RMQAX vs. SSO

Last updated Aug 1, 2026

RMQAX (Rydex Monthly Rebalance NASDAQ-100 2x Strategy Fund) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds. Over the past 10 years, RMQAX returned 33.71%/yr vs 23.19%/yr for SSO. Their correlation of 0.91 means they have usually moved in the same direction. RMQAX charges 1.32%/yr vs 0.87%/yr for SSO.

Performance

RMQAX vs. SSO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rydex Monthly Rebalance NASDAQ-100 2x Strategy Fund (RMQAX) and ProShares Ultra S&P500 (SSO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with RMQAX having a 16.20% return and SSO slightly lower at 16.14%. Over the past 10 years, RMQAX has outperformed SSO with an annualized return of 33.71%, while SSO has yielded a comparatively lower 23.19% annualized return.

RMQAX

• 1D: 7.48%
• 1M: -8.91%
• 6M: 13.97%
• YTD: 16.20%
• 1Y: 39.46%
• 3Y*: 35.28%
• 5Y*: 17.97%
• 10Y*: 33.71%
• ALL TIME*: 31.32%

SSO

• 1D: 1.35%
• 1M: -0.01%
• 6M: 13.46%
• YTD: 16.14%
• 1Y: 37.35%
• 3Y*: 30.77%
• 5Y*: 17.16%
• 10Y*: 23.19%
• ALL TIME*: 15.64%

*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)
RMQAX Rydex Monthly Rebalance NASDAQ-100 2x Strategy Fund	$0.00	$0.00	$0.00
SSO ProShares Ultra S&P500	$177.82M	$191.16M	$223.05M

RMQAX vs. SSO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RMQAX Rydex Monthly Rebalance NASDAQ-100 2x Strategy Fund	16.20%	33.92%	44.76%	115.91%	-59.93%	56.36%	101.06%	80.80%	-7.28%	69.80%
SSO ProShares Ultra S&P500	16.14%	26.19%	43.48%	46.65%	-38.98%	60.57%	21.54%	63.45%	-14.60%	44.35%

Correlation

The correlation between RMQAX and SSO is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.91

The correlation between RMQAX and SSO has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

RMQAX vs. SSO — Risk / Return Rank

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

RMQAX

RMQAX Risk / Return Rank: 28
RMQAX Sharpe Ratio Rank: 25
RMQAX Sortino Ratio Rank: 27
RMQAX Omega Ratio Rank: 27
RMQAX Calmar Ratio Rank: 30
RMQAX Martin Ratio Rank: 29

SSO

SSO Risk / Return Rank: 54
SSO Sharpe Ratio Rank: 54
SSO Sortino Ratio Rank: 51
SSO Omega Ratio Rank: 51
SSO Calmar Ratio Rank: 51
SSO Martin Ratio Rank: 61

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.

RMQAX vs. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rydex Monthly Rebalance NASDAQ-100 2x Strategy Fund (RMQAX) 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.

	RMQAX	SSO	Difference
Sharpe ratio: Return per unit of total volatility	0.83	1.29	-0.45
Sortino ratio: Return per unit of downside risk	1.32	1.79	-0.46
Omega ratio: Gain probability vs. loss probability	1.16	1.23	-0.07
Calmar ratio: Return relative to maximum drawdown	1.31	1.81	-0.50
Martin ratio: Return relative to average drawdown	4.05	7.25	-3.20

RMQAX vs. SSO - Sharpe Ratio Comparison

The current RMQAX Sharpe Ratio is 0.83, which is lower than the SSO Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of RMQAX 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

RMQAX vs. SSO - Drawdown Comparison

The maximum RMQAX drawdown since its inception was -63.18%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for RMQAX and SSO.

Drawdown Indicators

	RMQAX	SSO	Difference
Max Drawdown Largest peak-to-trough decline	-63.18%	-84.67%	+21.49%
Max Drawdown (1Y) Largest decline over 1 year	-24.96%	-18.17%	-6.79%
Max Drawdown (3Y) Largest decline over 3 years	-42.45%	-35.21%	-7.24%
Max Drawdown (5Y) Largest decline over 5 years	-63.18%	-46.73%	-16.45%
Max Drawdown (10Y) Largest decline over 10 years	-63.18%	-59.34%	-3.84%
Current Drawdown Current decline from peak	-17.08%	-4.07%	-13.01%
Average Drawdown Average peak-to-trough decline	-12.85%	-19.45%	+6.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.04%	4.54%	+3.50%

Volatility

RMQAX vs. SSO - Volatility Comparison

Rydex Monthly Rebalance NASDAQ-100 2x Strategy Fund (RMQAX) has a higher volatility of 14.58% compared to ProShares Ultra S&P500 (SSO) at 7.07%. This indicates that RMQAX'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

	RMQAX	SSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.58%	7.07%	+7.51%
Volatility (6M) Calculated over the trailing 6-month period	32.55%	20.14%	+12.41%
Volatility (1Y) Calculated over the trailing 1-year period	39.23%	25.63%	+13.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.24%	33.88%	+13.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.82%	35.91%	+10.91%

RMQAX vs. SSO - Expense Ratio Comparison

RMQAX has a 1.32% expense ratio, which is higher than SSO's 0.87% expense ratio.

Dividends

RMQAX vs. SSO - Dividend Comparison

RMQAX's dividend yield for the trailing twelve months is around 31.21%, more than SSO's 0.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RMQAX Rydex Monthly Rebalance NASDAQ-100 2x Strategy Fund	31.21%	36.27%	26.02%	3.76%	0.00%	2.18%	5.30%	0.10%	0.00%	0.00%	0.00%	0.00%
SSO ProShares Ultra S&P500	0.67%	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 RMQAX and SSO in my portfolio?

With a correlation of 0.93, RMQAX 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 is riskier, RMQAX or SSO?

RMQAX has higher volatility (14.58%) compared to SSO (7.07%). In terms of maximum drawdown, RMQAX dropped -63.18% vs SSO's -84.67%.

Which has better risk-adjusted returns?

SSO currently has the higher Sharpe Ratio (1.29 vs 0.83), 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.