UCO vs. SCO
UCO (ProShares Ultra Bloomberg Crude Oil) and SCO (ProShares UltraShort Bloomberg Crude Oil) are both Oil & Gas funds from ProShares - UCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (200%) while SCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%). Both are passively managed. Over the past 10 years, UCO returned 19.46%/yr vs -37.10%/yr for SCO. At a correlation of -1.00, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UCO vs. SCO - Performance Comparison
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Returns By Period
In the year-to-date period, UCO achieves a 81.88% return, which is significantly higher than SCO's -57.74% return. Over the past 10 years, UCO has outperformed SCO with an annualized return of 19.46%, while SCO has yielded a comparatively lower -37.10% annualized return.
UCO
- 1D
- -1.26%
- 1M
- -25.61%
- YTD
- 81.88%
- 6M
- 76.32%
- 1Y
- 42.04%
- 3Y*
- 15.38%
- 5Y*
- 12.42%
- 10Y*
- 19.46%
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%
UCO vs. SCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 81.88% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
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% |
Correlation
The correlation between UCO and SCO is -1.00, 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -1.00 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -1.00 |
The correlation between UCO and SCO has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
UCO vs. SCO — Risk / Return Rank
UCO
SCO
UCO vs. SCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) 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.
| UCO | SCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.65 | ||
| Sortino ratioReturn per unit of downside risk | +2.64 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.86 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 1.30 | -0.69 | +2.00 |
| Martin ratioReturn relative to average drawdown | 2.61 | -1.35 | +3.96 |
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Drawdowns
UCO vs. SCO - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.86%, roughly equal to the maximum SCO drawdown of -99.80%. Use the drawdown chart below to compare losses from any high point for UCO and SCO.
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Drawdown Indicators
| UCO | SCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.86% | -99.80% | -0.06% |
Max Drawdown (1Y)Largest decline over 1 year | -32.37% | -72.24% | +39.87% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -78.76% | +28.38% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -94.80% | +27.56% |
Max Drawdown (10Y)Largest decline over 10 years | -96.50% | -99.51% | +3.01% |
Current DrawdownCurrent decline from peak | -85.89% | -99.72% | +13.83% |
Average DrawdownAverage peak-to-trough decline | -82.11% | -85.20% | +3.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.23% | 37.01% | -20.78% |
Volatility
UCO vs. SCO - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) and ProShares UltraShort Bloomberg Crude Oil (SCO) have volatilities of 16.11% and 15.93%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCO | SCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.11% | 15.93% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 48.06% | 47.12% | +0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.57% | 57.11% | +0.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.09% | 60.04% | +0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 317.77% | 71.88% | +245.89% |
UCO vs. SCO - Expense Ratio Comparison
Both UCO and SCO have an expense ratio of 0.95%.
Dividends
UCO vs. SCO - Dividend Comparison
Neither UCO nor SCO has paid dividends to shareholders.
Frequently Asked Questions
UCO and SCO have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (16.11%) compared to SCO (15.93%). In terms of maximum drawdown, UCO dropped -99.86% vs SCO's -99.80%.
On 10-year performance, UCO leads with 19.46% vs -37.10% 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.
Over the 10-year period, UCO has performed better with a 19.46% return vs -37.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCO and SCO have the same expense ratio: 0.95% per year.
UCO and SCO have nearly identical dividend yields, around 0.00%.
UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%).
UCO currently has the higher Sharpe Ratio (0.75 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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