SDD vs. SSO
SDD (ProShares UltraShort SmallCap600) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - SDD is a Inverse Equities fund tracking the S&P Small Cap 600 (-200%), while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SDD returned -26.75%/yr vs 23.47%/yr for SSO. At a correlation of -0.78, they often move in opposite directions. SDD charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
SDD vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, SDD achieves a -23.94% return, which is significantly lower than SSO's 13.96% return. Over the past 10 years, SDD has underperformed SSO with an annualized return of -26.75%, while SSO has yielded a comparatively higher 23.47% annualized return.
SDD
- 1D
- 3.63%
- 1M
- 2.05%
- YTD
- -23.94%
- 6M
- -22.77%
- 1Y
- -41.53%
- 3Y*
- -23.30%
- 5Y*
- -14.95%
- 10Y*
- -26.75%
SSO
- 1D
- -5.20%
- 1M
- 0.38%
- YTD
- 13.96%
- 6M
- 12.89%
- 1Y
- 47.43%
- 3Y*
- 35.45%
- 5Y*
- 18.52%
- 10Y*
- 23.47%
SDD vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | -23.94% | -14.69% | -13.60% | -25.99% | 20.50% | -46.57% | -55.11% | -36.30% | 14.10% | -25.45% |
SSO ProShares Ultra S&P500 | 13.96% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between SDD and SSO is -0.73, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.74 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2007 | -0.78 |
The correlation between SDD and SSO has been stable across timeframes, ranging from -0.79 to -0.73 - a consistent structural relationship.
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Return for Risk
SDD vs. SSO — Risk / Return Rank
SDD
SSO
SDD vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) 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.
| SDD | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.12 | ||
| Sortino ratioReturn per unit of downside risk | -4.21 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.34 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 2.62 | -3.58 |
| Martin ratioReturn relative to average drawdown | -1.56 | 11.48 | -13.04 |
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
| SDD | SSO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | 1.97 | -3.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.35 | 0.55 | -0.90 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | 0.66 | -1.25 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | 0.41 | -0.99 |
Drawdowns
SDD vs. SSO - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.93%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for SDD and SSO.
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Drawdown Indicators
| SDD | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.93% | -84.67% | -15.26% |
Max Drawdown (1Y)Largest decline over 1 year | -43.74% | -18.17% | -25.57% |
Max Drawdown (3Y)Largest decline over 3 years | -65.26% | -35.21% | -30.05% |
Max Drawdown (5Y)Largest decline over 5 years | -67.68% | -46.73% | -20.95% |
Max Drawdown (10Y)Largest decline over 10 years | -96.21% | -59.34% | -36.87% |
Current DrawdownCurrent decline from peak | -99.93% | -5.87% | -94.06% |
Average DrawdownAverage peak-to-trough decline | -86.92% | -19.56% | -67.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.68% | 4.14% | +22.54% |
Volatility
SDD vs. SSO - Volatility Comparison
ProShares UltraShort SmallCap600 (SDD) has a higher volatility of 9.35% compared to ProShares Ultra S&P500 (SSO) at 7.51%. This indicates that SDD'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
| SDD | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.35% | 7.51% | +1.84% |
Volatility (6M)Calculated over the trailing 6-month period | 24.32% | 18.60% | +5.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.17% | 24.19% | +11.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.23% | 33.71% | +9.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.16% | 35.92% | +9.24% |
SDD vs. SSO - Expense Ratio Comparison
SDD has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
SDD vs. SSO - Dividend Comparison
SDD's dividend yield for the trailing twelve months is around 6.11%, more than SSO's 0.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | 6.11% | 5.07% | 4.34% | 3.84% | 0.33% | 0.00% | 0.00% | 1.20% | 0.52% | 0.00% | 0.00% | 0.00% |
SSO ProShares Ultra S&P500 | 0.65% | 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
SDD and SSO have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDD has higher volatility (9.35%) compared to SSO (7.51%). In terms of maximum drawdown, SDD dropped -99.93% vs SSO's -84.67%.
On 10-year performance, SSO leads with 23.47% vs -26.75% for SDD. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 7.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SSO has performed better with a 23.47% return vs -26.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for SDD.
SDD has the higher dividend yield at 6.11%, compared with 0.65% for SSO.
SDD is categorized as Inverse Equities, while SSO is Leveraged Equities. SDD tracks S&P Small Cap 600 (-200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for SDD and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.97 vs -1.15), 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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