GC=F vs. SSO

Last updated Jun 9, 2026

GC=F (Gold Futures) is an asset, while SSO (ProShares Ultra S&P500) is Leveraged Equities fund tracking the S&P 500. At a correlation of -0.05, they often move in opposite directions.

Performance

GC=F vs. SSO - Performance Comparison

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

Returns By Period

GC=F

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SSO

• 1D: 0.47%
• 1M: -0.08%
• YTD: 14.49%
• 6M: 14.11%
• 1Y: 45.16%
• 3Y*: 35.32%
• 5Y*: 18.74%
• 10Y*: 23.71%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GC=F vs. SSO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GC=F Gold Futures	0.00%	0.00%	0.00%	0.00%	5.91%
SSO ProShares Ultra S&P500	14.49%	26.19%	43.48%	46.65%	-31.75%

Correlation

The correlation between GC=F and SSO is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022	-0.05

Return for Risk

GC=F vs. SSO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SSO

SSO Risk / Return Rank: 60
SSO Sharpe Ratio Rank: 63
SSO Sortino Ratio Rank: 56
SSO Omega Ratio Rank: 58
SSO Calmar Ratio Rank: 56
SSO Martin Ratio Rank: 65

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GC=F vs. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gold Futures (GC=F) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GC=F	SSO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.88	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.56	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.41	—

Drawdowns

Drawdown Indicators

	GC=F	SSO	Difference
Max Drawdown Largest peak-to-trough decline	—	-84.67%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-18.17%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-35.21%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.73%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-59.34%	—
Current Drawdown Current decline from peak	—	-5.43%	—
Average Drawdown Average peak-to-trough decline	—	-19.56%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.16%	—

Volatility

Volatility by Period

	GC=F	SSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.49%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.61%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	24.14%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	33.73%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	35.94%	—

Frequently Asked Questions

Can I hold both GC=F and SSO in my portfolio?

GC=F and SSO have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.