SCO vs. USD
SCO (ProShares UltraShort Bloomberg Crude Oil) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - SCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, SCO returned -40.39%/yr vs 54.19%/yr for USD. Their -0.22 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
SCO vs. USD - 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 USD's 50.25% return. Over the past 10 years, SCO has underperformed USD with an annualized return of -40.39%, while USD has yielded a comparatively higher 54.19% 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%
USD
- 1D
- 1.44%
- 1M
- -10.08%
- 6M
- 34.80%
- YTD
- 50.25%
- 1Y
- 92.29%
- 3Y*
- 87.71%
- 5Y*
- 55.02%
- 10Y*
- 54.19%
- ALL TIME*
- 28.07%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $131.70M | $126.01M | $253.57M | |
| $68.86M | $72.62M | $95.81M |
SCO vs. USD - 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% |
USD ProShares Ultra Semiconductors | 50.25% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between SCO and USD is 0.09, 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. | 0.09 |
Correlation (3Y) Balances recent behavior with more history. | -0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.13 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.22 |
The correlation between SCO and USD shifts across timeframes, from -0.22 (all time) to 0.09 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SCO vs. USD — Risk / Return Rank
SCO
USD
SCO vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.10 | ||
| Sortino ratioReturn per unit of downside risk | -3.21 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.22 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 2.16 | -2.94 |
| Martin ratioReturn relative to average drawdown | -1.32 | 6.21 | -7.54 |
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Drawdowns
SCO vs. USD - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SCO and USD.
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Drawdown Indicators
| SCO | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -88.63% | -11.17% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -39.33% | -32.91% |
Max Drawdown (3Y)Largest decline over 3 years | -74.64% | -64.46% | -10.18% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -77.85% | -16.95% |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | -77.85% | -21.65% |
Current DrawdownCurrent decline from peak | -99.77% | -30.59% | -69.18% |
Average DrawdownAverage peak-to-trough decline | -85.28% | -32.23% | -53.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.39% | 13.62% | +28.77% |
Volatility
SCO vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort Bloomberg Crude Oil (SCO) is 23.27%, while ProShares Ultra Semiconductors (USD) has a volatility of 28.19%. This indicates that SCO experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.27% | 28.19% | -4.92% |
Volatility (6M)Calculated over the trailing 6-month period | 51.24% | 61.13% | -9.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.66% | 73.80% | -14.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.43% | 78.73% | -18.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.89% | 70.38% | +1.51% |
SCO vs. USD - Expense Ratio Comparison
Both SCO and USD have an expense ratio of 0.95%.
Dividends
SCO vs. USD - Dividend Comparison
SCO has not paid dividends to shareholders, while USD's dividend yield for the trailing twelve months is around 0.39%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USD ProShares Ultra Semiconductors | 0.39% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
SCO and USD have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (28.19%) compared to SCO (23.27%). In terms of maximum drawdown, SCO dropped -99.80% vs USD's -88.63%.
On 10-year performance, USD leads with 54.19% vs -40.39% for SCO. Both ETFs have the same 0.95% expense ratio. On volatility, SCO has been the lower-risk option at 23.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 54.19% return vs -40.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCO and USD have the same expense ratio: 0.95% per year.
USD has the higher dividend yield at 0.39%, compared with 0.00% for SCO.
SCO is categorized as Oil & Gas, while USD is Leveraged Equities. SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (1.15 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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