SSO+UGL (for comparison to GDE)

Asset Allocation

Position	Category/Sector	Target Weight
UGL ProShares Ultra Gold	Leveraged Commodities	50%
SSO ProShares Ultra S&P500	Leveraged Equities, S&P 500	50%

Benchmark Against

Benchmark

S&P 500 Index

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Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in SSO+UGL (for comparison to GDE), comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is never rebalanced.

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Returns By Period

As of Jun 6, 2026, the SSO+UGL (for comparison to GDE) returned 10.07% Year-To-Date and 22.40% of annualized return in the last 10 years.

Position	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	-2.64%	-0.21%	7.86%	7.47%	23.05%	19.90%	11.79%	13.33%
Portfolio SSO+UGL (for comparison to GDE)	-5.52%	-3.44%	10.07%	10.04%	44.77%	37.22%	19.42%	22.40%
Portfolio components:
SSO ProShares Ultra S&P500	-5.20%	-0.54%	13.96%	12.89%	44.48%	35.45%	18.52%	23.47%
UGL ProShares Ultra Gold	-7.30%	-17.17%	-7.82%	-3.83%	46.42%	49.47%	25.50%	17.75%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Monthly Returns

Based on dividend-adjusted daily data since Dec 4, 2008, SSO+UGL (for comparison to GDE)'s average daily return is +0.09%, while the average monthly return is +1.88%. At this rate, an investment would double in approximately 3.1 years.

Historically, 63% of months were positive and 37% were negative. The best month was Apr 2020 with a return of +22.6%, while the worst month was Mar 2020 at -25.1%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 3 months.

On a daily basis, SSO+UGL (for comparison to GDE) closed higher 55% of trading days. The best single day was Mar 24, 2020 with a return of +17.1%, while the worst single day was Mar 16, 2020 at -19.5%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	5.91%	1.74%	-13.23%	16.07%	7.81%	-5.92%							10.07%
2025	5.56%	-2.50%	-8.06%	-2.14%	9.95%	8.47%	3.25%	4.48%	8.86%	4.37%	1.47%	0.26%	37.70%
2024	1.87%	8.96%	7.01%	-7.23%	8.78%	5.81%	2.35%	3.84%	4.29%	-1.34%	9.35%	-5.19%	43.78%
2023	12.08%	-6.30%	7.67%	2.37%	-0.18%	10.46%	5.87%	-3.97%	-9.87%	-3.01%	16.57%	7.95%	42.76%
2022	-10.01%	-4.55%	6.53%	-16.06%	-1.30%	-15.26%	15.62%	-8.45%	-17.07%	13.34%	10.82%	-10.03%	-36.27%
2021	-3.00%	2.73%	7.57%	10.19%	2.63%	2.17%	4.67%	5.30%	-9.18%	13.18%	-1.72%	8.62%	49.80%

Benchmark Metrics

SSO+UGL (for comparison to GDE) has an annualized alpha of 4.13%, beta of 1.38, and R2 of 0.74 versus S&P 500 Index. Calculated based on daily prices since December 04, 2008.

This portfolio captured 167.76% of S&P 500 Index gains and 133.02% of its losses - amplifying both gains and losses, but participating more in upside than downside.
This portfolio generated an annualized alpha of 4.13% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.

Alpha: 4.13%

Beta: 1.38

R²: 0.74

Upside Capture: 167.76%

Downside Capture: 133.02%

Expense Ratio

SSO+UGL (for comparison to GDE) has an expense ratio of 0.91%, placing it in the medium range. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.

UGL

ProShares Ultra Gold

SSO

ProShares Ultra S&P500

Return for Risk

Risk / Return Rank

SSO+UGL (for comparison to GDE) ranks 26 for risk / return — below 26% of Portfolios on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.

Overall Rank

Sharpe Ratio Rank

Sortino Ratio Rank

Omega Ratio Rank

Calmar Ratio Rank

Martin Ratio Rank

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

Return / Risk — by metrics

The table below presents risk-adjusted performance metrics for SSO+UGL (for comparison to GDE) and compares them with S&P 500 Index.

	Portfolio	Benchmark	Difference
Sharpe ratioReturn per unit of total volatility	1.91	2.01	-0.09
Sortino ratioReturn per unit of downside risk	2.42	2.71	-0.29
Omega ratioGain probability vs. loss probability	1.33	1.36	-0.03
Calmar ratioReturn relative to maximum drawdown	2.17	2.69	-0.52
Martin ratioReturn relative to average drawdown	8.81	12.34	-3.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

How much return does each position deliver for the risk it carries? Higher values mean better reward for the risk taken.

Position	Risk / Return Rank	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
SSO ProShares Ultra S&P500	63	1.97	2.52	1.34	2.62	11.48
UGL ProShares Ultra Gold	25	0.80	1.26	1.19	1.06	2.56

Sharpe Ratio

The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

SSO+UGL (for comparison to GDE) Sharpe ratios as of Jun 6, 2026 (values are recalculated daily):

1-Year: 1.91
5-Year: 0.64
10-Year: 0.72
All Time: 0.72

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

Compared to the broad market, where average Sharpe ratios range from 1.64 to 2.53, this portfolio's current Sharpe ratio falls between the 25th and 75th percentiles. This indicates that its risk-adjusted performance is in line with the majority of portfolios, suggesting a balanced approach to risk and return—likely suitable for a wide range of investors.

The chart below shows the rolling Sharpe ratio of SSO+UGL (for comparison to GDE) compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

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Dividends

Dividend yield

SSO+UGL (for comparison to GDE) provided a 0.32% dividend yield over the last twelve months.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	0.32%	0.34%	0.43%	0.09%	0.25%	0.09%	0.10%	0.25%	0.38%	0.19%	0.25%	0.31%
Portfolio components:
SSO ProShares Ultra S&P500	0.65%	0.68%	0.85%	0.18%	0.50%	0.18%	0.20%	0.50%	0.75%	0.39%	0.51%	0.63%
UGL ProShares Ultra Gold	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

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Worst Drawdowns

The table below displays the maximum drawdowns of the SSO+UGL (for comparison to GDE). A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the SSO+UGL (for comparison to GDE) was 52.42%, occurring on Mar 23, 2020. Recovery took 109 trading sessions.

The current SSO+UGL (for comparison to GDE) drawdown is 6.15%.

Related event	Drawdown	Fall	Recovery	Underwater
COVID crash2020	-52.42%Mar 2020	1mo 2d	5mo 6d	6mo 8dFeb 2020 - Aug 2020
Bear market2022	-44.42%Oct 2022	9mo 12d	1y 4mo	2y 1moJan 2022 - Feb 2024
Rate-hike selloffLate 2018	-32.00%Dec 2018	10mo 29d	5mo 28d	1y 4moJan 2018 - Jun 2019
2025 selloff2025	-31.00%Apr 2025	1mo 17d	2mo 23d	4mo 10dFeb 2025 - Jun 2025
2013 bear market2013	-25.36%Jun 2013	8mo 25d	11mo 26d	1y 8moOct 2012 - Jun 2014

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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Diversification

Diversification Metrics

Number of Effective Assets

The portfolio contains 2 assets, with an effective number of assets of 2.00, reflecting the diversification based on asset allocation. Your capital is spread almost evenly across your holdings, indicating a well-balanced allocation. Note that true diversification also depends on the correlations between assets — check the diversification ratio below.

Diversification Ratio

	1Y	3Y	5Y	10Y	All Time
Diversification Ratio	1.22	1.30	1.33	1.35	1.37

The portfolio has a diversification ratio of 1.37, in line with the typical range across portfolios. There's room to improve by adding less correlated assets.

SSO+UGL (for comparison to GDE) correlation to the S&P 500 Index

SSO+UGL (for comparison to GDE) has a 0.92 correlation to S&P 500 Index over the trailing 12 months. This section compares each holding's correlation to the benchmark and to the portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008	0.87

Benchmark Correlations

Correlation vs. S&P 500 Index. SSO has the highest benchmark correlation at 1.00, while UGL has the lowest at 0.07.

UGL

0.07

SSO

1.00

Portfolio Correlations

Correlation vs. SSO+UGL (for comparison to GDE). SSO has the highest portfolio correlation at 0.87, while UGL has the lowest at 0.40.

UGL

0.40

SSO

0.87

Asset Correlations Table

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.

	UGL	SSO
UGL	1.00	0.06
SSO	0.06	1.00

The correlation results are calculated based on daily price changes starting from Dec 4, 2008

Diversification Analysis

Find what SSO+UGL (for comparison to GDE) is missing

See which holdings overlap, where SSO+UGL (for comparison to GDE) is concentrated, and which low-correlation assets could fill the gaps.

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