MSFU vs. SSO

Last updated Jun 3, 2026

MSFU (Direxion Daily MSFT Bull 2X Shares) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds - MSFU tracks the Microsoft Corporation (150%) while SSO tracks the S&P 500. Both are passively managed. Over the past 3 years, MSFU returned 1.80%/yr vs 38.21%/yr for SSO. A 0.67 correlation means they provide meaningful diversification when combined. MSFU charges 1.04%/yr vs 0.87%/yr for SSO.

Performance

MSFU vs. SSO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MSFT Bull 2X Shares (MSFU) 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, MSFU achieves a -22.90% return, which is significantly lower than SSO's 21.07% return.

MSFU

• 1D: -8.36%
• 1M: 12.13%
• YTD: -22.90%
• 6M: -25.88%
• 1Y: -21.45%
• 3Y*: 1.80%
• 5Y*: —
• 10Y*: —

SSO

• 1D: 0.27%
• 1M: 10.52%
• YTD: 21.07%
• 6M: 21.28%
• 1Y: 56.67%
• 3Y*: 38.21%
• 5Y*: 20.39%
• 10Y*: 24.38%

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

MSFU vs. SSO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MSFU Direxion Daily MSFT Bull 2X Shares	-22.90%	13.36%	5.80%	83.04%	-13.28%
SSO ProShares Ultra S&P500	21.07%	26.19%	43.48%	46.65%	-9.40%

Correlation

The correlation between MSFU and SSO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022	0.67

Over the past year, the correlation between MSFU and SSO has dropped to 0.45 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

MSFU vs. SSO - Sectors Allocation Comparison

Sectors	MSFU	SSO
Technology	100.0%	35.6%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Financial Services	-	11.8%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Utilities	-	2.4%

Return for Risk

MSFU vs. SSO — Risk / Return Rank

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

MSFU

MSFU Risk / Return Rank: 5
MSFU Sharpe Ratio Rank: 5
MSFU Sortino Ratio Rank: 5
MSFU Omega Ratio Rank: 5
MSFU Calmar Ratio Rank: 5
MSFU Martin Ratio Rank: 5

SSO

SSO Risk / Return Rank: 68
SSO Sharpe Ratio Rank: 73
SSO Sortino Ratio Rank: 65
SSO Omega Ratio Rank: 66
SSO Calmar Ratio Rank: 64
SSO Martin Ratio Rank: 73

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.

MSFU vs. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bull 2X Shares (MSFU) 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.

	MSFU	SSO	Difference
Sharpe ratio Return per unit of total volatility	-0.43	2.42	-2.85
Sortino ratio Return per unit of downside risk	-0.30	3.03	-3.34
Omega ratio Gain probability vs. loss probability	0.96	1.40	-0.45
Calmar ratio Return relative to maximum drawdown	-0.35	3.21	-3.56
Martin ratio Return relative to average drawdown	-0.67	14.14	-14.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSFU vs. SSO - Sharpe Ratio Comparison

The current MSFU Sharpe Ratio is -0.43, which is lower than the SSO Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of MSFU 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

	MSFU	SSO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.43	2.42	-2.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.42	-0.18

Drawdowns

MSFU vs. SSO - Drawdown Comparison

The maximum MSFU drawdown since its inception was -59.83%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for MSFU and SSO.

Drawdown Indicators

	MSFU	SSO	Difference
Max Drawdown Largest peak-to-trough decline	-59.83%	-84.67%	+24.84%
Max Drawdown (1Y) Largest decline over 1 year	-59.83%	-18.17%	-41.66%
Max Drawdown (3Y) Largest decline over 3 years	-59.83%	-35.21%	-24.62%
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	-40.32%	0.00%	-40.32%
Average Drawdown Average peak-to-trough decline	-16.48%	-19.57%	+3.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.83%	4.13%	+26.70%

Volatility

MSFU vs. SSO - Volatility Comparison

Direxion Daily MSFT Bull 2X Shares (MSFU) has a higher volatility of 18.49% compared to ProShares Ultra S&P500 (SSO) at 5.46%. This indicates that MSFU'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

	MSFU	SSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.49%	5.46%	+13.03%
Volatility (6M) Calculated over the trailing 6-month period	44.94%	17.74%	+27.20%
Volatility (1Y) Calculated over the trailing 1-year period	49.77%	23.57%	+26.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.23%	33.65%	+12.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.23%	35.90%	+10.33%

MSFU vs. SSO - Expense Ratio Comparison

MSFU has a 1.04% expense ratio, which is higher than SSO's 0.87% expense ratio.

Dividends

MSFU vs. SSO - Dividend Comparison

MSFU's dividend yield for the trailing twelve months is around 10.26%, more than SSO's 0.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSFU Direxion Daily MSFT Bull 2X Shares	10.26%	8.15%	7.00%	2.11%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SSO ProShares Ultra S&P500	0.61%	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 MSFU and SSO in my portfolio?

MSFU and SSO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSFU or SSO?

MSFU has higher volatility (18.49%) compared to SSO (5.46%). In terms of maximum drawdown, MSFU dropped -59.83% vs SSO's -84.67%.

Which ETF is better, MSFU or SSO?

On 3-year performance, SSO leads with 38.21% vs 1.80% for MSFU. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 5.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFU or SSO?

Over the 3-year period, SSO has performed better with a 38.21% return vs 1.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFU or SSO?

SSO is cheaper with a 0.87% expense ratio, compared with 1.04% for MSFU.

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

MSFU has the higher dividend yield at 10.26%, compared with 0.61% for SSO.

What is the main difference between MSFU and SSO?

MSFU tracks Microsoft Corporation (150%), while SSO tracks S&P 500. They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.04% for MSFU and 0.87% for SSO.

Which has better risk-adjusted returns?

SSO currently has the higher Sharpe Ratio (2.42 vs -0.43), 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.