EFU vs. SSO
EFU (ProShares UltraShort MSCI EAFE) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds from ProShares - EFU tracks the MSCI EAFE Index (-200%) while SSO tracks the S&P 500. Both are passively managed. Over the past 10 years, EFU returned -19.65%/yr vs 23.26%/yr for SSO. Their -0.80 correlation means they have often moved in opposite directions in the past. EFU charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
EFU vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, EFU achieves a -21.36% return, which is significantly lower than SSO's 19.52% return. Over the past 10 years, EFU has underperformed SSO with an annualized return of -19.65%, while SSO has yielded a comparatively higher 23.26% annualized return.
EFU
- 1D
- -0.66%
- 1M
- -3.30%
- 6M
- -12.53%
- YTD
- -21.36%
- 1Y
- -35.56%
- 3Y*
- -25.18%
- 5Y*
- -16.16%
- 10Y*
- -19.65%
- ALL TIME*
- -19.09%
SSO
- 1D
- 2.91%
- 1M
- 2.90%
- 6M
- 15.55%
- YTD
- 19.52%
- 1Y
- 41.35%
- 3Y*
- 33.95%
- 5Y*
- 17.79%
- 10Y*
- 23.26%
- ALL TIME*
- 15.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $26.57K | $37.75K | $56.26K | |
| $185.74M | $192.80M | $223.12M |
EFU vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | -21.36% | -41.07% | -1.04% | -25.36% | 24.26% | -24.58% | -35.54% | -32.71% | 32.32% | -36.87% |
SSO ProShares Ultra S&P500 | 19.52% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between EFU and SSO is -0.76, 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. | -0.76 |
Correlation (3Y) Balances recent behavior with more history. | -0.71 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.74 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2007 | -0.80 |
The correlation between EFU and SSO has been stable across timeframes, ranging from -0.80 to -0.71 - a consistent structural relationship.
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Return for Risk
EFU vs. SSO — Risk / Return Rank
EFU
SSO
EFU vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI EAFE (EFU) 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.
| EFU | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.73 | ||
| Sortino ratioReturn per unit of downside risk | -3.77 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.28 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -1.04 | 2.29 | -3.33 |
| Martin ratioReturn relative to average drawdown | -1.67 | 9.14 | -10.81 |
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Drawdowns
EFU vs. SSO - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.39%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for EFU and SSO.
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Drawdown Indicators
| EFU | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.39% | -84.67% | -14.72% |
Max Drawdown (1Y)Largest decline over 1 year | -34.17% | -18.17% | -16.00% |
Max Drawdown (3Y)Largest decline over 3 years | -65.69% | -35.21% | -30.48% |
Max Drawdown (5Y)Largest decline over 5 years | -76.39% | -46.73% | -29.66% |
Max Drawdown (10Y)Largest decline over 10 years | -89.39% | -59.34% | -30.05% |
Current DrawdownCurrent decline from peak | -99.39% | -1.28% | -98.11% |
Average DrawdownAverage peak-to-trough decline | -87.22% | -19.44% | -67.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.06% | 4.53% | +18.53% |
Volatility
EFU vs. SSO - Volatility Comparison
ProShares UltraShort MSCI EAFE (EFU) has a higher volatility of 9.16% compared to ProShares Ultra S&P500 (SSO) at 7.63%. This indicates that EFU'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
| EFU | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.16% | 7.63% | +1.53% |
Volatility (6M)Calculated over the trailing 6-month period | 28.75% | 20.31% | +8.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.55% | 25.58% | +6.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.67% | 33.91% | -0.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.62% | 35.93% | -2.31% |
EFU vs. SSO - Expense Ratio Comparison
EFU has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
EFU vs. SSO - Dividend Comparison
EFU's dividend yield for the trailing twelve months is around 5.21%, more than SSO's 0.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | 5.21% | 5.57% | 3.87% | 6.41% | 1.47% | 0.00% | 0.06% | 0.95% | 0.17% | 0.00% | 0.00% | 0.00% |
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
EFU and SSO have a correlation of -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFU has higher volatility (9.16%) compared to SSO (7.63%). In terms of maximum drawdown, EFU dropped -99.39% vs SSO's -84.67%.
On 10-year performance, SSO leads with 23.26% vs -19.65% for EFU. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 7.63%. 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 23.26% return vs -19.65%. 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 EFU.
EFU has the higher dividend yield at 5.21%, compared with 0.66% for SSO.
EFU tracks MSCI EAFE Index (-200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for EFU and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.63 vs -1.10), 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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