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 -40.39%/yr vs 5.64%/yr for USO. Their -0.99 correlation means they have often moved in opposite directions in the past. 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 -65.39% return, which is significantly lower than USO's 86.77% return. Over the past 10 years, SCO has underperformed USO with an annualized return of -40.39%, while USO has yielded a comparatively higher 5.64% 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%
USO
- 1D
- 1.33%
- 1M
- 24.23%
- 6M
- 62.44%
- YTD
- 86.77%
- 1Y
- 66.76%
- 3Y*
- 20.97%
- 5Y*
- 20.59%
- 10Y*
- 5.64%
- ALL TIME*
- -6.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $131.70M | $126.01M | $253.57M | |
| $968.42M | $871.56M | $931.57M |
SCO vs. USO - 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% |
USO United States Oil Fund LP | 86.77% | -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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.96 |
Correlation (3Y) Balances recent behavior with more history. | -0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.98 |
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 | -2.28 | ||
| Sortino ratioReturn per unit of downside risk | -3.47 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.25 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 1.93 | -2.71 |
| Martin ratioReturn relative to average drawdown | -1.32 | 5.60 | -6.92 |
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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% | -32.49% | -39.75% |
Max Drawdown (3Y)Largest decline over 3 years | -74.64% | -32.49% | -42.15% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -36.23% | -58.57% |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | -86.75% | -12.75% |
Current DrawdownCurrent decline from peak | -99.77% | -86.26% | -13.51% |
Average DrawdownAverage peak-to-trough decline | -85.28% | -75.38% | -9.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.39% | 12.03% | +30.36% |
Volatility
SCO vs. USO - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 23.27% compared to United States Oil Fund LP (USO) at 17.73%. 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 | 23.27% | 17.73% | +5.54% |
Volatility (6M)Calculated over the trailing 6-month period | 51.24% | 42.79% | +8.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.66% | 46.91% | +12.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.43% | 37.06% | +23.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.89% | 39.29% | +32.60% |
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 (23.27%) compared to USO (17.73%). In terms of maximum drawdown, SCO dropped -99.80% vs USO's -98.19%.
On 10-year performance, USO leads with 5.64% vs -40.39% for SCO. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 17.73%. 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 5.64% return vs -40.39%. 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 (1.34 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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