SCO vs. USOI

Last updated Jul 12, 2026

SCO (ProShares UltraShort Bloomberg Crude Oil) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both Oil & Gas funds - SCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%) while USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, SCO returned -49.59% vs 19.05% for USOI. At a correlation of -0.93, they often move in opposite directions. SCO charges 0.95%/yr vs 0.85%/yr for USOI.

Performance

SCO vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Crude Oil (SCO) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCO achieves a -57.74% return, which is significantly lower than USOI's 25.09% 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%

USOI

• 1D: -0.45%
• 1M: -10.17%
• 6M: 22.90%
• YTD: 25.09%
• 1Y: 19.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SCO vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SCO ProShares UltraShort Bloomberg Crude Oil	-57.74%	15.90%	-0.29%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	25.09%	-8.78%	3.24%

Correlation

The correlation between SCO and USOI is -0.92, 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	-0.92
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	-0.93

The correlation between SCO and USOI has been stable across timeframes, ranging from -0.93 to -0.92 - a consistent structural relationship.

Return for Risk

SCO vs. USOI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SCO

SCO Risk / Return Rank: 2
SCO Sharpe Ratio Rank: 2
SCO Sortino Ratio Rank: 2
SCO Omega Ratio Rank: 2
SCO Calmar Ratio Rank: 3
SCO Martin Ratio Rank: 2

USOI

USOI Risk / Return Rank: 25
USOI Sharpe Ratio Rank: 27
USOI Sortino Ratio Rank: 26
USOI Omega Ratio Rank: 26
USOI Calmar Ratio Rank: 22
USOI Martin Ratio Rank: 25

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SCO vs. USOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). 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	USOI	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	0.82	-1.73
Sortino ratio: Return per unit of downside risk	-1.38	1.24	-2.62
Omega ratio: Gain probability vs. loss probability	0.85	1.15	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.72	0.86	-1.58
Martin ratio: Return relative to average drawdown	-1.32	2.72	-4.04

SCO vs. USOI - Sharpe Ratio Comparison

The current SCO Sharpe Ratio is -0.91, which is lower than the USOI Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of SCO and USOI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SCO vs. USOI - Drawdown Comparison

The maximum SCO drawdown since its inception was -99.80%, which is greater than USOI's maximum drawdown of -23.54%. Use the drawdown chart below to compare losses from any high point for SCO and USOI.

Drawdown Indicators

	SCO	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-99.80%	-23.54%	-76.26%
Max Drawdown (1Y) Largest decline over 1 year	-72.24%	-23.54%	-48.70%
Max Drawdown (3Y) Largest decline over 3 years	-75.14%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-94.80%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.51%	—	—
Current Drawdown Current decline from peak	-99.72%	-19.46%	-80.26%
Average Drawdown Average peak-to-trough decline	-85.24%	-7.64%	-77.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.10%	7.42%	+31.68%

Volatility

SCO vs. USOI - Volatility Comparison

ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 17.87% compared to Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) at 10.20%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than USOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCO	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.87%	10.20%	+7.67%
Volatility (6M) Calculated over the trailing 6-month period	48.31%	20.58%	+27.73%
Volatility (1Y) Calculated over the trailing 1-year period	56.84%	24.80%	+32.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.20%	23.50%	+36.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.80%	23.50%	+48.30%

SCO vs. USOI - Expense Ratio Comparison

SCO has a 0.95% expense ratio, which is higher than USOI's 0.85% expense ratio.

Dividends

SCO vs. USOI - Dividend Comparison

SCO has not paid dividends to shareholders, while USOI's dividend yield for the trailing twelve months is around 47.88%.

Position	TTM	2025	2024
SCO ProShares UltraShort Bloomberg Crude Oil	0.00%	0.00%	0.00%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	47.88%	27.21%	12.54%

Frequently Asked Questions

Can I hold both SCO and USOI in my portfolio?

SCO and USOI have a correlation of -0.92, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCO or USOI?

SCO has higher volatility (17.87%) compared to USOI (10.20%). In terms of maximum drawdown, SCO dropped -99.80% vs USOI's -23.54%.

Which ETF is better, SCO or USOI?

On 1-year performance, USOI leads with 19.05% vs -49.59% for SCO. On fees, USOI is cheaper at 0.85% per year. On volatility, USOI has been the lower-risk option at 10.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCO or USOI?

Over the 1-year period, USOI has performed better with a 19.05% return vs -49.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCO or USOI?

USOI is cheaper with a 0.85% expense ratio, compared with 0.95% for SCO.

Which ETF pays a higher dividend yield, SCO or USOI?

USOI has the higher dividend yield at 47.88%, compared with 0.00% for SCO.

What is the main difference between SCO and USOI?

SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. They also come from different issuers: ProShares and Credit Suisse. Their fees differ too: 0.95% for SCO and 0.85% for USOI.

Which has better risk-adjusted returns?

USOI currently has the higher Sharpe Ratio (0.82 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.