ON vs. SSO

Last updated Aug 6, 2026

ON (ON Semiconductor Corporation) is a stock, while SSO (ProShares Ultra S&P500) is Leveraged Equities fund tracking the S&P 500. Over the past 10 years, ON returned 22.64%/yr vs 23.64%/yr for SSO. Their 0.61 correlation means they have sometimes moved together and sometimes differently.

Performance

ON vs. SSO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ON Semiconductor Corporation (ON) 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, ON achieves a 42.03% return, which is significantly higher than SSO's 23.30% return. Both investments have delivered pretty close results over the past 10 years, with ON having a 22.64% annualized return and SSO not far ahead at 23.64%.

ON

• 1D: -4.79%
• 1M: -18.78%
• 6M: 23.93%
• YTD: 42.03%
• 1Y: 62.81%
• 3Y*: -9.07%
• 5Y*: 11.18%
• 10Y*: 22.64%
• ALL TIME*: 4.39%

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)
ON ON Semiconductor Corporation	$1.01B	$921.79M	$1.29B
SSO ProShares Ultra S&P500	$219.41M	$203.12M	$223.10M

ON vs. SSO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ON ON Semiconductor Corporation	42.03%	-14.12%	-24.52%	33.93%	-8.17%	107.52%	34.25%	47.67%	-21.16%	64.11%
SSO ProShares Ultra S&P500	23.30%	26.19%	43.48%	46.65%	-38.98%	60.57%	21.54%	63.45%	-14.60%	44.35%

Correlation

The correlation between ON and SSO is 0.55, 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.	0.55
Correlation (3Y) Balances recent behavior with more history.	0.58
Correlation (5Y) Shows whether the relationship held over a longer period.	0.64
Correlation (10Y) Provides a long-term view across more market conditions.	0.63
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006	0.61

The correlation between ON and SSO has been stable across timeframes, ranging from 0.55 to 0.64 - a consistent structural relationship.

Return for Risk

ON vs. SSO — Risk / Return Rank

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

ON

ON Risk / Return Rank: 73
ON Sharpe Ratio Rank: 75
ON Sortino Ratio Rank: 71
ON Omega Ratio Rank: 72
ON Calmar Ratio Rank: 72
ON Martin Ratio Rank: 77

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.

ON vs. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ON Semiconductor Corporation (ON) 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.

	ON	SSO	Difference
Sharpe ratio: Return per unit of total volatility	1.03	1.69	-0.66
Sortino ratio: Return per unit of downside risk	1.63	2.24	-0.62
Omega ratio: Gain probability vs. loss probability	1.22	1.29	-0.07
Calmar ratio: Return relative to maximum drawdown	1.48	2.38	-0.89
Martin ratio: Return relative to average drawdown	4.60	9.50	-4.90

ON vs. SSO - Sharpe Ratio Comparison

The current ON Sharpe Ratio is 1.03, which is lower than the SSO Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of ON 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

ON vs. SSO - Drawdown Comparison

The maximum ON drawdown since its inception was -96.34%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for ON and SSO.

Drawdown Indicators

	ON	SSO	Difference
Max Drawdown Largest peak-to-trough decline	-96.34%	-84.67%	-11.67%
Max Drawdown (1Y) Largest decline over 1 year	-42.57%	-18.17%	-24.40%
Max Drawdown (3Y) Largest decline over 3 years	-69.16%	-35.21%	-33.95%
Max Drawdown (5Y) Largest decline over 5 years	-70.44%	-46.73%	-23.71%
Max Drawdown (10Y) Largest decline over 10 years	-70.44%	-59.34%	-11.10%
Current Drawdown Current decline from peak	-42.57%	-0.38%	-42.19%
Average Drawdown Average peak-to-trough decline	-53.78%	-19.43%	-34.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.69%	4.53%	+9.16%

Volatility

ON vs. SSO - Volatility Comparison

ON Semiconductor Corporation (ON) has a higher volatility of 17.43% compared to ProShares Ultra S&P500 (SSO) at 8.13%. This indicates that ON'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

	ON	SSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.43%	8.13%	+9.30%
Volatility (6M) Calculated over the trailing 6-month period	54.05%	20.49%	+33.56%
Volatility (1Y) Calculated over the trailing 1-year period	61.45%	25.60%	+35.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.25%	33.94%	+21.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.12%	35.94%	+16.18%

Dividends

ON vs. SSO - Dividend Comparison

ON has not paid dividends to shareholders, while SSO's dividend yield for the trailing twelve months is around 0.64%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ON ON Semiconductor Corporation	0.00%	0.00%	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	0.64%	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 ON and SSO in my portfolio?

ON and SSO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ON or SSO?

ON has higher volatility (17.43%) compared to SSO (8.13%). In terms of maximum drawdown, ON dropped -96.34% vs SSO's -84.67%.

Which has better risk-adjusted returns?

SSO currently has the higher Sharpe Ratio (1.69 vs 1.03), 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.