SCO vs. USD
SCO (ProShares UltraShort Bloomberg Crude Oil) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - SCO is a Leveraged Commodities 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 -38.21%/yr vs 61.24%/yr for USD. At a correlation of -0.22, they often move in opposite directions. 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 -67.25% return, which is significantly lower than USD's 103.32% return. Over the past 10 years, SCO has underperformed USD with an annualized return of -38.21%, while USD has yielded a comparatively higher 61.24% annualized return.
SCO
- 1D
- 4.05%
- 1M
- 1.14%
- YTD
- -67.25%
- 6M
- -65.49%
- 1Y
- -67.35%
- 3Y*
- -37.24%
- 5Y*
- -42.35%
- 10Y*
- -38.21%
USD
- 1D
- -4.99%
- 1M
- 31.62%
- YTD
- 103.32%
- 6M
- 97.79%
- 1Y
- 250.81%
- 3Y*
- 125.78%
- 5Y*
- 67.80%
- 10Y*
- 61.24%
SCO vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -67.25% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
USD ProShares Ultra Semiconductors | 103.32% | 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 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | -0.22 |
The correlation between SCO and USD shifts across timeframes, from -0.22 (all time) to 0.13 (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.
| SCO | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.31 | ||
| Sortino ratioReturn per unit of downside risk | -5.90 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.48 | -0.73 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 7.94 | -8.88 |
| Martin ratioReturn relative to average drawdown | -1.94 | 22.96 | -24.90 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SCO | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.19 | 4.12 | -5.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.71 | 0.89 | -1.60 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.53 | 0.89 | -1.42 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.38 | 0.49 | -0.86 |
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% | -31.80% | -40.44% |
Max Drawdown (3Y)Largest decline over 3 years | -79.85% | -64.46% | -15.39% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -77.85% | -16.95% |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | -77.85% | -21.66% |
Current DrawdownCurrent decline from peak | -99.78% | -6.07% | -93.71% |
Average DrawdownAverage peak-to-trough decline | -85.18% | -32.35% | -52.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.87% | 10.98% | +23.89% |
Volatility
SCO vs. USD - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) and ProShares Ultra Semiconductors (USD) have volatilities of 20.24% and 21.29%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 20.24% | 21.29% | -1.05% |
Volatility (6M)Calculated over the trailing 6-month period | 45.73% | 46.74% | -1.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.81% | 61.28% | -4.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.76% | 76.56% | -16.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.95% | 69.24% | +2.71% |
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 0.23%.
| 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 | 0.23% | 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 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (21.29%) compared to SCO (20.24%). In terms of maximum drawdown, SCO dropped -99.80% vs USD's -88.63%.
On 10-year performance, USD leads with 61.24% vs -38.21% for SCO. Both ETFs have the same 0.95% expense ratio. On volatility, SCO has been the lower-risk option at 20.24%. 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 61.24% return vs -38.21%. 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 0.23%, compared with 0.00% for SCO.
SCO is categorized as Leveraged Commodities, 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 (4.12 vs -1.19), 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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