^SP400 vs. SSO

Last updated Apr 2, 2026

Compare and contrast key facts about S&P 400 Index (^SP400) and ProShares Ultra S&P500 (SSO).

SSO is a passively managed fund by ProShares that tracks the performance of the S&P 500. It was launched on Jun 19, 2006.

Performance

^SP400 vs. SSO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in S&P 400 Index (^SP400) and ProShares Ultra S&P500 (SSO). The values are adjusted to include any dividend payments, if applicable.

^SP400 vs. SSO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^SP400 S&P 400 Index	3.02%	5.90%	12.20%	14.45%	-14.48%	23.21%	11.81%	24.05%	-12.50%	14.45%
SSO ProShares Ultra S&P500	-8.90%	26.19%	43.48%	46.65%	-38.98%	60.57%	21.54%	63.45%	-14.60%	44.35%

Returns By Period

In the year-to-date period, ^SP400 achieves a 3.02% return, which is significantly higher than SSO's -8.90% return. Over the past 10 years, ^SP400 has underperformed SSO with an annualized return of 8.90%, while SSO has yielded a comparatively higher 21.24% annualized return.

^SP400

• 1D: 0.85%
• 1M: -5.55%
• YTD: 3.02%
• 6M: 3.99%
• 1Y: 15.98%
• 3Y*: 10.67%
• 5Y*: 5.16%
• 10Y*: 8.90%

SSO

• 1D: 1.48%
• 1M: -9.07%
• YTD: -8.90%
• 6M: -6.36%
• 1Y: 27.41%
• 3Y*: 28.90%
• 5Y*: 15.68%
• 10Y*: 21.24%

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

Return for Risk

^SP400 vs. SSO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^SP400

^SP400 Risk / Return Rank: 50
^SP400 Sharpe Ratio Rank: 46
^SP400 Sortino Ratio Rank: 48
^SP400 Omega Ratio Rank: 49
^SP400 Calmar Ratio Rank: 47
^SP400 Martin Ratio Rank: 58

SSO

SSO Risk / Return Rank: 45
SSO Sharpe Ratio Rank: 38
SSO Sortino Ratio Rank: 44
SSO Omega Ratio Rank: 48
SSO Calmar Ratio Rank: 45
SSO Martin Ratio Rank: 51

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.

^SP400 vs. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P 400 Index (^SP400) and ProShares Ultra S&P500 (SSO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^SP400	SSO	Difference
Sharpe ratio Return per unit of total volatility	0.77	0.76	+0.01
Sortino ratio Return per unit of downside risk	1.22	1.27	-0.05
Omega ratio Gain probability vs. loss probability	1.17	1.19	-0.02
Calmar ratio Return relative to maximum drawdown	1.18	1.22	-0.04
Martin ratio Return relative to average drawdown	4.99	5.19	-0.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^SP400 vs. SSO - Sharpe Ratio Comparison

The current ^SP400 Sharpe Ratio is 0.77, which is comparable to the SSO Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of ^SP400 and SSO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	^SP400	SSO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.77	0.76	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.47	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.59	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.38	+0.10

Correlation

The correlation between ^SP400 and SSO is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

^SP400 vs. SSO - Drawdown Comparison

The maximum ^SP400 drawdown since its inception was -56.32%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for ^SP400 and SSO.

Drawdown Indicators

	^SP400	SSO	Difference
Max Drawdown Largest peak-to-trough decline	-56.32%	-84.67%	+28.35%
Max Drawdown (1Y) Largest decline over 1 year	-14.11%	-23.17%	+9.06%
Max Drawdown (5Y) Largest decline over 5 years	-24.46%	-46.73%	+22.27%
Max Drawdown (10Y) Largest decline over 10 years	-42.14%	-59.34%	+17.20%
Current Drawdown Current decline from peak	-5.60%	-12.18%	+6.58%
Average Drawdown Average peak-to-trough decline	-7.18%	-19.72%	+12.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	5.44%	-2.10%

Volatility

^SP400 vs. SSO - Volatility Comparison

The current volatility for S&P 400 Index (^SP400) is 6.38%, while ProShares Ultra S&P500 (SSO) has a volatility of 10.69%. This indicates that ^SP400 experiences smaller price fluctuations and is considered to be less risky than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^SP400	SSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.38%	10.69%	-4.31%
Volatility (6M) Calculated over the trailing 6-month period	11.84%	18.99%	-7.15%
Volatility (1Y) Calculated over the trailing 1-year period	20.98%	36.46%	-15.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.63%	33.66%	-14.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.97%	35.86%	-14.89%