QB vs. SSO

Last updated Aug 5, 2026

QB (ProShares Nasdaq-100 Dynamic Daily Buffer ETF) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - QB is a Defined Outcome fund tracking the Nasdaq-100, while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past year, QB returned 22.04% vs 42.09% for SSO. Their 0.79 correlation means they have sometimes moved together and sometimes differently. QB charges 0.58%/yr vs 0.87%/yr for SSO.

Performance

QB vs. SSO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB) 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, QB achieves a 15.61% return, which is significantly lower than SSO's 23.77% return.

QB

• 1D: 0.85%
• 1M: 4.09%
• 6M: 15.00%
• YTD: 15.61%
• 1Y: 22.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.28%

SSO

• 1D: 3.55%
• 1M: 6.55%
• 6M: 21.77%
• YTD: 23.77%
• 1Y: 42.09%
• 3Y*: 35.52%
• 5Y*: 18.31%
• 10Y*: 23.69%
• ALL TIME*: 16.00%

*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)
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	$54.67K	$35.27K	$152.35K
SSO ProShares Ultra S&P500	$209.12M	$200.07M	$224.05M

QB vs. SSO - Yearly Performance Comparison

	2026 (YTD)	2025
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	15.61%	6.10%
SSO ProShares Ultra S&P500	23.77%	23.11%

Correlation

The correlation between QB and SSO is 0.79, 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.	0.79
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.79

The correlation between QB and SSO has been stable across timeframes, ranging from 0.79 to 0.79 - a consistent structural relationship.

QB vs. SSO - Sectors Allocation Comparison

Sectors	QB	SSO
Technology	49.9%	26.3%
Communication Services	16.4%	6.4%
Consumer Cyclical	12.5%	6.1%
Consumer Defensive	8.6%	3.2%
Healthcare	5.3%	6.3%
Industrials	3.7%	5.4%
Utilities	1.6%	1.9%
Basic Materials	1.3%	1.3%
Energy	0.6%	2.3%
Financial Services	0.2%	25.4%
Real Estate	0.1%	1.3%

Return for Risk

QB vs. SSO — Risk / Return Rank

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

QB

QB Risk / Return Rank: 96
QB Sharpe Ratio Rank: 95
QB Sortino Ratio Rank: 96
QB Omega Ratio Rank: 97
QB Calmar Ratio Rank: 96
QB Martin Ratio Rank: 97

SSO

SSO Risk / Return Rank: 61
SSO Sharpe Ratio Rank: 63
SSO Sortino Ratio Rank: 57
SSO Omega Ratio Rank: 58
SSO Calmar Ratio Rank: 59
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.

QB vs. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB) 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.

	QB	SSO	Difference
Sharpe ratio: Return per unit of total volatility	3.05	1.65	+1.40
Sortino ratio: Return per unit of downside risk	4.54	2.21	+2.33
Omega ratio: Gain probability vs. loss probability	1.73	1.29	+0.44
Calmar ratio: Return relative to maximum drawdown	6.37	2.33	+4.04
Martin ratio: Return relative to average drawdown	30.57	9.31	+21.26

QB vs. SSO - Sharpe Ratio Comparison

The current QB Sharpe Ratio is 3.05, which is higher than the SSO Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of QB 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

QB vs. SSO - Drawdown Comparison

The maximum QB drawdown since its inception was -3.47%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for QB and SSO.

Drawdown Indicators

	QB	SSO	Difference
Max Drawdown Largest peak-to-trough decline	-3.47%	-84.67%	+81.20%
Max Drawdown (1Y) Largest decline over 1 year	-3.47%	-18.17%	+14.70%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.41%	-19.44%	+19.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	4.53%	-3.81%

Volatility

QB vs. SSO - Volatility Comparison

The current volatility for ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB) is 2.40%, while ProShares Ultra S&P500 (SSO) has a volatility of 8.20%. This indicates that QB experiences smaller price fluctuations and is considered to be less risky than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QB	SSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	8.20%	-5.80%
Volatility (6M) Calculated over the trailing 6-month period	6.11%	20.57%	-14.46%
Volatility (1Y) Calculated over the trailing 1-year period	7.29%	25.75%	-18.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.05%	33.95%	-26.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.05%	35.94%	-28.89%

QB vs. SSO - Expense Ratio Comparison

QB has a 0.58% expense ratio, which is lower than SSO's 0.87% expense ratio.

Dividends

QB vs. SSO - Dividend Comparison

QB's dividend yield for the trailing twelve months is around 0.75%, more than SSO's 0.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	0.75%	0.48%	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	0.63%	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 QB and SSO in my portfolio?

QB and SSO have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QB or SSO?

SSO has higher volatility (8.20%) compared to QB (2.40%). In terms of maximum drawdown, QB dropped -3.47% vs SSO's -84.67%.

Which ETF is better, QB or SSO?

On 1-year performance, SSO leads with 42.09% vs 22.04% for QB. On fees, QB is cheaper at 0.58% per year. On volatility, QB has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QB or SSO?

Over the 1-year period, SSO has performed better with a 42.09% return vs 22.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QB or SSO?

QB is cheaper with a 0.58% expense ratio, compared with 0.87% for SSO.

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

QB has the higher dividend yield at 0.75%, compared with 0.63% for SSO.

What is the main difference between QB and SSO?

QB is categorized as Defined Outcome, while SSO is Leveraged Equities. QB tracks Nasdaq-100, while SSO tracks S&P 500. Their fees differ too: 0.58% for QB and 0.87% for SSO.

Which has better risk-adjusted returns?

QB currently has the higher Sharpe Ratio (3.05 vs 1.65), 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.