. UPRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SCO
SCO Risk / Return Rank: 11
Overall Rank
SCO Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SCO Sortino Ratio Rank: 00
Sortino Ratio Rank
SCO Omega Ratio Rank: 00
Omega Ratio Rank
SCO Calmar Ratio Rank: 11
Calmar Ratio Rank
SCO Martin Ratio Rank: 00
Martin Ratio Rank
UPRO
UPRO Risk / Return Rank: 6262
Overall Rank
UPRO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
UPRO Sortino Ratio Rank: 5757
Sortino Ratio Rank
UPRO Omega Ratio Rank: 5858
Omega Ratio Rank
UPRO Calmar Ratio Rank: 6060
Calmar Ratio Rank
UPRO Martin Ratio Rank: 6868
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SCO vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and ProShares UltraPro S&P 500 (UPRO). 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.

SCOUPRODifference
Sharpe ratioReturn per unit of total volatility
-1.20
2.30

-3.51

Sortino ratioReturn per unit of downside risk
-2.34
2.76

-5.10

Omega ratioGain probability vs. loss probability

0.75

1.36

-0.61

Calmar ratioReturn relative to maximum drawdown

-0.94

3.03

-3.98

Martin ratioReturn relative to average drawdown

-1.97

12.80

-14.77

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SCO vs. UPRO - Sharpe Ratio Comparison

The current SCO Sharpe Ratio is -1.20, which is lower than the UPRO Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of SCO and UPRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

SCOUPRODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.20

2.30

-3.51

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.72

0.46

-1.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.54

0.56

-1.10

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.38

0.65

-1.03

Drawdowns

SCO vs. UPRO - Drawdown Comparison

The maximum SCO drawdown since its inception was -99.80%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for SCO and UPRO.

Loading charts...

Drawdown Indicators

SCOUPRODifference

Max Drawdown

Largest peak-to-trough decline

-99.80%

-76.82%

-22.98%

Max Drawdown (1Y)

Largest decline over 1 year

-72.24%

-26.78%

-45.46%

Max Drawdown (3Y)

Largest decline over 3 years

-79.85%

-48.87%

-30.98%

Max Drawdown (5Y)

Largest decline over 5 years

-94.80%

-63.94%

-30.86%

Max Drawdown (10Y)

Largest decline over 10 years

-99.51%

-76.82%

-22.69%

Current Drawdown

Current decline from peak

-99.79%

-2.09%

-97.70%

Average Drawdown

Average peak-to-trough decline

-85.17%

-14.42%

-70.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

34.60%

6.33%

+28.27%

Volatility

SCO vs. UPRO - Volatility Comparison

ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 20.05% compared to ProShares UltraPro S&P 500 (UPRO) at 8.45%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

SCOUPRODifference

Volatility (1M)

Calculated over the trailing 1-month period

20.05%

8.45%

+11.60%

Volatility (6M)

Calculated over the trailing 6-month period

45.60%

26.60%

+19.00%

Volatility (1Y)

Calculated over the trailing 1-year period

56.64%

35.35%

+21.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

59.74%

50.32%

+9.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

71.95%

53.74%

+18.21%

SCO vs. UPRO - Expense Ratio Comparison

SCO has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.

Dividends

SCO vs. UPRO - Dividend Comparison

SCO has not paid dividends to shareholders, while UPRO's dividend yield for the trailing twelve months is around 0.68%.

PositionTTM20252024202320222021202020192018201720162015
SCO
ProShares UltraShort Bloomberg Crude Oil		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
UPRO
ProShares UltraPro S&P 500		0.68%0.84%0.93%0.74%0.52%0.06%0.11%0.41%0.63%0.00%0.12%0.34%

Frequently Asked Questions

SCO and UPRO have a correlation of 0.28, 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 UPRO (8.45%). In terms of maximum drawdown, SCO dropped -99.80% vs UPRO's -76.82%.

On 10-year performance, UPRO leads with 30.09% vs -38.69% for SCO. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 8.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, UPRO has performed better with a 30.09% return vs -38.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for SCO.

UPRO has the higher dividend yield at 0.68%, compared with 0.00% for SCO.

SCO is categorized as Leveraged Commodities, while UPRO is Leveraged Equities. SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for SCO and 0.89% for UPRO.

UPRO currently has the higher Sharpe Ratio (2.30 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.

Portfolio Optimizer

Find the right allocation for SCO and UPRO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer