EWV vs. SSO
EWV (ProShares UltraShort MSCI Japan) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - EWV is a Japan Equities fund tracking the MSCI Japan Index (-200%), while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, EWV returned -20.00%/yr vs 23.36%/yr for SSO. At a correlation of -0.68, they often move in opposite directions. EWV charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
EWV vs. SSO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EWV achieves a -29.93% return, which is significantly lower than SSO's 18.15% return. Over the past 10 years, EWV has underperformed SSO with an annualized return of -20.00%, while SSO has yielded a comparatively higher 23.36% annualized return.
EWV
- 1D
- -2.78%
- 1M
- -4.20%
- 6M
- -23.47%
- YTD
- -29.93%
- 1Y
- -47.17%
- 3Y*
- -28.49%
- 5Y*
- -18.46%
- 10Y*
- -20.00%
SSO
- 1D
- 0.71%
- 1M
- 2.67%
- 6M
- 14.40%
- YTD
- 18.15%
- 1Y
- 37.86%
- 3Y*
- 32.78%
- 5Y*
- 17.93%
- 10Y*
- 23.36%
EWV vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -29.93% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -36.24% |
SSO ProShares Ultra S&P500 | 18.15% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between EWV and SSO is -0.65, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.65 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2007 | -0.68 |
The correlation between EWV and SSO has been stable across timeframes, ranging from -0.68 to -0.62 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EWV vs. SSO — Risk / Return Rank
EWV
SSO
EWV vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) 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.
| EWV | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.64 | ||
| Sortino ratioReturn per unit of downside risk | -3.77 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.27 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 2.09 | -3.02 |
| Martin ratioReturn relative to average drawdown | -1.44 | 8.62 | -10.05 |
Loading charts...
Drawdowns
EWV vs. SSO - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for EWV and SSO.
Loading charts...
Drawdown Indicators
| EWV | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -84.67% | -14.53% |
Max Drawdown (1Y)Largest decline over 1 year | -51.16% | -18.17% | -32.99% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -35.21% | -35.98% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -46.73% | -32.78% |
Max Drawdown (10Y)Largest decline over 10 years | -89.92% | -59.34% | -30.58% |
Current DrawdownCurrent decline from peak | -99.16% | -2.41% | -96.75% |
Average DrawdownAverage peak-to-trough decline | -84.34% | -19.48% | -64.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.87% | 4.41% | +28.46% |
Volatility
EWV vs. SSO - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 14.40% compared to ProShares Ultra S&P500 (SSO) at 7.60%. This indicates that EWV'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.
Loading charts...
Volatility by Period
| EWV | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.40% | 7.60% | +6.80% |
Volatility (6M)Calculated over the trailing 6-month period | 34.86% | 19.88% | +14.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.40% | 25.01% | +17.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.25% | 33.87% | +3.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.15% | 35.88% | -0.73% |
EWV vs. SSO - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
EWV vs. SSO - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 5.16%, more than SSO's 0.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 5.16% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% | 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
EWV and SSO have a correlation of -0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (14.40%) compared to SSO (7.60%). In terms of maximum drawdown, EWV dropped -99.20% vs SSO's -84.67%.
On 10-year performance, SSO leads with 23.36% vs -20.00% for EWV. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 7.60%. 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 23.36% return vs -20.00%. 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 EWV.
EWV has the higher dividend yield at 5.16%, compared with 0.66% for SSO.
EWV is categorized as Japan Equities, while SSO is Leveraged Equities. EWV tracks MSCI Japan Index (-200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for EWV and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.52 vs -1.12), 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.
Find the right allocation for EWV and SSO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer