SCO vs. USO
SCO (ProShares UltraShort Bloomberg Crude Oil) and USO (United States Oil Fund LP) are both Oil & Gas funds - SCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%) while USO tracks the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, SCO returned -37.10%/yr vs 2.01%/yr for USO. At a correlation of -0.99, they often move in opposite directions. SCO charges 0.95%/yr vs 0.86%/yr for USO.
Performance
SCO vs. USO - 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 USO's 60.87% return. Over the past 10 years, SCO has underperformed USO with an annualized return of -37.10%, while USO has yielded a comparatively higher 2.01% annualized return.
SCO
- 1D
- 1.31%
- 1M
- 30.31%
- YTD
- -57.74%
- 6M
- -56.56%
- 1Y
- -50.02%
- 3Y*
- -32.22%
- 5Y*
- -38.03%
- 10Y*
- -37.10%
USO
- 1D
- -1.27%
- 1M
- -21.05%
- YTD
- 60.87%
- 6M
- 58.26%
- 1Y
- 45.61%
- 3Y*
- 21.25%
- 5Y*
- 17.42%
- 10Y*
- 2.01%
SCO vs. USO - 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% |
USO United States Oil Fund LP | 60.87% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between SCO and USO is -0.96, 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 | -0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.99 |
The correlation between SCO and USO has been stable across timeframes, ranging from -0.99 to -0.96 - a consistent structural relationship.
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Return for Risk
SCO vs. USO — Risk / Return Rank
SCO
USO
SCO vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and United States Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.95 | ||
| Sortino ratioReturn per unit of downside risk | -3.02 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.21 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | 1.68 | -2.38 |
| Martin ratioReturn relative to average drawdown | -1.35 | 4.57 | -5.93 |
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Drawdowns
SCO vs. USO - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for SCO and USO.
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Drawdown Indicators
| SCO | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -98.19% | -1.61% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -27.26% | -44.98% |
Max Drawdown (3Y)Largest decline over 3 years | -78.76% | -27.26% | -51.50% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -36.23% | -58.57% |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | -86.75% | -12.76% |
Current DrawdownCurrent decline from peak | -99.72% | -88.16% | -11.56% |
Average DrawdownAverage peak-to-trough decline | -85.20% | -75.31% | -9.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.01% | 10.02% | +26.99% |
Volatility
SCO vs. USO - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 15.93% compared to United States Oil Fund LP (USO) at 11.79%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.93% | 11.79% | +4.14% |
Volatility (6M)Calculated over the trailing 6-month period | 47.12% | 39.34% | +7.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.11% | 44.35% | +12.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.04% | 36.32% | +23.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.88% | 39.02% | +32.86% |
SCO vs. USO - Expense Ratio Comparison
SCO has a 0.95% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
SCO vs. USO - Dividend Comparison
Neither SCO nor USO has paid dividends to shareholders.
Frequently Asked Questions
SCO and USO have a correlation of -0.96, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCO has higher volatility (15.93%) compared to USO (11.79%). In terms of maximum drawdown, SCO dropped -99.80% vs USO's -98.19%.
On 10-year performance, USO leads with 2.01% vs -37.10% for SCO. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 11.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USO has performed better with a 2.01% return vs -37.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 0.95% for SCO.
SCO and USO have nearly identical dividend yields, around 0.00%.
SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.95% for SCO and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.05 vs -0.90), 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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