SCO vs. USCI
SCO (ProShares UltraShort Bloomberg Crude Oil) and USCI (United States Commodity Index Fund) are both exchange-traded funds - SCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return. Both are passively managed. Over the past 10 years, SCO returned -37.09%/yr vs 8.41%/yr for USCI. At a correlation of -0.63, they often move in opposite directions. SCO charges 0.95%/yr vs 1.03%/yr for USCI.
Performance
SCO vs. USCI - 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 USCI's 23.68% return. Over the past 10 years, SCO has underperformed USCI with an annualized return of -37.09%, while USCI has yielded a comparatively higher 8.41% 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%
USCI
- 1D
- -0.50%
- 1M
- 0.90%
- 6M
- 22.70%
- YTD
- 23.68%
- 1Y
- 28.10%
- 3Y*
- 20.39%
- 5Y*
- 19.25%
- 10Y*
- 8.41%
SCO vs. USCI - 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% |
USCI United States Commodity Index Fund | 23.68% | 17.63% | 17.24% | -0.00% | 29.47% | 33.07% | -11.47% | -1.68% | -11.76% | 6.32% |
Correlation
The correlation between SCO and USCI is -0.78, 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 | -0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.64 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2010 | -0.63 |
The correlation between SCO and USCI shifts across timeframes, from -0.78 (1 year) to -0.63 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SCO vs. USCI — Risk / Return Rank
SCO
USCI
SCO vs. USCI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and United States Commodity Index Fund (USCI). 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 | USCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.68 | ||
| Sortino ratioReturn per unit of downside risk | -3.78 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.30 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 2.67 | -3.39 |
| Martin ratioReturn relative to average drawdown | -1.32 | 8.50 | -9.82 |
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Drawdowns
SCO vs. USCI - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, which is greater than USCI's maximum drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for SCO and USCI.
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Drawdown Indicators
| SCO | USCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -66.41% | -33.39% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -11.19% | -61.05% |
Max Drawdown (3Y)Largest decline over 3 years | -75.14% | -12.01% | -63.13% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -18.84% | -75.96% |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | -45.82% | -53.69% |
Current DrawdownCurrent decline from peak | -99.72% | -6.52% | -93.20% |
Average DrawdownAverage peak-to-trough decline | -85.24% | -29.37% | -55.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.10% | 3.51% | +35.59% |
Volatility
SCO vs. USCI - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 17.87% compared to United States Commodity Index Fund (USCI) at 4.94%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than USCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | USCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.87% | 4.94% | +12.93% |
Volatility (6M)Calculated over the trailing 6-month period | 48.31% | 14.42% | +33.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.84% | 16.91% | +39.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.20% | 18.40% | +41.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.80% | 15.88% | +55.92% |
SCO vs. USCI - Expense Ratio Comparison
SCO has a 0.95% expense ratio, which is lower than USCI's 1.03% expense ratio.
Dividends
SCO vs. USCI - Dividend Comparison
Neither SCO nor USCI has paid dividends to shareholders.
Frequently Asked Questions
SCO and USCI have a correlation of -0.78, 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 USCI (4.94%). In terms of maximum drawdown, SCO dropped -99.80% vs USCI's -66.41%.
On 10-year performance, USCI leads with 8.41% vs -37.09% for SCO. On fees, SCO is cheaper at 0.95% per year. On volatility, USCI has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USCI has performed better with a 8.41% return vs -37.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCO is cheaper with a 0.95% expense ratio, compared with 1.03% for USCI.
SCO and USCI have nearly identical dividend yields, around 0.00%.
SCO is categorized as Oil & Gas, while USCI is Commodities. SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while USCI tracks SummerHaven Dynamic Commodity Index Total Return. They also come from different issuers: ProShares and United States Commodity Funds. Their fees differ too: 0.95% for SCO and 1.03% for USCI.
USCI currently has the higher Sharpe Ratio (1.77 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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