Asset Allocation
| Position | Category/Sector | Target Weight |
|---|---|---|
UJB ProShares Ultra High Yield | Leveraged Bonds | 60% |
SSO ProShares Ultra S&P500 | Leveraged Equities, S&P 500 | 40% |
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Performance Chart
The chart shows the growth of an initial investment of $10,000 in Stocks/Bonds 40/60 Leveraged Portfolio, 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 rebalanced when any position deviates by more than 10.0% from its target allocation.
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Returns By Period
As of Jul 15, 2026, the Stocks/Bonds 40/60 Leveraged Portfolio returned 7.98% Year-To-Date and 13.66% of annualized return in the last 10 years.
| Position | 1D | 1M | 6M | YTD | 1Y | 3Y* | 5Y* | 10Y* |
|---|---|---|---|---|---|---|---|---|
Benchmark S&P 500 Index | 0.38% | 1.51% | 8.33% | 10.20% | 20.34% | 18.74% | 11.59% | 13.31% |
Portfolio Stocks/Bonds 40/60 Leveraged Portfolio | 0.50% | 1.09% | 6.10% | 7.98% | 18.59% | 19.99% | 9.36% | 13.66% |
| Portfolio components: | ||||||||
SSO ProShares Ultra S&P500 | 0.71% | 2.67% | 14.40% | 18.15% | 37.86% | 32.78% | 17.93% | 23.36% |
UJB ProShares Ultra High Yield | 0.35% | -0.02% | 0.41% | 1.19% | 6.41% | 10.95% | 2.71% | 5.88% |
Monthly Returns
Based on dividend-adjusted daily data since Apr 14, 2011, Stocks/Bonds 40/60 Leveraged Portfolio's average daily return is +0.06%, while the average monthly return is +1.25%. At this rate, an investment would double in approximately 4.6 years.
Historically, 66% of months were positive and 34% were negative. The best month was Oct 2011 with a return of +18.7%, while the worst month was Mar 2020 at -23.4%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 5 months.
On a daily basis, Stocks/Bonds 40/60 Leveraged Portfolio closed higher 54% of trading days. The best single day was Jan 29, 2016 with a return of +15.0%, while the worst single day was Mar 16, 2020 at -15.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.46% | -1.04% | -5.46% | 9.81% | 4.33% | -1.18% | 0.47% | 7.98% | |||||
| 2025 | 3.31% | -0.33% | -6.12% | -1.33% | 6.57% | 5.89% | 1.52% | 2.59% | 3.48% | 1.38% | 0.66% | 0.30% | 18.75% |
| 2024 | 0.87% | 3.85% | 3.58% | -5.21% | 5.26% | 2.94% | 3.25% | 2.98% | 3.34% | -2.42% | 6.22% | -3.44% | 22.58% |
| 2023 | 9.13% | -4.76% | 4.80% | 1.00% | -1.51% | 6.79% | 3.53% | -1.65% | -6.11% | -3.47% | 12.77% | 7.19% | 29.06% |
| 2022 | -7.37% | -3.58% | 1.33% | -11.90% | 1.96% | -15.04% | 15.61% | -8.49% | -12.13% | 10.16% | 7.72% | -6.92% | -29.08% |
| 2021 | -1.08% | 2.02% | 4.40% | 5.05% | 0.54% | 3.21% | 2.02% | 2.87% | -4.06% | 5.08% | -2.19% | 6.46% | 26.54% |
Benchmark Metrics
Stocks/Bonds 40/60 Leveraged Portfolio has an annualized alpha of 1.12%, beta of 1.12, and R2 of 0.76 versus S&P 500 Index. Calculated based on daily prices since April 14, 2011.
- This portfolio captured 129.61% of S&P 500 Index gains and 122.95% of its losses - amplifying both gains and losses, but participating more in upside than downside.
- With beta of 1.12 and R2 of 0.76, this portfolio moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- 1.12%
- Beta
- 1.12
- R²
- 0.76
- Upside Capture
- 129.61%
- Downside Capture
- 122.95%
Expense Ratio
Stocks/Bonds 40/60 Leveraged Portfolio has an expense ratio of 0.92%, 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.
Return for Risk
Risk / Return Rank
Stocks/Bonds 40/60 Leveraged Portfolio ranks 28 for risk / return — below 28% 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.
Return / Risk — by metrics
The table below presents risk-adjusted performance metrics for Stocks/Bonds 40/60 Leveraged Portfolio and compares them with S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| Portfolio | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 1.37 | 1.63 | -0.26 |
| Sortino ratioReturn per unit of downside risk | 1.96 | 2.25 | -0.29 |
| Omega ratioGain probability vs. loss probability | 1.25 | 1.30 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.85 | 2.25 | -0.40 |
| Martin ratioReturn relative to average drawdown | 8.13 | 9.74 | -1.61 |
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 | 55 | 1.52 | 2.05 | 1.27 | 2.09 | 8.62 |
UJB ProShares Ultra High Yield | 32 | 0.88 | 1.33 | 1.17 | 1.28 | 5.42 |
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Dividends
Dividend yield
Stocks/Bonds 40/60 Leveraged Portfolio provided a 2.18% dividend yield over the last twelve months.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2.18% | 1.84% | 2.15% | 2.42% | 0.23% | 0.45% | 1.81% | 2.57% | 2.23% | 1.75% | 1.61% | 2.42% |
| Portfolio components: | ||||||||||||
SSO ProShares Ultra S&P500 | 0.66% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
UJB ProShares Ultra High Yield | 3.19% | 2.61% | 3.02% | 3.92% | 0.05% | 0.63% | 2.88% | 3.95% | 3.22% | 2.67% | 2.35% | 3.62% |
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 Stocks/Bonds 40/60 Leveraged Portfolio. 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 Stocks/Bonds 40/60 Leveraged Portfolio was 47.97%, occurring on Mar 23, 2020. Recovery took 114 trading sessions.
The current Stocks/Bonds 40/60 Leveraged Portfolio drawdown is 1.06%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -47.97%Mar 2020 | 1mo 4d | 5mo 13d | 6mo 17dFeb 2020 - Sep 2020 |
Bear market2022 | -36.25%Sep 2022 | 9mo 6d | 1y 8mo | 2y 5moDec 2021 - Jun 2024 |
2011 bear market2011 | -27.60%Oct 2011 | 2mo 28d | 3mo 23d | 6mo 21dJul 2011 - Jan 2012 |
2016 bear market2016 | -24.84%Jan 2016 | 8mo 21d | 4mo 7d | 1y 23dMay 2015 - May 2016 |
Rate-hike selloffLate 2018 | -22.64%Dec 2018 | 2mo 21d | 3mo 8d | 5mo 29dOct 2018 - Apr 2019 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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Diversification
AI Analysis
The gist
The portfolio is a levered two-asset macro bet: mostly bonds through ProShares Ultra Bloomberg Barclays (UJB), with a large sleeve of levered U.S. equities through ProShares Ultra S&P 500 (SSO). In some sense, it is trying to get diversification from having two different things that still live in the same financial weather system.
The numbers
- Diversification ratio is 1.05 over 1Y and 1.17 since inception, which sits around the 7th to 34th percentile on the platform; that is not much diversification benefit.
- Effective asset count is 1.92 of 2, so the weights are split, but the correlation structure is doing the usual adult supervision.
- UJB and SSO correlate at 0.49; that is not the same trade, but it is close enough that stress can rhyme.
The good
- The portfolio is at least internally legible: bond duration risk and equity beta are distinct economic drivers, even when packaged in leverage.
- The two positions sit in separate clusters, so the portfolio is not just a pile of near-duplicates.
The bad
- The diversification ratio stays low across every window, which means the portfolio is mostly collecting two sources of market risk rather than offsetting them.
- The position-to-portfolio correlations are high, especially SSO at 0.91, so the equity sleeve largely explains the portfolio’s day-to-day behavior.
The ugly
- In a regime where inflation is sticky and both rates and risk assets reprice together, leveraged bonds and leveraged equities can stop acting like complements and start acting like two expressions of the same macro problem.
Next steps
- Portfolios with this correlation profile are usually complemented by sleeves whose return drivers sit outside duration and equity beta.
- The short-window DR being below the long-window DR suggests recent diversification has weakened rather than improved.
- The structure reads more like a two-levered-factor expression than a diversified allocation.
Diversification Metrics
Number of Effective Assets
The portfolio contains 2 assets, with an effective number of assets of 1.92, 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 | 1.05 | 1.06 | 1.07 | 1.11 | 1.17 |
The portfolio has a diversification ratio of 1.17, placing it in the bottom quartile across portfolios — positions are highly correlated. Consider adding assets from different classes or sectors to reduce risk.
Stocks/Bonds 40/60 Leveraged Portfolio correlation to the S&P 500 Index
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2011 | 0.89 |
Benchmark Correlations
Correlation vs. S&P 500 Index. SSO has the highest benchmark correlation at 1.00, while UJB has the lowest at 0.49.
Asset Correlations Table
Find what Stocks/Bonds 40/60 Leveraged Portfolio is missing
See which holdings overlap, where Stocks/Bonds 40/60 Leveraged Portfolio is concentrated, and which low-correlation assets could fill the gaps.
Analyze Diversification