QQXL vs. SSO
QQXL (ProShares Ultra QQQ Top 30) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds from ProShares. QQXL is actively managed, while SSO is passively managed. Their correlation of 0.91 suggests significant overlap in exposure. QQXL charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
QQXL vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, QQXL achieves a 29.93% return, which is significantly higher than SSO's 12.77% return.
QQXL
- 1D
- 1.80%
- 1M
- -7.57%
- YTD
- 29.93%
- 6M
- 25.57%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SSO
- 1D
- -0.02%
- 1M
- -4.70%
- YTD
- 12.77%
- 6M
- 9.93%
- 1Y
- 38.84%
- 3Y*
- 34.12%
- 5Y*
- 17.71%
- 10Y*
- 24.71%
QQXL vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
QQXL ProShares Ultra QQQ Top 30 | 29.93% | 9.00% |
SSO ProShares Ultra S&P500 | 12.77% | 10.12% |
Correlation
The correlation between QQXL and SSO is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 15, 2025 | 0.91 |
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Return for Risk
QQXL vs. SSO — Risk / Return Rank
QQXL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SSO
QQXL vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ Top 30 (QQXL) 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.
| QQXL | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.28 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.15 | — |
| Martin ratioReturn relative to average drawdown | — | 9.00 | — |
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Drawdowns
QQXL vs. SSO - Drawdown Comparison
The maximum QQXL drawdown since its inception was -27.34%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for QQXL and SSO.
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Drawdown Indicators
| QQXL | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.34% | -84.67% | +57.33% |
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 DrawdownCurrent decline from peak | -10.07% | -6.85% | -3.22% |
Average DrawdownAverage peak-to-trough decline | -6.81% | -19.52% | +12.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 4.33% | — |
Volatility
QQXL vs. SSO - Volatility Comparison
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Volatility by Period
| QQXL | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 9.54% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 19.55% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 40.52% | 24.77% | +15.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.52% | 33.84% | +6.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.52% | 35.91% | +4.61% |
QQXL vs. SSO - Expense Ratio Comparison
QQXL has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
QQXL vs. SSO - Dividend Comparison
QQXL's dividend yield for the trailing twelve months is around 0.78%, more than SSO's 0.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQXL ProShares Ultra QQQ Top 30 | 0.78% | 0.08% | 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 | 0.69% | 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
With a correlation of 0.91, QQXL and SSO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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.
SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for QQXL.
QQXL has the higher dividend yield at 0.78%, compared with 0.69% for SSO.
Their fees differ too: 0.95% for QQXL and 0.87% for SSO.
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