DXD vs. SSO

Last updated Aug 5, 2026

DXD (ProShares UltraShort Dow30) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds from ProShares - DXD tracks the Dow Jones Industrial Average Index (-200%) while SSO tracks the S&P 500. Both are passively managed. Over the past 10 years, DXD returned -24.85%/yr vs 23.69%/yr for SSO. Their -0.92 correlation means they have often moved in opposite directions in the past. DXD charges 0.95%/yr vs 0.87%/yr for SSO.

Performance

DXD vs. SSO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Dow30 (DXD) 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, DXD achieves a -20.27% return, which is significantly lower than SSO's 23.77% return. Over the past 10 years, DXD has underperformed SSO with an annualized return of -24.85%, while SSO has yielded a comparatively higher 23.69% annualized return.

DXD

• 1D: -3.36%
• 1M: -4.22%
• 6M: -16.65%
• YTD: -20.27%
• 1Y: -31.35%
• 3Y*: -22.34%
• 5Y*: -16.28%
• 10Y*: -24.85%
• ALL TIME*: -23.41%

SSO

• 1D: 3.55%
• 1M: 6.55%
• 6M: 21.77%
• YTD: 23.77%
• 1Y: 42.09%
• 3Y*: 35.52%
• 5Y*: 18.31%
• 10Y*: 23.69%
• ALL TIME*: 16.00%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DXD ProShares UltraShort Dow30	$12.93M	$11.34M	$30.23M
SSO ProShares Ultra S&P500	$209.12M	$200.07M	$224.05M

DXD vs. SSO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXD ProShares UltraShort Dow30	-20.27%	-21.11%	-16.07%	-18.77%	7.09%	-35.18%	-44.57%	-35.33%	3.07%	-38.64%
SSO ProShares Ultra S&P500	23.77%	26.19%	43.48%	46.65%	-38.98%	60.57%	21.54%	63.45%	-14.60%	44.35%

Correlation

The correlation between DXD and SSO is -0.80, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.80
Correlation (3Y) Balances recent behavior with more history.	-0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.87
Correlation (10Y) Provides a long-term view across more market conditions.	-0.89
Correlation (All Time) Calculated using the full available price history since Jul 13, 2006	-0.92

The correlation between DXD and SSO shifts across timeframes, from -0.92 (all time) to -0.80 (1 year), reflecting how their relationship changes across market environments.

DXD vs. SSO - Sectors Allocation Comparison

Sectors	DXD	SSO
Financial Services	89.5%	25.4%
Basic Materials	-	1.3%
Communication Services	-	6.4%
Consumer Cyclical	-	6.1%
Consumer Defensive	-	3.2%
Energy	-	2.3%
Healthcare	-	6.3%
Industrials	-	5.4%
Real Estate	-	1.3%
Technology	-	26.3%
Utilities	-	1.9%

Return for Risk

DXD vs. SSO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DXD

DXD Risk / Return Rank: 1
DXD Sharpe Ratio Rank: 0
DXD Sortino Ratio Rank: 1
DXD Omega Ratio Rank: 1
DXD Calmar Ratio Rank: 0
DXD Martin Ratio Rank: 0

SSO

SSO Risk / Return Rank: 61
SSO Sharpe Ratio Rank: 63
SSO Sortino Ratio Rank: 57
SSO Omega Ratio Rank: 58
SSO Calmar Ratio Rank: 59
SSO Martin Ratio Rank: 68

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.

DXD vs. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Dow30 (DXD) 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.

	DXD	SSO	Difference
Sharpe ratio: Return per unit of total volatility	-1.25	1.65	-2.90
Sortino ratio: Return per unit of downside risk	-1.82	2.21	-4.02
Omega ratio: Gain probability vs. loss probability	0.80	1.29	-0.49
Calmar ratio: Return relative to maximum drawdown	-0.98	2.33	-3.31
Martin ratio: Return relative to average drawdown	-1.83	9.31	-11.14

DXD vs. SSO - Sharpe Ratio Comparison

The current DXD Sharpe Ratio is -1.25, which is lower than the SSO Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of DXD 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

DXD vs. SSO - Drawdown Comparison

The maximum DXD drawdown since its inception was -99.73%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for DXD and SSO.

Drawdown Indicators

	DXD	SSO	Difference
Max Drawdown Largest peak-to-trough decline	-99.73%	-84.67%	-15.06%
Max Drawdown (1Y) Largest decline over 1 year	-32.02%	-18.17%	-13.85%
Max Drawdown (3Y) Largest decline over 3 years	-60.60%	-35.21%	-25.39%
Max Drawdown (5Y) Largest decline over 5 years	-68.37%	-46.73%	-21.64%
Max Drawdown (10Y) Largest decline over 10 years	-94.55%	-59.34%	-35.21%
Current Drawdown Current decline from peak	-99.73%	0.00%	-99.73%
Average Drawdown Average peak-to-trough decline	-82.43%	-19.44%	-62.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.15%	4.53%	+12.62%

Volatility

DXD vs. SSO - Volatility Comparison

ProShares UltraShort Dow30 (DXD) and ProShares Ultra S&P500 (SSO) have volatilities of 8.39% and 8.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DXD	SSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.39%	8.20%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	20.20%	20.57%	-0.37%
Volatility (1Y) Calculated over the trailing 1-year period	25.32%	25.75%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.65%	33.95%	-4.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.94%	35.94%	-1.00%

DXD vs. SSO - Expense Ratio Comparison

DXD has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.

Dividends

DXD vs. SSO - Dividend Comparison

DXD's dividend yield for the trailing twelve months is around 4.27%, more than SSO's 0.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXD ProShares UltraShort Dow30	4.27%	4.25%	5.91%	3.87%	0.25%	0.00%	0.31%	1.76%	1.15%	0.12%	0.00%	0.00%
SSO ProShares Ultra S&P500	0.63%	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 DXD and SSO in my portfolio?

DXD and SSO have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DXD or SSO?

DXD has higher volatility (8.39%) compared to SSO (8.20%). In terms of maximum drawdown, DXD dropped -99.73% vs SSO's -84.67%.

Which ETF is better, DXD or SSO?

On 10-year performance, SSO leads with 23.69% vs -24.85% for DXD. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 8.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DXD or SSO?

Over the 10-year period, SSO has performed better with a 23.69% return vs -24.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DXD or SSO?

SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for DXD.

Which ETF pays a higher dividend yield, DXD or SSO?

DXD has the higher dividend yield at 4.27%, compared with 0.63% for SSO.

What is the main difference between DXD and SSO?

DXD tracks Dow Jones Industrial Average Index (-200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for DXD and 0.87% for SSO.

Which has better risk-adjusted returns?

SSO currently has the higher Sharpe Ratio (1.65 vs -1.25), 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.