USO vs. SCO
USO (United States Oil Fund LP) and SCO (ProShares UltraShort Bloomberg Crude Oil) are both exchange-traded funds - USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil, while SCO is a Leveraged Commodities fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%). Both are passively managed. Over the past 10 years, USO returned 3.13%/yr vs -37.82%/yr for SCO. At a correlation of -0.99, they often move in opposite directions. USO charges 0.86%/yr vs 0.95%/yr for SCO.
Performance
USO vs. SCO - Performance Comparison
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Returns By Period
In the year-to-date period, USO achieves a 92.34% return, which is significantly higher than SCO's -66.24% return. Over the past 10 years, USO has outperformed SCO with an annualized return of 3.13%, while SCO has yielded a comparatively lower -37.82% annualized return.
USO
- 1D
- -2.72%
- 1M
- -0.69%
- YTD
- 92.34%
- 6M
- 84.96%
- 1Y
- 90.22%
- 3Y*
- 27.76%
- 5Y*
- 22.99%
- 10Y*
- 3.13%
SCO
- 1D
- 3.08%
- 1M
- -6.76%
- YTD
- -66.24%
- 6M
- -63.83%
- 1Y
- -65.88%
- 3Y*
- -36.76%
- 5Y*
- -42.00%
- 10Y*
- -37.82%
USO vs. SCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 92.34% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
SCO ProShares UltraShort Bloomberg Crude Oil | -66.24% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
Correlation
The correlation between USO and SCO is -0.96, 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 | -0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | -0.99 |
The correlation between USO and SCO has been stable across timeframes, ranging from -0.99 to -0.96 - a consistent structural relationship.
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Return for Risk
USO vs. SCO — Risk / Return Rank
USO
SCO
USO vs. SCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) 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.
| USO | SCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.20 | ||
| Sortino ratioReturn per unit of downside risk | +4.84 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 0.77 | +0.58 |
| Calmar ratioReturn relative to maximum drawdown | 4.45 | -0.91 | +5.36 |
| Martin ratioReturn relative to average drawdown | 8.33 | -1.90 | +10.22 |
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
| USO | SCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | -1.16 | +3.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.64 | -0.70 | +1.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.08 | -0.53 | +0.61 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | -0.38 | +0.19 |
Drawdowns
USO vs. SCO - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, roughly equal to the maximum SCO drawdown of -99.80%. Use the drawdown chart below to compare losses from any high point for USO and SCO.
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Drawdown Indicators
| USO | SCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -99.80% | +1.61% |
Max Drawdown (1Y)Largest decline over 1 year | -20.39% | -72.24% | +51.85% |
Max Drawdown (3Y)Largest decline over 3 years | -26.05% | -79.85% | +53.80% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -94.80% | +58.57% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | -99.51% | +12.76% |
Current DrawdownCurrent decline from peak | -85.85% | -99.78% | +13.93% |
Average DrawdownAverage peak-to-trough decline | -75.30% | -85.18% | +9.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.87% | 34.99% | -24.12% |
Volatility
USO vs. SCO - Volatility Comparison
The current volatility for United States Oil Fund LP (USO) is 13.30%, while ProShares UltraShort Bloomberg Crude Oil (SCO) has a volatility of 16.92%. This indicates that USO 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
| USO | SCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.30% | 16.92% | -3.62% |
Volatility (6M)Calculated over the trailing 6-month period | 38.49% | 45.89% | -7.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.41% | 56.87% | -12.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.09% | 59.76% | -23.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.01% | 71.95% | -32.94% |
USO vs. SCO - Expense Ratio Comparison
USO has a 0.86% expense ratio, which is lower than SCO's 0.95% expense ratio.
Dividends
USO vs. SCO - Dividend Comparison
Neither USO nor SCO has paid dividends to shareholders.
Frequently Asked Questions
USO and SCO have a correlation of -0.96, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCO has higher volatility (16.92%) compared to USO (13.30%). In terms of maximum drawdown, USO dropped -98.19% vs SCO's -99.80%.
On 10-year performance, USO leads with 3.13% vs -37.82% for SCO. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 13.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USO has performed better with a 3.13% return vs -37.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 0.95% for SCO.
USO and SCO have nearly identical dividend yields, around 0.00%.
USO is categorized as Oil & Gas, while SCO is Leveraged Commodities. USO tracks Front Month Light Sweet Crude Oil, while SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%). They also come from different issuers: USCF and ProShares. Their fees differ too: 0.86% for USO and 0.95% for SCO.
USO currently has the higher Sharpe Ratio (2.04 vs -1.16), 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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