IGHG vs. SSO
IGHG (ProShares Investment Grade-Interest Rate Hedged) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - IGHG is a Corporate Bonds fund tracking the Citi Corporate Investment Grade (Treasury Rate-Hedged) Index, while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, IGHG returned 4.72%/yr vs 24.21%/yr for SSO. At a 0.44 correlation, their price movements are largely independent. IGHG charges 0.30%/yr vs 0.87%/yr for SSO.
Performance
IGHG vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, IGHG achieves a 2.17% return, which is significantly lower than SSO's 19.37% return. Over the past 10 years, IGHG has underperformed SSO with an annualized return of 4.72%, while SSO has yielded a comparatively higher 24.21% annualized return.
IGHG
- 1D
- 0.05%
- 1M
- 0.76%
- YTD
- 2.17%
- 6M
- 2.54%
- 1Y
- 5.77%
- 3Y*
- 8.57%
- 5Y*
- 5.24%
- 10Y*
- 4.72%
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%
IGHG vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGHG ProShares Investment Grade-Interest Rate Hedged | 2.17% | 5.65% | 9.20% | 11.58% | -0.90% | 0.88% | 0.61% | 12.73% | -3.96% | 4.49% |
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 IGHG and SSO is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2013 | 0.44 |
The correlation between IGHG and SSO shifts across timeframes, from 0.39 (3 years) to 0.50 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IGHG vs. SSO — Risk / Return Rank
IGHG
SSO
IGHG vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Investment Grade-Interest Rate Hedged (IGHG) 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.
| IGHG | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.38 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.31 | 2.91 | +0.40 |
| Martin ratioReturn relative to average drawdown | 11.71 | 12.80 | -1.09 |
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
| IGHG | SSO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.68 | 2.25 | -0.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.05 | 0.59 | +0.46 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.63 | 0.68 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.42 | +0.12 |
Drawdowns
IGHG vs. SSO - Drawdown Comparison
The maximum IGHG drawdown since its inception was -25.16%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for IGHG and SSO.
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Drawdown Indicators
| IGHG | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.16% | -84.67% | +59.51% |
Max Drawdown (1Y)Largest decline over 1 year | -1.75% | -18.17% | +16.42% |
Max Drawdown (3Y)Largest decline over 3 years | -3.74% | -35.21% | +31.47% |
Max Drawdown (5Y)Largest decline over 5 years | -8.75% | -46.73% | +37.98% |
Max Drawdown (10Y)Largest decline over 10 years | -25.16% | -59.34% | +34.18% |
Current DrawdownCurrent decline from peak | -0.11% | -1.40% | +1.29% |
Average DrawdownAverage peak-to-trough decline | -2.30% | -19.57% | +17.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.50% | 4.13% | -3.63% |
Volatility
IGHG vs. SSO - Volatility Comparison
The current volatility for ProShares Investment Grade-Interest Rate Hedged (IGHG) is 0.62%, while ProShares Ultra S&P500 (SSO) has a volatility of 5.66%. This indicates that IGHG experiences smaller price fluctuations and is considered to be less risky 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
| IGHG | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 5.66% | -5.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.53% | 17.78% | -15.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.44% | 23.60% | -20.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.02% | 33.65% | -28.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.46% | 35.89% | -28.43% |
IGHG vs. SSO - Expense Ratio Comparison
IGHG has a 0.30% expense ratio, which is lower than SSO's 0.87% expense ratio.
Dividends
IGHG vs. SSO - Dividend Comparison
IGHG's dividend yield for the trailing twelve months is around 5.11%, more than SSO's 0.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGHG ProShares Investment Grade-Interest Rate Hedged | 5.11% | 5.14% | 5.06% | 4.99% | 3.55% | 2.50% | 2.79% | 3.48% | 4.13% | 3.36% | 3.37% | 3.65% |
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
IGHG and SSO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSO has higher volatility (5.66%) compared to IGHG (0.62%). In terms of maximum drawdown, IGHG dropped -25.16% vs SSO's -84.67%.
On 10-year performance, SSO leads with 24.21% vs 4.72% for IGHG. On fees, IGHG is cheaper at 0.30% per year. On volatility, IGHG has been the lower-risk option at 0.62%. 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 4.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IGHG is cheaper with a 0.30% expense ratio, compared with 0.87% for SSO.
IGHG has the higher dividend yield at 5.11%, compared with 0.62% for SSO.
IGHG is categorized as Corporate Bonds, while SSO is Leveraged Equities. IGHG tracks Citi Corporate Investment Grade (Treasury Rate-Hedged) Index, while SSO tracks S&P 500. Their fees differ too: 0.30% for IGHG and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (2.25 vs 1.68), 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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