SHNY vs. SCO

Last updated Jun 24, 2026

SHNY (MicroSectors Gold 3X Leveraged ETN) and SCO (ProShares UltraShort Bloomberg Crude Oil) are both exchange-traded funds - SHNY is a Leveraged Commodities fund managed by BMO, while SCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%). Over the past 3 years, SHNY returned 49.33%/yr vs -32.22%/yr for SCO. At a correlation of -0.09, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

SHNY vs. SCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold 3X Leveraged ETN (SHNY) and ProShares UltraShort Bloomberg Crude Oil (SCO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHNY achieves a -34.20% return, which is significantly higher than SCO's -57.74% return.

SHNY

• 1D: -5.70%
• 1M: -27.06%
• YTD: -34.20%
• 6M: -42.91%
• 1Y: 14.03%
• 3Y*: 49.33%
• 5Y*: —
• 10Y*: —

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%

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

SHNY vs. SCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHNY MicroSectors Gold 3X Leveraged ETN	-34.20%	214.54%	50.30%	10.98%
SCO ProShares UltraShort Bloomberg Crude Oil	-57.74%	15.90%	-19.00%	-18.40%

Correlation

The correlation between SHNY and SCO is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023	-0.09

The correlation between SHNY and SCO shifts across timeframes, from -0.10 (3 years) to 0.06 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SHNY vs. SCO — Risk / Return Rank

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

SHNY

SHNY Risk / Return Rank: 13
SHNY Sharpe Ratio Rank: 11
SHNY Sortino Ratio Rank: 15
SHNY Omega Ratio Rank: 17
SHNY Calmar Ratio Rank: 11
SHNY Martin Ratio Rank: 11

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

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.

SHNY vs. SCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold 3X Leveraged ETN (SHNY) and ProShares UltraShort Bloomberg Crude Oil (SCO). 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.

	SHNY	SCO	Difference
Sharpe ratio: Return per unit of total volatility	0.17	-0.90	+1.07
Sortino ratio: Return per unit of downside risk	0.78	-1.34	+2.12
Omega ratio: Gain probability vs. loss probability	1.11	0.86	+0.26
Calmar ratio: Return relative to maximum drawdown	0.22	-0.69	+0.91
Martin ratio: Return relative to average drawdown	0.49	-1.35	+1.84

SHNY vs. SCO - Sharpe Ratio Comparison

The current SHNY Sharpe Ratio is 0.17, which is higher than the SCO Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of SHNY and SCO, 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

SHNY vs. SCO - Drawdown Comparison

The maximum SHNY drawdown since its inception was -65.54%, smaller than the maximum SCO drawdown of -99.80%. Use the drawdown chart below to compare losses from any high point for SHNY and SCO.

Drawdown Indicators

	SHNY	SCO	Difference
Max Drawdown Largest peak-to-trough decline	-65.54%	-99.80%	+34.26%
Max Drawdown (1Y) Largest decline over 1 year	-65.54%	-72.24%	+6.70%
Max Drawdown (3Y) Largest decline over 3 years	-65.54%	-78.76%	+13.22%
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	-65.38%	-99.72%	+34.34%
Average Drawdown Average peak-to-trough decline	-15.65%	-85.20%	+69.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.98%	37.01%	-8.03%

Volatility

SHNY vs. SCO - Volatility Comparison

MicroSectors Gold 3X Leveraged ETN (SHNY) has a higher volatility of 24.50% compared to ProShares UltraShort Bloomberg Crude Oil (SCO) at 15.93%. This indicates that SHNY's price experiences larger fluctuations and is considered to be riskier than SCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHNY	SCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.50%	15.93%	+8.57%
Volatility (6M) Calculated over the trailing 6-month period	74.44%	47.12%	+27.32%
Volatility (1Y) Calculated over the trailing 1-year period	81.62%	57.11%	+24.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.25%	60.04%	-0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.25%	71.88%	-12.63%

SHNY vs. SCO - Expense Ratio Comparison

Both SHNY and SCO have an expense ratio of 0.95%.

Dividends

SHNY vs. SCO - Dividend Comparison

Neither SHNY nor SCO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SHNY and SCO in my portfolio?

SHNY and SCO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHNY or SCO?

SHNY has higher volatility (24.50%) compared to SCO (15.93%). In terms of maximum drawdown, SHNY dropped -65.54% vs SCO's -99.80%.

Which ETF is better, SHNY or SCO?

On 3-year performance, SHNY leads with 49.33% vs -32.22% for SCO. Both ETFs have the same 0.95% expense ratio. On volatility, SCO has been the lower-risk option at 15.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHNY or SCO?

Over the 3-year period, SHNY has performed better with a 49.33% return vs -32.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHNY or SCO?

SHNY and SCO have the same expense ratio: 0.95% per year.

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

SHNY and SCO have nearly identical dividend yields, around 0.00%.

What is the main difference between SHNY and SCO?

SHNY is categorized as Leveraged Commodities, while SCO is Oil & Gas. They also come from different issuers: BMO and ProShares.

Which has better risk-adjusted returns?

SHNY currently has the higher Sharpe Ratio (0.17 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.