SCO vs. USL
SCO (ProShares UltraShort Bloomberg Crude Oil) and USL (United States 12 Month Oil Fund LP) are both Oil & Gas funds - SCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%) while USL tracks the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, SCO returned -37.09%/yr vs 9.40%/yr for USL. At a correlation of -0.97, they often move in opposite directions. SCO charges 0.95%/yr vs 0.88%/yr for USL.
Performance
SCO vs. USL - 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 USL's 39.91% return. Over the past 10 years, SCO has underperformed USL with an annualized return of -37.09%, while USL has yielded a comparatively higher 9.40% 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%
USL
- 1D
- 0.24%
- 1M
- -8.34%
- 6M
- 37.03%
- YTD
- 39.91%
- 1Y
- 26.79%
- 3Y*
- 10.86%
- 5Y*
- 12.56%
- 10Y*
- 9.40%
SCO vs. USL - 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% |
USL United States 12 Month Oil Fund LP | 39.91% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -14.15% | 2.55% |
Correlation
The correlation between SCO and USL is -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.98 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.97 |
The correlation between SCO and USL has been stable across timeframes, ranging from -1.00 to -0.97 - a consistent structural relationship.
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Return for Risk
SCO vs. USL — Risk / Return Rank
SCO
USL
SCO vs. USL - 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 Oil Fund LP (USL). 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 | USL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.93 | ||
| Sortino ratioReturn per unit of downside risk | -2.89 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.18 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 1.40 | -2.12 |
| Martin ratioReturn relative to average drawdown | -1.32 | 3.36 | -4.68 |
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Drawdowns
SCO vs. USL - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, which is greater than USL's maximum drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for SCO and USL.
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Drawdown Indicators
| SCO | USL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -89.06% | -10.74% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -20.91% | -51.33% |
Max Drawdown (3Y)Largest decline over 3 years | -75.14% | -23.33% | -51.81% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -33.82% | -60.98% |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | -66.02% | -33.49% |
Current DrawdownCurrent decline from peak | -99.72% | -46.94% | -52.78% |
Average DrawdownAverage peak-to-trough decline | -85.24% | -61.36% | -23.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.10% | 8.73% | +30.37% |
Volatility
SCO vs. USL - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 17.87% compared to United States 12 Month Oil Fund LP (USL) at 9.13%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | USL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.87% | 9.13% | +8.74% |
Volatility (6M)Calculated over the trailing 6-month period | 48.31% | 24.71% | +23.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.84% | 28.79% | +28.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.20% | 30.31% | +29.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.80% | 32.30% | +39.50% |
SCO vs. USL - Expense Ratio Comparison
SCO has a 0.95% expense ratio, which is higher than USL's 0.88% expense ratio.
Dividends
SCO vs. USL - Dividend Comparison
Neither SCO nor USL has paid dividends to shareholders.
Frequently Asked Questions
SCO and USL have a correlation of -0.99, 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 USL (9.13%). In terms of maximum drawdown, SCO dropped -99.80% vs USL's -89.06%.
On 10-year performance, USL leads with 9.40% vs -37.09% for SCO. On fees, USL is cheaper at 0.88% per year. On volatility, USL has been the lower-risk option at 9.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USL has performed better with a 9.40% return vs -37.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USL is cheaper with a 0.88% expense ratio, compared with 0.95% for SCO.
SCO and USL have nearly identical dividend yields, around 0.00%.
SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for SCO and 0.88% for USL.
USL currently has the higher Sharpe Ratio (1.02 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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