SCO vs SPY
ProShares UltraShort Bloomberg Crude Oil vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SCO | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | $772M | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 5 | 505 | |
| YTD Return | -66.29% | +14.47% | |
| 1Y Return | -63.22% | +21.96% | |
| 3Y Return (annualized) | -29.88% | +21.70% | |
| 5Y Return (annualized) | -41.24% | +13.30% | |
| Volatility (annualized) | 114.5% | 15.3% | |
| Max Drawdown | -99.7% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Nov 24, 2008 | Jan 22, 1993 |
SCO vs SPY Performance
ProShares UltraShort Bloomberg Crude Oil (SCO) is a ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SCO returned -63.22% while SPY returned +21.96%. Year to date, SCO is down 66.29% versus a gain of 14.47% for SPY.
Over three years, SCO compounded at -29.88% per year against +21.70% for SPY; over five years the annualized figures are -41.24% and +13.30% respectively. Across the full 18-year window we track, SPY has the edge at +8.87% annualized vs -19.09%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SCO has been the more volatile fund, with annualized monthly volatility of 114.5% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -99.7% for SCO and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.22. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SCO charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, SCO currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
SCO and SPY share 0 holdings out of 504 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SCO or SPY?
SCO has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, SCO or SPY?
Over the past year SCO returned -63.22% vs +21.96% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (18 years), SCO annualized -19.09% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, SCO or SPY?
SCO has been the more volatile fund at 114.5% annualized versus 15.3% for SPY. Worst drawdown: SCO -99.7% vs SPY -56.5%.
Should I hold both SCO and SPY?
SCO and SPY have a monthly-return correlation of -0.22, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SCO and SPY?
SCO and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, SCO or SPY?
SCO yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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