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LTL vs. SSO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

LTL vs. SSO

Last updated Aug 2, 2026
Documentation

LTL (ProShares Ultra Telecommunications) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds from ProShares - LTL tracks the Dow Jones U.S. Select Telecommunications Index (200%) while SSO tracks the S&P 500. Both are passively managed. Over the past 10 years, LTL returned 6.41%/yr vs 23.19%/yr for SSO. Their 0.59 correlation means they have sometimes moved together and sometimes differently. LTL charges 0.95%/yr vs 0.87%/yr for SSO.

Performance

LTL vs. SSO - Performance Comparison

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

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Returns By Period

In the year-to-date period, LTL achieves a -18.73% return, which is significantly lower than SSO's 16.14% return. Over the past 10 years, LTL has underperformed SSO with an annualized return of 6.41%, while SSO has yielded a comparatively higher 23.19% annualized return.

LTL

1D
3.03%
1M
-3.61%
6M
-21.05%
YTD
-18.73%
1Y
-1.62%
3Y*
25.79%
5Y*
14.19%
10Y*
6.41%
ALL TIME*
5.81%

SSO

1D
1.35%
1M
-0.01%
6M
13.46%
YTD
16.14%
1Y
37.35%
3Y*
30.77%
5Y*
17.16%
10Y*
23.19%
ALL TIME*
15.64%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

LTL

ProShares Ultra Telecommunications
$123.54K$121.65K$82.18K

SSO

ProShares Ultra S&P500
$177.82M$191.16M$223.05M

LTL vs. SSO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
LTL
ProShares Ultra Telecommunications		-18.73%37.06%65.15%62.03%-41.14%40.42%-3.25%30.16%-23.44%-26.85%
SSO
ProShares Ultra S&P500		16.14%26.19%43.48%46.65%-38.98%60.57%21.54%63.45%-14.60%44.35%

Correlation

The correlation between LTL and SSO is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.57

Correlation (3Y)
Balances recent behavior with more history.

0.72

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.77

Correlation (10Y)
Provides a long-term view across more market conditions.

0.66

Correlation (All Time)
Calculated using the full available price history since May 22, 2008

0.59

The correlation between LTL and SSO shifts across timeframes, from 0.57 (1 year) to 0.77 (5 years), reflecting how their relationship changes across market environments.

LTL vs. SSO - Sectors Allocation Comparison

Sectors
LTL
SSO

Communication Services

56.2%
6.4%

Technology

6.5%
26.3%

Basic Materials

-

1.3%

Consumer Cyclical

-

6.1%

Consumer Defensive

-

3.2%

Energy

-

2.3%

Financial Services

-

25.4%

Healthcare

-

6.3%

Industrials

-

5.4%

Real Estate

-

1.3%

Utilities

-

1.9%

Communication Services

LTL
56.2%
SSO
6.4%

Technology

LTL
6.5%
SSO
26.3%

Basic Materials

LTL

-

SSO
1.3%

Consumer Cyclical

LTL

-

SSO
6.1%

Consumer Defensive

LTL

-

SSO
3.2%

Energy

LTL

-

SSO
2.3%

Financial Services

LTL

-

SSO
25.4%

Healthcare

LTL

-

SSO
6.3%

Industrials

LTL

-

SSO
5.4%

Real Estate

LTL

-

SSO
1.3%

Utilities

LTL

-

SSO
1.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra Telecommunications

ProShares Ultra S&P500

Often compared with LTL:
LTL vs. XLCLTL vs. WDAYLTL vs. LITPLTL vs. BRK-BLTL vs. XLKLTL vs. DGROLTL vs. TQQQ
Often compared with SSO:
SSO vs. QLDSSO vs. SPYSSO vs. UPROSSO vs. VOOSSO vs. SPUUSSO vs. SPXLSSO vs. QQQ

Return for Risk

LTL vs. SSO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
LTL
LTL Risk / Return Rank: 99
Overall Rank
LTL Sharpe Ratio Rank: 99
Sharpe Ratio Rank
LTL Sortino Ratio Rank: 99
Sortino Ratio Rank
LTL Omega Ratio Rank: 99
Omega Ratio Rank
LTL Calmar Ratio Rank: 99
Calmar Ratio Rank
LTL Martin Ratio Rank: 88
Martin Ratio Rank
SSO
SSO Risk / Return Rank: 5454
Overall Rank
SSO Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
SSO Sortino Ratio Rank: 5151
Sortino Ratio Rank
SSO Omega Ratio Rank: 5151
Omega Ratio Rank
SSO Calmar Ratio Rank: 5151
Calmar Ratio Rank
SSO Martin Ratio Rank: 6161
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

LTL vs. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Telecommunications (LTL) 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.

LTLSSODifference
Sharpe ratioReturn per unit of total volatility
-0.14
1.29

-1.43

Sortino ratioReturn per unit of downside risk
0.01
1.79

-1.78

Omega ratioGain probability vs. loss probability

1.00

1.23

-0.23

Calmar ratioReturn relative to maximum drawdown

-0.17

1.81

-1.98

Martin ratioReturn relative to average drawdown

-0.40

7.25

-7.65

LTL vs. SSO - Sharpe Ratio Comparison

The current LTL Sharpe Ratio is -0.14, which is lower than the SSO Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of LTL 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.

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Drawdowns

LTL vs. SSO - Drawdown Comparison

The maximum LTL drawdown since its inception was -80.20%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for LTL and SSO.

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Drawdown Indicators

LTLSSODifference

Max Drawdown

Largest peak-to-trough decline

-80.20%

-84.67%

+4.47%

Max Drawdown (1Y)

Largest decline over 1 year

-25.25%

-18.17%

-7.08%

Max Drawdown (3Y)

Largest decline over 3 years

-34.37%

-35.21%

+0.84%

Max Drawdown (5Y)

Largest decline over 5 years

-52.60%

-46.73%

-5.87%

Max Drawdown (10Y)

Largest decline over 10 years

-64.15%

-59.34%

-4.81%

Current Drawdown

Current decline from peak

-21.59%

-4.07%

-17.52%

Average Drawdown

Average peak-to-trough decline

-28.56%

-19.45%

-9.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.42%

4.54%

+5.88%

Volatility

LTL vs. SSO - Volatility Comparison

ProShares Ultra Telecommunications (LTL) has a higher volatility of 13.00% compared to ProShares Ultra S&P500 (SSO) at 7.07%. This indicates that LTL'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

LTLSSODifference

Volatility (1M)

Calculated over the trailing 1-month period

13.00%

7.07%

+5.93%

Volatility (6M)

Calculated over the trailing 6-month period

23.65%

20.14%

+3.51%

Volatility (1Y)

Calculated over the trailing 1-year period

29.78%

25.63%

+4.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.15%

33.88%

+1.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

37.01%

35.91%

+1.10%

LTL vs. SSO - Expense Ratio Comparison

LTL has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.

Dividends

LTL vs. SSO - Dividend Comparison

LTL's dividend yield for the trailing twelve months is around 1.06%, more than SSO's 0.67% yield.

PositionTTM20252024202320222021202020192018201720162015
LTL
ProShares Ultra Telecommunications		1.06%0.64%0.29%0.97%2.01%1.14%1.57%0.83%1.99%1.96%0.70%1.55%
SSO
ProShares Ultra S&P500		0.67%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

LTL and SSO have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

LTL has higher volatility (13.00%) compared to SSO (7.07%). In terms of maximum drawdown, LTL dropped -80.20% vs SSO's -84.67%.

On 10-year performance, SSO leads with 23.19% vs 6.41% for LTL. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 7.07%. 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 23.19% return vs 6.41%. 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 LTL.

LTL has the higher dividend yield at 1.06%, compared with 0.67% for SSO.

LTL tracks Dow Jones U.S. Select Telecommunications Index (200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for LTL and 0.87% for SSO.

SSO currently has the higher Sharpe Ratio (1.29 vs -0.14), 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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