FXP vs. SSO
FXP (ProShares UltraShort FTSE China 50) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - FXP is a China Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-200%), while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, FXP returned -22.22%/yr vs 23.69%/yr for SSO. Their -0.60 correlation means they have often moved in opposite directions in the past. FXP charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
FXP vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, FXP achieves a 6.18% return, which is significantly lower than SSO's 23.77% return. Over the past 10 years, FXP has underperformed SSO with an annualized return of -22.22%, while SSO has yielded a comparatively higher 23.69% annualized return.
FXP
- 1D
- 0.44%
- 1M
- -23.97%
- 6M
- 9.78%
- YTD
- 6.18%
- 1Y
- -1.26%
- 3Y*
- -27.96%
- 5Y*
- -21.08%
- 10Y*
- -22.22%
- ALL TIME*
- -28.45%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $103.24K | $95.91K | $96.09K | |
| $209.12M | $200.07M | $224.05M |
FXP vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 6.18% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
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 FXP and SSO is -0.43, 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. | -0.43 |
Correlation (3Y) Balances recent behavior with more history. | -0.37 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.40 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.49 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2007 | -0.60 |
The correlation between FXP and SSO shifts across timeframes, from -0.60 (all time) to -0.37 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FXP vs. SSO — Risk / Return Rank
FXP
SSO
FXP vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) 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.
| FXP | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.68 | ||
| Sortino ratioReturn per unit of downside risk | -1.96 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.29 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 2.33 | -2.38 |
| Martin ratioReturn relative to average drawdown | -0.11 | 9.31 | -9.42 |
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Drawdowns
FXP vs. SSO - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for FXP and SSO.
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Drawdown Indicators
| FXP | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -84.67% | -15.27% |
Max Drawdown (1Y)Largest decline over 1 year | -25.65% | -18.17% | -7.48% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -35.21% | -47.13% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -46.73% | -41.12% |
Max Drawdown (10Y)Largest decline over 10 years | -93.56% | -59.34% | -34.22% |
Current DrawdownCurrent decline from peak | -99.92% | 0.00% | -99.92% |
Average DrawdownAverage peak-to-trough decline | -94.18% | -19.44% | -74.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.62% | 4.53% | +7.09% |
Volatility
FXP vs. SSO - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 10.97% compared to ProShares Ultra S&P500 (SSO) at 8.20%. This indicates that FXP'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
| FXP | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.97% | 8.20% | +2.77% |
Volatility (6M)Calculated over the trailing 6-month period | 29.41% | 20.57% | +8.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.60% | 25.75% | +14.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.72% | 33.95% | +28.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.81% | 35.94% | +18.87% |
FXP vs. SSO - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
FXP vs. SSO - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 3.39%, more than SSO's 0.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 3.39% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% | 0.00% | 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
FXP and SSO have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (10.97%) compared to SSO (8.20%). In terms of maximum drawdown, FXP dropped -99.94% vs SSO's -84.67%.
On 10-year performance, SSO leads with 23.69% vs -22.22% for FXP. 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.
Over the 10-year period, SSO has performed better with a 23.69% return vs -22.22%. 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 FXP.
FXP has the higher dividend yield at 3.39%, compared with 0.63% for SSO.
FXP is categorized as China Equities, while SSO is Leveraged Equities. FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for FXP and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.65 vs -0.03), 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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