ON vs. SSO
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 30.01%/yr vs 24.21%/yr for SSO. A 0.61 correlation means they provide meaningful diversification when combined.
Performance
ON vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, ON achieves a 147.33% return, which is significantly higher than SSO's 19.37% return. Over the past 10 years, ON has outperformed SSO with an annualized return of 30.01%, while SSO has yielded a comparatively lower 24.21% annualized return.
ON
- 1D
- 4.11%
- 1M
- 31.25%
- YTD
- 147.33%
- 6M
- 134.35%
- 1Y
- 182.73%
- 3Y*
- 15.54%
- 5Y*
- 28.51%
- 10Y*
- 30.01%
SSO
- 1D
- -1.40%
- 1M
- 9.75%
- YTD
- 19.37%
- 6M
- 18.81%
- 1Y
- 52.69%
- 3Y*
- 37.56%
- 5Y*
- 19.62%
- 10Y*
- 24.21%
ON vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ON ON Semiconductor Corporation | 147.33% | -14.12% | -24.52% | 33.93% | -8.17% | 107.52% | 34.25% | 47.67% | -21.16% | 64.11% |
SSO ProShares Ultra S&P500 | 19.37% | 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 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006 | 0.61 |
The correlation between ON and SSO shifts across timeframes, from 0.48 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ON vs. SSO — Risk / Return Rank
ON
SSO
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.
| ON | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.38 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 6.54 | 2.91 | +3.63 |
| Martin ratioReturn relative to average drawdown | 13.24 | 12.80 | +0.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ON | SSO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.49 | 2.25 | +1.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.54 | 0.59 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | 0.68 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.11 | 0.42 | -0.30 |
Drawdowns
ON vs. SSO - Drawdown Comparison
The maximum ON drawdown since its inception was -96.22%, 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.
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Drawdown Indicators
| ON | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.22% | -84.67% | -11.55% |
Max Drawdown (1Y)Largest decline over 1 year | -28.10% | -18.17% | -9.93% |
Max Drawdown (3Y)Largest decline over 3 years | -70.44% | -35.21% | -35.23% |
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 DrawdownCurrent decline from peak | 0.00% | -1.40% | +1.40% |
Average DrawdownAverage peak-to-trough decline | -53.23% | -19.57% | -33.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.86% | 4.13% | +9.73% |
Volatility
ON vs. SSO - Volatility Comparison
ON Semiconductor Corporation (ON) has a higher volatility of 19.99% compared to ProShares Ultra S&P500 (SSO) at 5.66%. 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.
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Volatility by Period
| ON | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.99% | 5.66% | +14.33% |
Volatility (6M)Calculated over the trailing 6-month period | 38.66% | 17.78% | +20.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.87% | 23.60% | +30.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.95% | 33.65% | +19.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.92% | 35.89% | +15.03% |
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 0.62%.
| 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 | 0.62% | 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
ON and SSO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ON has higher volatility (19.99%) compared to SSO (5.66%). In terms of maximum drawdown, ON dropped -96.22% vs SSO's -84.67%.
ON currently has the higher Sharpe Ratio (3.49 vs 2.25), 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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