Stocks/Bonds 40/60 Leveraged Portfolio

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%

Benchmark: S&P 500 Index · Rebalance: On 10% deviation

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Performance

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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Benchmark

Compare your portfolio against anything

Returns By Period

As of Aug 4, 2026, the Stocks/Bonds 40/60 Leveraged Portfolio returned 8.42% Year-To-Date and 13.56% of annualized return in the last 10 years.

Position	1D	1M	6M	YTD	1Y	3Y*	5Y*	10Y*	ALL TIME*
Benchmark S&P 500 Index	1.48%	1.57%	8.95%	11.03%	21.84%	19.28%	11.54%	13.29%	8.11%
Portfolio Stocks/Bonds 40/60 Leveraged Portfolio	1.51%	0.95%	6.32%	8.42%	19.41%	20.52%	9.36%	13.56%	14.07%
Portfolio components:
SSO ProShares Ultra S&P500	2.91%	2.90%	15.55%	19.52%	41.35%	33.95%	17.79%	23.26%	15.80%
UJB ProShares Ultra High Yield	0.58%	-0.40%	0.07%	1.03%	5.82%	11.10%	2.79%	5.79%	6.66%

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

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, 65% of months were positive and 35% 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%	-0.62%	1.51%					8.42%
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 1.09%, 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 123.20% 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: 1.09%

Beta: 1.12

R²: 0.76

Upside Capture: 129.61%

Downside Capture: 123.20%

See how alpha, beta & R² have trended over time →

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.

UJB

ProShares Ultra High Yield

SSO

ProShares Ultra S&P500

Return for Risk

Risk / Return Rank

Stocks/Bonds 40/60 Leveraged Portfolio ranks 35 for risk / return — above 35% of Portfolios peers on PortfoliosLab. Its historical combined result is below the peer median.

Overall Rank

Sharpe Ratio Rank

Sortino Ratio Rank

Omega Ratio Rank

Calmar Ratio Rank

Martin Ratio Rank

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

Risk / Return 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	1.40	1.71	-0.31
Sortino ratioReturn per unit of downside risk	2.00	2.36	-0.36
Omega ratioGain probability vs. loss probability	1.25	1.31	-0.05
Calmar ratioReturn relative to maximum drawdown	1.93	2.41	-0.48
Martin ratioReturn relative to average drawdown	8.28	10.22	-1.95

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	67	1.63	2.18	1.28	2.29	9.14
UJB ProShares Ultra High Yield	34	0.80	1.21	1.15	1.17	4.79

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. Learn how to interpret the Sharpe ratio.

The current Stocks/Bonds 40/60 Leveraged Portfolio Sharpe ratio is 1.40 as of Aug 4, 2026 (the value is recalculated daily), calculated over the past 12 months.

Compared to the broad market, where average Sharpe ratios range from 1.35 to 2.18, 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 Stocks/Bonds 40/60 Leveraged Portfolio 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

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	3.20%	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 0.67%.

Drawdown	Fall	Recovery	Underwater	Related event
-47.97%Mar 2020	1mo 4d	5mo 13d	6mo 17dFeb 2020 - Sep 2020	COVID crash2020
-36.25%Sep 2022	9mo 6d	1y 8mo	2y 5moDec 2021 - Jun 2024	Bear market2022
-27.60%Oct 2011	2mo 28d	3mo 23d	6mo 21dJul 2011 - Jan 2012	—
-24.84%Jan 2016	8mo 21d	4mo 7d	1y 23dMay 2015 - May 2016	—
-22.64%Dec 2018	2mo 21d	3mo 8d	5mo 29dOct 2018 - Apr 2019	Rate-hike selloffLate 2018

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 leveraged barbell: 60% in ProShares Ultra 20+ Year Treasury (UJB) and 40% in ProShares Ultra S&P 500 (SSO), expressing a preference for amplified bonds and equities with only partial independence between them.

The numbers

Diversification ratio is 1.05 over one year and 1.17 since inception, ranking at just the 6.7th and 33.2nd percentiles.
The two positions have 0.49 correlation, but portfolio correlations are 0.75 for UJB and 0.91 for SSO.
Effective asset count is 1.92 of 2, so the weights are balanced; the issue is not concentration but shared risk.

The good

The portfolio does contain two distinct economic exposures, and UJB is not simply another equity position.
The bond sleeve has historically provided some diversification relative to SSO, even if leverage makes the benefit smaller than the labels suggest.

The bad

SSO dominates portfolio behavior despite its 40% weight, because leverage turns a smaller allocation into a larger risk contribution.
Diversification has weakened materially in recent windows, with the 1Y ratio far below the inception figure.

The ugly

Rising yields can pressure UJB while tighter financial conditions pressure SSO, producing a particularly efficient two-position stress event.

Next steps

Portfolios with this structure are typically complemented by exposures less sensitive to both duration and equity beta.
Unlevered or independently driven sleeves would change the portfolio’s correlation arithmetic more than another version of the same trade.

AI-generated analysis. Not investment advice. Verify key facts independently.

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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. The holdings provided limited volatility reduction when combined.

Stocks/Bonds 40/60 Leveraged Portfolio correlation to the S&P 500 Index

Stocks/Bonds 40/60 Leveraged Portfolio has a 0.98 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) Focuses on recent behavior, but can change the most.	0.98
Correlation (3Y) Balances recent behavior with more history.	0.96
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (10Y) Provides a long-term view across more market conditions.	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.

UJB

0.49

SSO

1.00

Portfolio Correlations

Correlation vs. Stocks/Bonds 40/60 Leveraged Portfolio. SSO has the highest portfolio correlation at 0.90, while UJB has the lowest at 0.76.

UJB

0.76

SSO

0.90

Asset Correlations Table

See how each holding historically moved in relation to the other holdings, the portfolio, and the selected benchmark.

	UJB	SSO
UJB	1.00	0.49
SSO	0.49	1.00

Based on daily historical returns since Apr 14, 2011

Diversification Analysis

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.

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