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EFO vs. SSO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EFO vs. SSO

Last updated Aug 2, 2026
Documentation

EFO (ProShares Ultra MSCI EAFE) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds from ProShares - EFO tracks the MSCI EAFE Index (200%) while SSO tracks the S&P 500. Both are passively managed. Over the past 10 years, EFO returned 10.93%/yr vs 23.19%/yr for SSO. Their 0.70 correlation means they have sometimes moved together and sometimes differently. EFO charges 0.95%/yr vs 0.87%/yr for SSO.

Performance

EFO vs. SSO - Performance Comparison

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

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Returns By Period

In the year-to-date period, EFO achieves a 18.24% return, which is significantly higher than SSO's 16.14% return. Over the past 10 years, EFO has underperformed SSO with an annualized return of 10.93%, while SSO has yielded a comparatively higher 23.19% annualized return.

EFO

1D
-1.03%
1M
1.60%
6M
8.37%
YTD
18.24%
1Y
44.10%
3Y*
23.54%
5Y*
8.97%
10Y*
10.93%
ALL TIME*
8.79%

SSO

1D
1.35%
1M
-0.01%
6M
13.46%
YTD
16.14%
1Y
37.35%
3Y*
30.77%
5Y*
17.16%
10Y*
23.19%
ALL TIME*
15.64%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EFO

ProShares Ultra MSCI EAFE
$261.38K$262.27K$430.81K

SSO

ProShares Ultra S&P500
$177.82M$191.16M$223.05M

EFO vs. SSO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EFO
ProShares Ultra MSCI EAFE		18.24%58.51%-2.15%25.77%-33.62%19.38%2.29%40.93%-30.91%51.78%
SSO
ProShares Ultra S&P500		16.14%26.19%43.48%46.65%-38.98%60.57%21.54%63.45%-14.60%44.35%

Correlation

The correlation between EFO and SSO is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.77

Correlation (3Y)
Balances recent behavior with more history.

0.72

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.75

Correlation (10Y)
Provides a long-term view across more market conditions.

0.73

Correlation (All Time)
Calculated using the full available price history since Jun 4, 2009

0.70

The correlation between EFO and SSO has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.

EFO vs. SSO - Sectors Allocation Comparison

Sectors
EFO
SSO

Financial Services

41.2%
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%

Financial Services

EFO
41.2%
SSO
25.4%

Basic Materials

EFO

-

SSO
1.3%

Communication Services

EFO

-

SSO
6.4%

Consumer Cyclical

EFO

-

SSO
6.1%

Consumer Defensive

EFO

-

SSO
3.2%

Energy

EFO

-

SSO
2.3%

Healthcare

EFO

-

SSO
6.3%

Industrials

EFO

-

SSO
5.4%

Real Estate

EFO

-

SSO
1.3%

Technology

EFO

-

SSO
26.3%

Utilities

EFO

-

SSO
1.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra MSCI EAFE

ProShares Ultra S&P500

Often compared with EFO:
EFO vs. EFAEFO vs. EETEFO vs. EFUEFO vs. SAAEFO vs. XCEFO vs. VXUSEFO vs. EFG
Often compared with SSO:
SSO vs. QLDSSO vs. SPYSSO vs. UPROSSO vs. VOOSSO vs. SPUUSSO vs. SPXLSSO vs. QQQ

Return for Risk

EFO vs. SSO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EFO
EFO Risk / Return Rank: 5656
Overall Rank
EFO Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
EFO Sortino Ratio Rank: 5757
Sortino Ratio Rank
EFO Omega Ratio Rank: 5454
Omega Ratio Rank
EFO Calmar Ratio Rank: 5555
Calmar Ratio Rank
EFO Martin Ratio Rank: 5656
Martin Ratio Rank
SSO
SSO Risk / Return Rank: 5454
Overall Rank
SSO Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
SSO Sortino Ratio Rank: 5151
Sortino Ratio Rank
SSO Omega Ratio Rank: 5151
Omega Ratio Rank
SSO Calmar Ratio Rank: 5151
Calmar Ratio Rank
SSO Martin Ratio Rank: 6161
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.

EFO vs. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI EAFE (EFO) 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.

EFOSSODifference
Sharpe ratioReturn per unit of total volatility
1.36
1.29

+0.07

Sortino ratioReturn per unit of downside risk
1.96
1.79

+0.17

Omega ratioGain probability vs. loss probability

1.24

1.23

+0.01

Calmar ratioReturn relative to maximum drawdown

1.95

1.81

+0.14

Martin ratioReturn relative to average drawdown

6.65

7.25

-0.60

EFO vs. SSO - Sharpe Ratio Comparison

The current EFO Sharpe Ratio is 1.36, which is comparable to the SSO Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of EFO 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.

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Drawdowns

EFO vs. SSO - Drawdown Comparison

The maximum EFO drawdown since its inception was -63.52%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for EFO and SSO.

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Drawdown Indicators

EFOSSODifference

Max Drawdown

Largest peak-to-trough decline

-63.52%

-84.67%

+21.15%

Max Drawdown (1Y)

Largest decline over 1 year

-22.18%

-18.17%

-4.01%

Max Drawdown (3Y)

Largest decline over 3 years

-26.85%

-35.21%

+8.36%

Max Drawdown (5Y)

Largest decline over 5 years

-53.95%

-46.73%

-7.22%

Max Drawdown (10Y)

Largest decline over 10 years

-63.52%

-59.34%

-4.18%

Current Drawdown

Current decline from peak

-1.05%

-4.07%

+3.02%

Average Drawdown

Average peak-to-trough decline

-18.53%

-19.45%

+0.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.49%

4.54%

+1.95%

Volatility

EFO vs. SSO - Volatility Comparison

ProShares Ultra MSCI EAFE (EFO) has a higher volatility of 9.36% compared to ProShares Ultra S&P500 (SSO) at 7.07%. This indicates that EFO'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

EFOSSODifference

Volatility (1M)

Calculated over the trailing 1-month period

9.36%

7.07%

+2.29%

Volatility (6M)

Calculated over the trailing 6-month period

27.57%

20.14%

+7.43%

Volatility (1Y)

Calculated over the trailing 1-year period

31.88%

25.63%

+6.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.25%

33.88%

-0.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.58%

35.91%

-2.33%

EFO vs. SSO - Expense Ratio Comparison

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

Dividends

EFO vs. SSO - Dividend Comparison

EFO's dividend yield for the trailing twelve months is around 1.57%, more than SSO's 0.67% yield.

PositionTTM20252024202320222021202020192018201720162015
EFO
ProShares Ultra MSCI EAFE		1.57%1.65%2.24%1.93%0.00%0.00%0.00%0.37%0.11%0.00%0.00%0.00%
SSO
ProShares Ultra S&P500		0.67%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

EFO and SSO have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EFO has higher volatility (9.36%) compared to SSO (7.07%). In terms of maximum drawdown, EFO dropped -63.52% vs SSO's -84.67%.

On 10-year performance, SSO leads with 23.19% vs 10.93% for EFO. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 7.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SSO has performed better with a 23.19% return vs 10.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EFO has the higher dividend yield at 1.57%, compared with 0.67% for SSO.

EFO tracks MSCI EAFE Index (200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for EFO and 0.87% for SSO.

EFO currently has the higher Sharpe Ratio (1.36 vs 1.29), 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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