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MTUM vs. SSO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MTUM vs. SSO

Last updated Jun 13, 2026

MTUM (iShares MSCI USA Momentum Factor ETF) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, MTUM returned 17.15%/yr vs 24.02%/yr for SSO. Their correlation of 0.86 suggests significant overlap in exposure. MTUM charges 0.15%/yr vs 0.87%/yr for SSO.

Performance

MTUM vs. SSO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Momentum Factor ETF (MTUM) 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, MTUM achieves a 29.72% return, which is significantly higher than SSO's 15.08% return. Over the past 10 years, MTUM has underperformed SSO with an annualized return of 17.15%, while SSO has yielded a comparatively higher 24.02% annualized return.

MTUM

1D
1.69%
1M
6.22%
YTD
29.72%
6M
30.51%
1Y
40.78%
3Y*
33.16%
5Y*
14.96%
10Y*
17.15%

SSO

1D
1.03%
1M
-0.82%
YTD
15.08%
6M
15.47%
1Y
43.79%
3Y*
34.18%
5Y*
18.57%
10Y*
24.02%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MTUM vs. SSO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MTUM
iShares MSCI USA Momentum Factor ETF		29.72%22.15%32.89%9.15%-18.27%13.36%29.86%27.25%-1.67%37.50%
SSO
ProShares Ultra S&P500		15.08%26.19%43.48%46.65%-38.98%60.57%21.54%63.45%-14.60%44.35%

Correlation

The correlation between MTUM and SSO is 0.84, 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

0.84

Correlation (3Y)
Calculated over the trailing 3-year period

0.88

Correlation (5Y)
Calculated over the trailing 5-year period

0.86

Correlation (10Y)
Calculated over the trailing 10-year period

0.85

Correlation (All Time)
Calculated using the full available price history since Apr 18, 2013

0.86

The correlation between MTUM and SSO has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

MTUM vs. SSO - Sectors Allocation Comparison

Sectors
MTUM
SSO

Technology

44.4%
35.6%

Industrials

15.6%
8.3%

Financial Services

10.4%
11.8%

Communication Services

7.4%
11.2%

Healthcare

6.9%
8.5%

Consumer Cyclical

3.6%
10.1%

Energy

3.5%
3.5%

Consumer Defensive

3.3%
4.9%

Real Estate

1.8%
1.9%

Basic Materials

1.7%
1.8%

Utilities

1.6%
2.4%

Technology

MTUM
44.4%
SSO
35.6%

Industrials

MTUM
15.6%
SSO
8.3%

Financial Services

MTUM
10.4%
SSO
11.8%

Communication Services

MTUM
7.4%
SSO
11.2%

Healthcare

MTUM
6.9%
SSO
8.5%

Consumer Cyclical

MTUM
3.6%
SSO
10.1%

Energy

MTUM
3.5%
SSO
3.5%

Consumer Defensive

MTUM
3.3%
SSO
4.9%

Real Estate

MTUM
1.8%
SSO
1.9%

Basic Materials

MTUM
1.7%
SSO
1.8%

Utilities

MTUM
1.6%
SSO
2.4%

Compare stocks, funds, or ETFs

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

iShares MSCI USA Momentum Factor ETF

ProShares Ultra S&P500

Often compared with MTUM:
MTUM vs. SPMOMTUM vs. SPYMTUM vs. QQQMTUM vs. QUALMTUM vs. VOOMTUM vs. VFMOMTUM vs. QMOM
Often compared with SSO:
SSO vs. QLDSSO vs. SPYSSO vs. UPROSSO vs. VOOSSO vs. SPUUSSO vs. SPXLSSO vs. QQQ

Return for Risk

MTUM vs. SSO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MTUM
MTUM Risk / Return Rank: 7373
Overall Rank
MTUM Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
MTUM Sortino Ratio Rank: 6666
Sortino Ratio Rank
MTUM Omega Ratio Rank: 7070
Omega Ratio Rank
MTUM Calmar Ratio Rank: 7878
Calmar Ratio Rank
MTUM Martin Ratio Rank: 8181
Martin Ratio Rank
SSO
SSO Risk / Return Rank: 5959
Overall Rank
SSO Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
SSO Sortino Ratio Rank: 5555
Sortino Ratio Rank
SSO Omega Ratio Rank: 5858
Omega Ratio Rank
SSO Calmar Ratio Rank: 5555
Calmar Ratio Rank
SSO Martin Ratio Rank: 6666
Martin Ratio Rank
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.

MTUM vs. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) 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.

MTUMSSODifference
Sharpe ratioReturn per unit of total volatility
1.96
1.79

+0.17

Sortino ratioReturn per unit of downside risk
2.62
2.33

+0.29

Omega ratioGain probability vs. loss probability

1.36

1.31

+0.05

Calmar ratioReturn relative to maximum drawdown

3.55

2.42

+1.13

Martin ratioReturn relative to average drawdown

13.66

10.37

+3.29

MTUM vs. SSO - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 1.96, which is comparable to the SSO Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of MTUM 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

MTUM vs. SSO - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for MTUM and SSO.

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Drawdown Indicators

MTUMSSODifference

Max Drawdown

Largest peak-to-trough decline

-34.08%

-84.67%

+50.59%

Max Drawdown (1Y)

Largest decline over 1 year

-11.54%

-18.17%

+6.63%

Max Drawdown (3Y)

Largest decline over 3 years

-20.99%

-35.21%

+14.22%

Max Drawdown (5Y)

Largest decline over 5 years

-32.28%

-46.73%

+14.45%

Max Drawdown (10Y)

Largest decline over 10 years

-34.08%

-59.34%

+25.26%

Current Drawdown

Current decline from peak

-1.55%

-4.94%

+3.39%

Average Drawdown

Average peak-to-trough decline

-6.20%

-19.55%

+13.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.99%

4.24%

-1.25%

Volatility

MTUM vs. SSO - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 10.89% compared to ProShares Ultra S&P500 (SSO) at 8.74%. This indicates that MTUM'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

MTUMSSODifference

Volatility (1M)

Calculated over the trailing 1-month period

10.89%

8.74%

+2.15%

Volatility (6M)

Calculated over the trailing 6-month period

18.63%

19.17%

-0.54%

Volatility (1Y)

Calculated over the trailing 1-year period

20.87%

24.54%

-3.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.94%

33.78%

-12.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.20%

35.95%

-14.75%

MTUM vs. SSO - Expense Ratio Comparison

MTUM has a 0.15% expense ratio, which is lower than SSO's 0.87% expense ratio.

Dividends

MTUM vs. SSO - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.61%, less than SSO's 0.64% yield.

PositionTTM20252024202320222021202020192018201720162015
MTUM
iShares MSCI USA Momentum Factor ETF		0.61%0.91%0.75%1.35%1.80%0.55%0.83%1.48%1.27%1.02%1.43%1.12%
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

MTUM and SSO have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MTUM has higher volatility (10.89%) compared to SSO (8.74%). In terms of maximum drawdown, MTUM dropped -34.08% vs SSO's -84.67%.

On 10-year performance, SSO leads with 24.02% vs 17.15% for MTUM. On fees, MTUM is cheaper at 0.15% per year. On volatility, SSO has been the lower-risk option at 8.74%. 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 24.02% return vs 17.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MTUM is cheaper with a 0.15% expense ratio, compared with 0.87% for SSO.

SSO has the higher dividend yield at 0.64%, compared with 0.61% for MTUM.

MTUM is categorized as Momentum, while SSO is Leveraged Equities. MTUM tracks MSCI USA Momentum SR Variant Index, while SSO tracks S&P 500. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.15% for MTUM and 0.87% for SSO.

MTUM currently has the higher Sharpe Ratio (1.96 vs 1.79), 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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