QQXL vs. SSO

Last updated Jun 5, 2026

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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ Top 30 (QQXL) 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, QQXL achieves a 41.81% return, which is significantly higher than SSO's 20.20% return.

QQXL

• 1D: -1.36%
• 1M: 16.51%
• YTD: 41.81%
• 6M: 39.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SSO

• 1D: 0.70%
• 1M: 8.84%
• YTD: 20.20%
• 6M: 19.43%
• 1Y: 53.91%
• 3Y*: 38.10%
• 5Y*: 19.79%
• 10Y*: 24.16%

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

QQXL vs. SSO - Yearly Performance Comparison

	2026 (YTD)	2025
QQXL ProShares Ultra QQQ Top 30	41.81%	8.66%
SSO ProShares Ultra S&P500	20.20%	10.66%

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 18, 2025	0.91

Return for Risk

QQXL 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: 67
SSO Sharpe Ratio Rank: 72
SSO Sortino Ratio Rank: 64
SSO Omega Ratio Rank: 65
SSO Calmar Ratio Rank: 61
SSO Martin Ratio Rank: 71

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.

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.

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

Sharpe Ratios by Period

	QQXL	SSO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.30	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.59	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.95	0.42	+1.54

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.

Drawdown Indicators

	QQXL	SSO	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-1.84%	-0.71%	-1.13%
Average Drawdown Average peak-to-trough decline	-6.74%	-19.57%	+12.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.13%	—

Volatility

Volatility by Period

	QQXL	SSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.56%	—
Volatility (6M) Calculated over the trailing 6-month period	—	17.78%	—
Volatility (1Y) Calculated over the trailing 1-year period	36.93%	23.59%	+13.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.93%	33.64%	+3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.93%	35.89%	+1.04%

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 0.45%, less than SSO's 0.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQXL ProShares Ultra QQQ Top 30	0.45%	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	0.61%	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 QQXL and SSO in my portfolio?

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.

Which ETF is better, QQXL 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, QQXL or SSO?

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

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

SSO has the higher dividend yield at 0.61%, compared with 0.45% for QQXL.

What is the main difference between QQXL and SSO?

Their fees differ too: 0.95% for QQXL and 0.87% for SSO.