MAKX vs. SSO

Last updated Aug 6, 2026

MAKX (ProShares S&P Kensho Smart Factories ETF) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - MAKX is a Technology Equities fund tracking the S&P Kensho Smart Factories Index, while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 3 years, MAKX returned 24.97%/yr vs 35.35%/yr for SSO. Their correlation of 0.81 means they have usually moved in the same direction. MAKX charges 0.58%/yr vs 0.87%/yr for SSO.

Performance

MAKX vs. SSO - Performance Comparison

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

Returns By Period

In the year-to-date period, MAKX achieves a 40.44% return, which is significantly higher than SSO's 23.30% return.

MAKX

• 1D: -1.20%
• 1M: 1.32%
• 6M: 29.70%
• YTD: 40.44%
• 1Y: 46.97%
• 3Y*: 24.97%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.48%

SSO

• 1D: -0.38%
• 1M: 4.34%
• 6M: 22.54%
• YTD: 23.30%
• 1Y: 42.95%
• 3Y*: 35.35%
• 5Y*: 18.15%
• 10Y*: 23.64%
• ALL TIME*: 15.98%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MAKX ProShares S&P Kensho Smart Factories ETF	$78.87K	$95.05K	$127.32K
SSO ProShares Ultra S&P500	$219.41M	$203.12M	$223.10M

MAKX vs. SSO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MAKX ProShares S&P Kensho Smart Factories ETF	40.44%	21.63%	8.27%	26.03%	-26.41%	3.10%
SSO ProShares Ultra S&P500	23.30%	26.19%	43.48%	46.65%	-38.98%	19.25%

Correlation

The correlation between MAKX and SSO is 0.77, 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.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.81

The correlation between MAKX and SSO has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.

MAKX vs. SSO - Sectors Allocation Comparison

Sectors	MAKX	SSO
Technology	62.8%	26.3%
Industrials	26.2%	5.4%
Communication Services	8.9%	6.4%
Basic Materials	2.0%	1.3%
Consumer Cyclical	-	6.1%
Consumer Defensive	-	3.2%
Energy	-	2.3%
Financial Services	-	25.4%
Healthcare	-	6.3%
Real Estate	-	1.3%
Utilities	-	1.9%

Return for Risk

MAKX vs. SSO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MAKX

MAKX Risk / Return Rank: 51
MAKX Sharpe Ratio Rank: 48
MAKX Sortino Ratio Rank: 48
MAKX Omega Ratio Rank: 44
MAKX Calmar Ratio Rank: 60
MAKX Martin Ratio Rank: 54

SSO

SSO Risk / Return Rank: 61
SSO Sharpe Ratio Rank: 62
SSO Sortino Ratio Rank: 57
SSO Omega Ratio Rank: 58
SSO Calmar Ratio Rank: 60
SSO Martin Ratio Rank: 68

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.

MAKX vs. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P Kensho Smart Factories ETF (MAKX) 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.

	MAKX	SSO	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.69	-0.30
Sortino ratio: Return per unit of downside risk	1.97	2.24	-0.27
Omega ratio: Gain probability vs. loss probability	1.24	1.29	-0.05
Calmar ratio: Return relative to maximum drawdown	2.44	2.38	+0.06
Martin ratio: Return relative to average drawdown	7.15	9.50	-2.35

MAKX vs. SSO - Sharpe Ratio Comparison

The current MAKX Sharpe Ratio is 1.39, which is comparable to the SSO Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of MAKX 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.

Drawdowns

MAKX vs. SSO - Drawdown Comparison

The maximum MAKX drawdown since its inception was -40.27%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for MAKX and SSO.

Drawdown Indicators

	MAKX	SSO	Difference
Max Drawdown Largest peak-to-trough decline	-40.27%	-84.67%	+44.40%
Max Drawdown (1Y) Largest decline over 1 year	-19.36%	-18.17%	-1.19%
Max Drawdown (3Y) Largest decline over 3 years	-29.76%	-35.21%	+5.45%
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	-6.18%	-0.38%	-5.80%
Average Drawdown Average peak-to-trough decline	-16.32%	-19.43%	+3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.59%	4.53%	+2.06%

Volatility

MAKX vs. SSO - Volatility Comparison

ProShares S&P Kensho Smart Factories ETF (MAKX) has a higher volatility of 13.14% compared to ProShares Ultra S&P500 (SSO) at 8.13%. This indicates that MAKX'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.

Volatility by Period

	MAKX	SSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.14%	8.13%	+5.01%
Volatility (6M) Calculated over the trailing 6-month period	27.17%	20.49%	+6.68%
Volatility (1Y) Calculated over the trailing 1-year period	34.06%	25.60%	+8.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.17%	33.94%	-4.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.17%	35.94%	-6.77%

MAKX vs. SSO - Expense Ratio Comparison

MAKX has a 0.58% expense ratio, which is lower than SSO's 0.87% expense ratio.

Dividends

MAKX vs. SSO - Dividend Comparison

MAKX's dividend yield for the trailing twelve months is around 0.13%, less than SSO's 0.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MAKX ProShares S&P Kensho Smart Factories ETF	0.13%	0.15%	0.24%	0.52%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SSO ProShares Ultra S&P500	0.64%	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 MAKX and SSO in my portfolio?

MAKX and SSO have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAKX or SSO?

MAKX has higher volatility (13.14%) compared to SSO (8.13%). In terms of maximum drawdown, MAKX dropped -40.27% vs SSO's -84.67%.

Which ETF is better, MAKX or SSO?

On 3-year performance, SSO leads with 35.35% vs 24.97% for MAKX. On fees, MAKX is cheaper at 0.58% per year. On volatility, SSO has been the lower-risk option at 8.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAKX or SSO?

Over the 3-year period, SSO has performed better with a 35.35% return vs 24.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAKX or SSO?

MAKX is cheaper with a 0.58% expense ratio, compared with 0.87% for SSO.

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

SSO has the higher dividend yield at 0.64%, compared with 0.13% for MAKX.

What is the main difference between MAKX and SSO?

MAKX is categorized as Technology Equities, while SSO is Leveraged Equities. MAKX tracks S&P Kensho Smart Factories Index, while SSO tracks S&P 500. Their fees differ too: 0.58% for MAKX and 0.87% for SSO.

Which has better risk-adjusted returns?

SSO currently has the higher Sharpe Ratio (1.69 vs 1.39), 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.