SCO vs. UVXY
SCO (ProShares UltraShort Bloomberg Crude Oil) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SCO is a Leveraged Commodities fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, SCO returned -38.69%/yr vs -72.67%/yr for UVXY. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
SCO vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, SCO achieves a -68.52% return, which is significantly lower than UVXY's -19.06% return. Over the past 10 years, SCO has outperformed UVXY with an annualized return of -38.69%, while UVXY has yielded a comparatively lower -72.67% annualized return.
SCO
- 1D
- -2.80%
- 1M
- 0.04%
- YTD
- -68.52%
- 6M
- -67.29%
- 1Y
- -68.07%
- 3Y*
- -37.96%
- 5Y*
- -42.81%
- 10Y*
- -38.69%
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
SCO vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCO ProShares UltraShort Bloomberg Crude Oil | -68.52% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -19.06% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between SCO and UVXY is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | 0.23 |
The correlation between SCO and UVXY shifts across timeframes, from -0.22 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SCO vs. UVXY — Risk / Return Rank
SCO
UVXY
SCO vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.82 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.97 | +0.03 |
| Martin ratioReturn relative to average drawdown | -1.97 | -1.31 | -0.66 |
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 | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.20 | -0.87 | -0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.72 | -0.66 | -0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.54 | -0.64 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.38 | -0.68 | +0.30 |
Drawdowns
SCO vs. UVXY - Drawdown Comparison
The maximum SCO drawdown since its inception was -99.80%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SCO and UVXY.
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Drawdown Indicators
| SCO | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -100.00% | +0.20% |
Max Drawdown (1Y)Largest decline over 1 year | -72.24% | -75.22% | +2.98% |
Max Drawdown (3Y)Largest decline over 3 years | -79.85% | -95.45% | +15.60% |
Max Drawdown (5Y)Largest decline over 5 years | -94.80% | -99.68% | +4.88% |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | -100.00% | +0.49% |
Current DrawdownCurrent decline from peak | -99.79% | -100.00% | +0.21% |
Average DrawdownAverage peak-to-trough decline | -85.17% | -98.55% | +13.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.60% | 55.63% | -21.03% |
Volatility
SCO vs. UVXY - Volatility Comparison
ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 20.05% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 11.77%. This indicates that SCO's price experiences larger fluctuations and is considered to be riskier than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCO | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.05% | 11.77% | +8.28% |
Volatility (6M)Calculated over the trailing 6-month period | 45.60% | 62.64% | -17.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.64% | 84.42% | -27.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.74% | 103.85% | -44.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.95% | 113.82% | -41.87% |
SCO vs. UVXY - Expense Ratio Comparison
Both SCO and UVXY have an expense ratio of 0.95%.
Dividends
SCO vs. UVXY - Dividend Comparison
Neither SCO nor UVXY has paid dividends to shareholders.
Frequently Asked Questions
SCO and UVXY have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCO has higher volatility (20.05%) compared to UVXY (11.77%). In terms of maximum drawdown, SCO dropped -99.80% vs UVXY's -100.00%.
On 10-year performance, SCO leads with -38.69% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 11.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SCO has performed better with a -38.69% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCO and UVXY have the same expense ratio: 0.95% per year.
SCO and UVXY have nearly identical dividend yields, around 0.00%.
SCO is categorized as Leveraged Commodities, while UVXY is Volatility. SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.87 vs -1.20), 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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