NVDB vs. SSO

Last updated Jun 6, 2026

NVDB (ProShares Ultra NVDA) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds from ProShares - NVDB tracks the NVIDIA Corporation while SSO tracks the S&P 500. Both are passively managed. A 0.59 correlation means they provide meaningful diversification when combined. NVDB charges 0.95%/yr vs 0.87%/yr for SSO.

Performance

NVDB vs. SSO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra NVDA (NVDB) 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, NVDB achieves a 8.52% return, which is significantly lower than SSO's 13.96% return.

NVDB

• 1D: -11.96%
• 1M: -4.46%
• YTD: 8.52%
• 6M: 12.10%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SSO

• 1D: -5.20%
• 1M: 0.38%
• YTD: 13.96%
• 6M: 12.89%
• 1Y: 47.43%
• 3Y*: 35.45%
• 5Y*: 18.52%
• 10Y*: 23.47%

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

NVDB vs. SSO - Yearly Performance Comparison

	2026 (YTD)	2025
NVDB ProShares Ultra NVDA	8.52%	2.15%
SSO ProShares Ultra S&P500	13.96%	8.19%

Correlation

The correlation between NVDB and SSO is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 11, 2025	0.59

Return for Risk

NVDB vs. SSO — Risk / Return Rank

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

SSO

SSO Risk / Return Rank: 57
SSO Sharpe Ratio Rank: 59
SSO Sortino Ratio Rank: 53
SSO Omega Ratio Rank: 55
SSO Calmar Ratio Rank: 54
SSO Martin Ratio Rank: 64

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.

NVDB vs. SSO - Risk-Adjusted Trends Comparison

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

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	NVDB	SSO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.97	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.55	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.41	-0.21

Drawdowns

NVDB vs. SSO - Drawdown Comparison

The maximum NVDB drawdown since its inception was -42.89%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for NVDB and SSO.

Drawdown Indicators

	NVDB	SSO	Difference
Max Drawdown Largest peak-to-trough decline	-42.89%	-84.67%	+41.78%
Max Drawdown (1Y) Largest decline over 1 year	—	-18.17%	—
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	-25.33%	-5.87%	-19.46%
Average Drawdown Average peak-to-trough decline	-18.84%	-19.56%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.14%	—

Volatility

Volatility by Period

	NVDB	SSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.51%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.60%	—
Volatility (1Y) Calculated over the trailing 1-year period	74.10%	24.19%	+49.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.10%	33.71%	+40.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.10%	35.92%	+38.18%

NVDB vs. SSO - Expense Ratio Comparison

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

Dividends

NVDB vs. SSO - Dividend Comparison

NVDB's dividend yield for the trailing twelve months is around 1.00%, more than SSO's 0.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVDB ProShares Ultra NVDA	1.00%	0.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SSO ProShares Ultra S&P500	0.65%	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 NVDB and SSO in my portfolio?

NVDB and SSO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NVDB or SSO?

On fees, SSO is cheaper at 0.87% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NVDB or SSO?

SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for NVDB.

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

NVDB has the higher dividend yield at 1.00%, compared with 0.65% for SSO.

What is the main difference between NVDB and SSO?

NVDB tracks NVIDIA Corporation, while SSO tracks S&P 500. Their fees differ too: 0.95% for NVDB and 0.87% for SSO.