We study scaling in fluctuations of the geomagnetic indices (AE, AU, and AL) that provide a measure of magnetospheric activity and of the ε parameter which is a measure of the solar wind driver. Generalized structure function (GSF) analysis shows that fluctuations exhibit self-similar scaling up to about 1 hour for the AU index and about 2 hours for AL, AE and ε when the most extreme fluctuations over 10 standard deviations are excluded. The scaling exponents of the GSF are found to be similar for the three AE indices, and to differ significantly from that of ε. This is corroborated by direct comparison of their rescaled probability density functions.