BPTRX vs. SSO

Last updated Jul 11, 2026

BPTRX (Baron Partners Fund) and SSO (ProShares Ultra S&P500) are both funds - BPTRX is a Large Cap Growth Equities fund actively managed by Baron Capital Group, Inc., while SSO is a Leveraged Equities fund tracking the S&P 500. BPTRX is actively managed, while SSO is passively managed. Over the past 10 years, BPTRX returned 24.67%/yr vs 23.57%/yr for SSO. Their correlation of 0.80 suggests significant overlap in exposure. BPTRX charges 1.36%/yr vs 0.87%/yr for SSO.

Performance

BPTRX vs. SSO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Partners Fund (BPTRX) and ProShares Ultra S&P500 (SSO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BPTRX achieves a 8.45% return, which is significantly lower than SSO's 19.14% return. Both investments have delivered pretty close results over the past 10 years, with BPTRX having a 24.67% annualized return and SSO not far behind at 23.57%.

BPTRX

• 1D: 1.57%
• 1M: 4.68%
• 6M: 8.64%
• YTD: 8.45%
• 1Y: 42.39%
• 3Y*: 21.08%
• 5Y*: 13.32%
• 10Y*: 24.67%

SSO

• 1D: 0.81%
• 1M: 4.60%
• 6M: 15.20%
• YTD: 19.14%
• 1Y: 39.50%
• 3Y*: 34.45%
• 5Y*: 18.05%
• 10Y*: 23.57%

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

BPTRX vs. SSO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BPTRX Baron Partners Fund	8.45%	24.54%	32.75%	43.09%	-42.53%	31.35%	148.81%	44.99%	-2.01%	31.54%
SSO ProShares Ultra S&P500	19.14%	26.19%	43.48%	46.65%	-38.98%	60.57%	21.54%	63.45%	-14.60%	44.35%

Correlation

The correlation between BPTRX and SSO is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006	0.80

Over the past year, the correlation between BPTRX and SSO has dropped to 0.59 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

Return for Risk

BPTRX vs. SSO — Risk / Return Rank

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

BPTRX

BPTRX Risk / Return Rank: 75
BPTRX Sharpe Ratio Rank: 54
BPTRX Sortino Ratio Rank: 82
BPTRX Omega Ratio Rank: 77
BPTRX Calmar Ratio Rank: 92
BPTRX Martin Ratio Rank: 69

SSO

SSO Risk / Return Rank: 56
SSO Sharpe Ratio Rank: 57
SSO Sortino Ratio Rank: 53
SSO Omega Ratio Rank: 54
SSO Calmar Ratio Rank: 52
SSO Martin Ratio Rank: 62

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.

BPTRX vs. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Partners Fund (BPTRX) 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.

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.

	BPTRX	SSO	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.55	+0.08
Sortino ratio: Return per unit of downside risk	3.09	2.08	+1.01
Omega ratio: Gain probability vs. loss probability	1.38	1.27	+0.11
Calmar ratio: Return relative to maximum drawdown	3.87	2.12	+1.75
Martin ratio: Return relative to average drawdown	10.14	8.76	+1.38

BPTRX vs. SSO - Sharpe Ratio Comparison

The current BPTRX Sharpe Ratio is 1.63, which is comparable to the SSO Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of BPTRX and SSO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BPTRX vs. SSO - Drawdown Comparison

The maximum BPTRX drawdown since its inception was -64.11%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for BPTRX and SSO.

Drawdown Indicators

	BPTRX	SSO	Difference
Max Drawdown Largest peak-to-trough decline	-64.11%	-84.67%	+20.56%
Max Drawdown (1Y) Largest decline over 1 year	-12.60%	-18.17%	+5.57%
Max Drawdown (3Y) Largest decline over 3 years	-33.34%	-35.21%	+1.87%
Max Drawdown (5Y) Largest decline over 5 years	-49.87%	-46.73%	-3.14%
Max Drawdown (10Y) Largest decline over 10 years	-51.26%	-59.34%	+8.08%
Current Drawdown Current decline from peak	-7.94%	-1.59%	-6.35%
Average Drawdown Average peak-to-trough decline	-13.76%	-19.49%	+5.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.80%	4.40%	+0.40%

Volatility

BPTRX vs. SSO - Volatility Comparison

Baron Partners Fund (BPTRX) has a higher volatility of 13.13% compared to ProShares Ultra S&P500 (SSO) at 8.79%. This indicates that BPTRX's price experiences larger fluctuations and is considered to be riskier than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BPTRX	SSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.13%	8.79%	+4.34%
Volatility (6M) Calculated over the trailing 6-month period	18.25%	19.84%	-1.59%
Volatility (1Y) Calculated over the trailing 1-year period	29.94%	24.97%	+4.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.16%	33.86%	+0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.87%	35.86%	-2.99%

BPTRX vs. SSO - Expense Ratio Comparison

BPTRX has a 1.36% expense ratio, which is higher than SSO's 0.87% expense ratio.

Dividends

BPTRX vs. SSO - Dividend Comparison

BPTRX's dividend yield for the trailing twelve months is around 3.10%, more than SSO's 0.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BPTRX Baron Partners Fund	3.10%	3.36%	0.76%	0.00%	3.19%	7.72%	3.67%	0.26%	0.00%	0.00%	0.00%	0.35%
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%

Frequently Asked Questions

Can I hold both BPTRX and SSO in my portfolio?

BPTRX and SSO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BPTRX or SSO?

BPTRX has higher volatility (13.13%) compared to SSO (8.79%). In terms of maximum drawdown, BPTRX dropped -64.11% vs SSO's -84.67%.

Which has better risk-adjusted returns?

BPTRX currently has the higher Sharpe Ratio (1.63 vs 1.55), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.