BTC-USD vs. SSO
BTC-USD (Bitcoin) is a cryptocurrency, while SSO (ProShares Ultra S&P500) is Leveraged Equities fund tracking the S&P 500. Over the past 10 years, BTC-USD returned 55.97%/yr vs 24.02%/yr for SSO. At a 0.13 correlation, their price movements are largely independent.
Performance
BTC-USD vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, BTC-USD achieves a -25.06% return, which is significantly lower than SSO's 15.08% return. Over the past 10 years, BTC-USD has outperformed SSO with an annualized return of 55.97%, while SSO has yielded a comparatively lower 24.02% annualized return.
BTC-USD
- 1D
- 2.42%
- 1M
- -17.06%
- YTD
- -25.06%
- 6M
- -25.64%
- 1Y
- -37.83%
- 3Y*
- 36.87%
- 5Y*
- 10.30%
- 10Y*
- 55.97%
SSO
- 1D
- 1.03%
- 1M
- 0.12%
- YTD
- 15.08%
- 6M
- 15.47%
- 1Y
- 47.12%
- 3Y*
- 34.18%
- 5Y*
- 18.57%
- 10Y*
- 24.02%
BTC-USD vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTC-USD Bitcoin | -25.06% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | 94.10% | -73.37% | 1,324.24% |
SSO ProShares Ultra S&P500 | 15.08% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between BTC-USD and SSO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2012 | 0.13 |
Over the past year, BTC-USD and SSO have become more correlated (0.39) than their long-term average of 0.13, meaning their price movements have been converging.
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Return for Risk
BTC-USD vs. SSO — Risk / Return Rank
BTC-USD
SSO
BTC-USD vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitcoin (BTC-USD) 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.
| BTC-USD | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.68 | ||
| Sortino ratioReturn per unit of downside risk | -3.53 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.31 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 2.42 | -3.16 |
| Martin ratioReturn relative to average drawdown | -1.28 | 10.37 | -11.65 |
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Drawdowns
BTC-USD vs. SSO - Drawdown Comparison
The maximum BTC-USD drawdown since its inception was -85.30%, roughly equal to the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for BTC-USD and SSO.
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Drawdown Indicators
| BTC-USD | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.30% | -84.67% | -0.63% |
Max Drawdown (1Y)Largest decline over 1 year | -51.21% | -18.17% | -33.04% |
Max Drawdown (3Y)Largest decline over 3 years | -51.21% | -35.21% | -16.00% |
Max Drawdown (5Y)Largest decline over 5 years | -76.67% | -46.73% | -29.94% |
Max Drawdown (10Y)Largest decline over 10 years | -83.80% | -59.34% | -24.46% |
Current DrawdownCurrent decline from peak | -47.43% | -4.94% | -42.49% |
Average DrawdownAverage peak-to-trough decline | -42.37% | -19.55% | -22.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.28% | 4.24% | +31.04% |
Volatility
BTC-USD vs. SSO - Volatility Comparison
Bitcoin (BTC-USD) has a higher volatility of 12.10% compared to ProShares Ultra S&P500 (SSO) at 8.74%. This indicates that BTC-USD'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.
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Volatility by Period
| BTC-USD | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.10% | 8.74% | +3.36% |
Volatility (6M)Calculated over the trailing 6-month period | 34.64% | 19.17% | +15.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.63% | 24.54% | +11.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.55% | 33.78% | +10.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.61% | 35.95% | +20.66% |
Frequently Asked Questions
BTC-USD and SSO have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTC-USD has higher volatility (12.10%) compared to SSO (8.74%). In terms of maximum drawdown, BTC-USD dropped -85.30% vs SSO's -84.67%.
SSO currently has the higher Sharpe Ratio (1.79 vs -0.88), 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.
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