UGL vs. SCO
UGL (ProShares Ultra Gold) and SCO (ProShares UltraShort Bloomberg Crude Oil) are both Leveraged Commodities funds from ProShares - UGL tracks the Bloomberg Gold Subindex (200%) while SCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%). Both are passively managed. Over the past 10 years, UGL returned 18.45%/yr vs -38.69%/yr for SCO. At a correlation of -0.15, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UGL vs. SCO - Performance Comparison
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Returns By Period
In the year-to-date period, UGL achieves a -2.16% return, which is significantly higher than SCO's -68.52% return. Over the past 10 years, UGL has outperformed SCO with an annualized return of 18.45%, while SCO has yielded a comparatively lower -38.69% annualized return.
UGL
- 1D
- -2.00%
- 1M
- -3.96%
- YTD
- -2.16%
- 6M
- 1.78%
- 1Y
- 51.67%
- 3Y*
- 53.18%
- 5Y*
- 27.00%
- 10Y*
- 18.45%
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%
UGL vs. SCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -2.16% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
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% |
Correlation
The correlation between UGL and SCO is 0.05, 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 | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | -0.15 |
The correlation between UGL and SCO shifts across timeframes, from -0.15 (all time) to 0.05 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UGL vs. SCO — Risk / Return Rank
UGL
SCO
UGL vs. SCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) 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.
| UGL | SCO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.98 | -1.20 | +2.19 |
Sortino ratioReturn per unit of downside risk | 1.43 | -2.34 | +3.77 |
Omega ratioGain probability vs. loss probability | 1.21 | 0.75 | +0.47 |
Calmar ratioReturn relative to maximum drawdown | 1.38 | -0.94 | +2.33 |
Martin ratioReturn relative to average drawdown | 3.17 | -1.97 | +5.14 |
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
| UGL | SCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.98 | -1.20 | +2.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.75 | -0.72 | +1.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | -0.54 | +1.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | -0.38 | +0.77 |
Drawdowns
UGL vs. SCO - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, smaller than the maximum SCO drawdown of -99.80%. Use the drawdown chart below to compare losses from any high point for UGL and SCO.
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Drawdown Indicators
| UGL | SCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -99.80% | +23.87% |
Max Drawdown (1Y)Largest decline over 1 year | -37.56% | -72.24% | +34.68% |
Max Drawdown (3Y)Largest decline over 3 years | -37.56% | -79.85% | +42.29% |
Max Drawdown (5Y)Largest decline over 5 years | -40.23% | -94.80% | +54.57% |
Max Drawdown (10Y)Largest decline over 10 years | -46.23% | -99.51% | +53.28% |
Current DrawdownCurrent decline from peak | -36.56% | -99.79% | +63.23% |
Average DrawdownAverage peak-to-trough decline | -43.63% | -85.17% | +41.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.35% | 34.60% | -18.25% |
Volatility
UGL vs. SCO - Volatility Comparison
The current volatility for ProShares Ultra Gold (UGL) is 11.03%, while ProShares UltraShort Bloomberg Crude Oil (SCO) has a volatility of 20.05%. This indicates that UGL experiences smaller price fluctuations and is considered to be less risky than SCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UGL | SCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.03% | 20.05% | -9.02% |
Volatility (6M)Calculated over the trailing 6-month period | 46.81% | 45.60% | +1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.91% | 56.64% | -3.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.18% | 59.74% | -23.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.34% | 71.95% | -39.61% |
UGL vs. SCO - Expense Ratio Comparison
Both UGL and SCO have an expense ratio of 0.95%.
Dividends
UGL vs. SCO - Dividend Comparison
Neither UGL nor SCO has paid dividends to shareholders.
Frequently Asked Questions
UGL and SCO have a correlation of 0.05, 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 UGL (11.03%). In terms of maximum drawdown, UGL dropped -75.93% vs SCO's -99.80%.
On 10-year performance, UGL leads with 18.45% vs -38.69% for SCO. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 11.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGL has performed better with a 18.45% return vs -38.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL and SCO have the same expense ratio: 0.95% per year.
UGL and SCO have nearly identical dividend yields, around 0.00%.
UGL tracks Bloomberg Gold Subindex (200%), while SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%).
UGL currently has the higher Sharpe Ratio (0.98 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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