EWV vs. SSO
EWV (ProShares UltraShort MSCI Japan) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds from ProShares - EWV tracks the MSCI Japan Index (-200%) while SSO tracks the S&P 500. Both are passively managed. Over the past 10 years, EWV returned -20.24%/yr vs 24.21%/yr for SSO. At a correlation of -0.67, they often move in opposite directions. EWV charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
EWV vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -27.97% return, which is significantly lower than SSO's 19.37% return. Over the past 10 years, EWV has underperformed SSO with an annualized return of -20.24%, while SSO has yielded a comparatively higher 24.21% annualized return.
EWV
- 1D
- -0.28%
- 1M
- -12.11%
- YTD
- -27.97%
- 6M
- -29.61%
- 1Y
- -43.86%
- 3Y*
- -28.45%
- 5Y*
- -17.58%
- 10Y*
- -20.24%
SSO
- 1D
- -1.40%
- 1M
- 9.75%
- YTD
- 19.37%
- 6M
- 18.81%
- 1Y
- 52.69%
- 3Y*
- 37.56%
- 5Y*
- 19.62%
- 10Y*
- 24.21%
EWV vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -27.97% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -36.24% |
SSO ProShares Ultra S&P500 | 19.37% | 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 -0.63, 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 | -0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.61 |
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 9, 2007 | -0.67 |
The correlation between EWV and SSO has been stable across timeframes, ranging from -0.67 to -0.60 - a consistent structural relationship.
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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.
| EWV | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.35 | ||
| Sortino ratioReturn per unit of downside risk | -4.48 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.38 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 2.91 | -3.85 |
| Martin ratioReturn relative to average drawdown | -1.51 | 12.80 | -14.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EWV | SSO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.11 | 2.25 | -3.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | 0.59 | -1.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.58 | 0.68 | -1.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.47 | 0.42 | -0.88 |
Drawdowns
EWV vs. SSO - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.13%, 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.
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Drawdown Indicators
| EWV | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.13% | -84.67% | -14.46% |
Max Drawdown (1Y)Largest decline over 1 year | -46.88% | -18.17% | -28.71% |
Max Drawdown (3Y)Largest decline over 3 years | -68.67% | -35.21% | -33.46% |
Max Drawdown (5Y)Largest decline over 5 years | -77.72% | -46.73% | -30.99% |
Max Drawdown (10Y)Largest decline over 10 years | -90.10% | -59.34% | -30.76% |
Current DrawdownCurrent decline from peak | -99.13% | -1.40% | -97.73% |
Average DrawdownAverage peak-to-trough decline | -84.28% | -19.57% | -64.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.05% | 4.13% | +24.92% |
Volatility
EWV vs. SSO - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 9.11% compared to ProShares Ultra S&P500 (SSO) at 5.66%. 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.
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Volatility by Period
| EWV | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.11% | 5.66% | +3.45% |
Volatility (6M)Calculated over the trailing 6-month period | 31.22% | 17.78% | +13.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.88% | 23.60% | +16.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.62% | 33.65% | +2.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.95% | 35.89% | -0.94% |
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 4.98%, more than SSO's 0.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 4.98% | 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 | 0.62% | 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 -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (9.11%) compared to SSO (5.66%). In terms of maximum drawdown, EWV dropped -99.13% vs SSO's -84.67%.
On 10-year performance, SSO leads with 24.21% vs -20.24% for EWV. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 5.66%. 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 24.21% return vs -20.24%. 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 4.98%, compared with 0.62% for SSO.
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 (2.25 vs -1.11), 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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