IQQQ vs. SSO

Last updated Jun 4, 2026

IQQQ (ProShares Nasdaq-100 High Income ETF) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index, while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past year, IQQQ returned 38.70% vs 52.69% for SSO. Their correlation of 0.93 suggests significant overlap in exposure. IQQQ charges 0.55%/yr vs 0.87%/yr for SSO.

Performance

IQQQ vs. SSO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Nasdaq-100 High Income ETF (IQQQ) and ProShares Ultra S&P500 (SSO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with IQQQ having a 18.72% return and SSO slightly higher at 19.37%.

IQQQ

• 1D: -0.30%
• 1M: 9.88%
• YTD: 18.72%
• 6M: 17.39%
• 1Y: 38.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

IQQQ vs. SSO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IQQQ ProShares Nasdaq-100 High Income ETF	18.72%	17.11%	13.39%
SSO ProShares Ultra S&P500	19.37%	26.19%	21.14%

Correlation

The correlation between IQQQ and SSO is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Mar 21, 2024	0.93

The correlation between IQQQ and SSO has been stable across timeframes, ranging from 0.93 to 0.93 - a consistent structural relationship.

IQQQ vs. SSO - Sectors Allocation Comparison

Sectors	IQQQ	SSO
Technology	53.8%	35.6%
Communication Services	15.8%	11.2%
Consumer Cyclical	12.3%	10.1%
Consumer Defensive	7.7%	4.9%
Healthcare	4.2%	8.5%
Industrials	2.8%	8.3%
Utilities	1.4%	2.4%
Basic Materials	1.1%	1.8%
Energy	0.6%	3.5%
Financial Services	0.2%	11.8%
Real Estate	0.1%	1.9%

Return for Risk

IQQQ vs. SSO — Risk / Return Rank

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

IQQQ

IQQQ Risk / Return Rank: 70
IQQQ Sharpe Ratio Rank: 76
IQQQ Sortino Ratio Rank: 70
IQQQ Omega Ratio Rank: 69
IQQQ Calmar Ratio Rank: 69
IQQQ Martin Ratio Rank: 66

SSO

SSO Risk / Return Rank: 62
SSO Sharpe Ratio Rank: 66
SSO Sortino Ratio Rank: 59
SSO Omega Ratio Rank: 60
SSO Calmar Ratio Rank: 58
SSO Martin Ratio Rank: 68

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.

IQQQ vs. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Nasdaq-100 High Income ETF (IQQQ) 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.

	IQQQ	SSO	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.25	+0.28
Sortino ratio: Return per unit of downside risk	3.27	2.86	+0.41
Omega ratio: Gain probability vs. loss probability	1.43	1.38	+0.05
Calmar ratio: Return relative to maximum drawdown	3.49	2.91	+0.58
Martin ratio: Return relative to average drawdown	12.41	12.80	-0.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IQQQ vs. SSO - Sharpe Ratio Comparison

The current IQQQ Sharpe Ratio is 2.53, which is comparable to the SSO Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of IQQQ and SSO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IQQQ	SSO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.25	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.59	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	0.42	+0.83

Drawdowns

IQQQ vs. SSO - Drawdown Comparison

The maximum IQQQ drawdown since its inception was -20.41%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for IQQQ and SSO.

Drawdown Indicators

	IQQQ	SSO	Difference
Max Drawdown Largest peak-to-trough decline	-20.41%	-84.67%	+64.26%
Max Drawdown (1Y) Largest decline over 1 year	-11.13%	-18.17%	+7.04%
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	-0.30%	-1.40%	+1.10%
Average Drawdown Average peak-to-trough decline	-3.64%	-19.57%	+15.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	4.13%	-1.00%

Volatility

IQQQ vs. SSO - Volatility Comparison

The current volatility for ProShares Nasdaq-100 High Income ETF (IQQQ) is 3.99%, while ProShares Ultra S&P500 (SSO) has a volatility of 5.66%. This indicates that IQQQ 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.

Volatility by Period

	IQQQ	SSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	5.66%	-1.67%
Volatility (6M) Calculated over the trailing 6-month period	11.54%	17.78%	-6.24%
Volatility (1Y) Calculated over the trailing 1-year period	15.40%	23.60%	-8.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.57%	33.65%	-15.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.57%	35.89%	-17.32%

IQQQ vs. SSO - Expense Ratio Comparison

IQQQ has a 0.55% expense ratio, which is lower than SSO's 0.87% expense ratio.

Dividends

IQQQ vs. SSO - Dividend Comparison

IQQQ's dividend yield for the trailing twelve months is around 4.42%, more than SSO's 0.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IQQQ ProShares Nasdaq-100 High Income ETF	4.42%	10.34%	7.27%	0.00%	0.00%	0.00%	0.00%	0.00%	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

Can I hold both IQQQ and SSO in my portfolio?

With a correlation of 0.93, IQQQ and SSO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IQQQ or SSO?

SSO has higher volatility (5.66%) compared to IQQQ (3.99%). In terms of maximum drawdown, IQQQ dropped -20.41% vs SSO's -84.67%.

Which ETF is better, IQQQ or SSO?

On 1-year performance, SSO leads with 52.69% vs 38.70% for IQQQ. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 3.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IQQQ or SSO?

Over the 1-year period, SSO has performed better with a 52.69% return vs 38.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IQQQ or SSO?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.87% for SSO.

Which ETF pays a higher dividend yield, IQQQ or SSO?

IQQQ has the higher dividend yield at 4.42%, compared with 0.62% for SSO.

What is the main difference between IQQQ and SSO?

IQQQ is categorized as Nasdaq-100, while SSO is Leveraged Equities. IQQQ tracks Nasdaq-100 Daily Covered Call Index, while SSO tracks S&P 500. Their fees differ too: 0.55% for IQQQ and 0.87% for SSO.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (2.53 vs 2.25), 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.