SDP vs. SSO
SDP (ProShares UltraShort Utilities) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds from ProShares - SDP tracks the Dow Jones U.S. Utilities Index (-200%) while SSO tracks the S&P 500. Both are passively managed. Over the past 10 years, SDP returned -20.74%/yr vs 23.36%/yr for SSO. At a correlation of -0.47, they often move in opposite directions. SDP charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
SDP vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, SDP achieves a -14.36% return, which is significantly lower than SSO's 18.15% return. Over the past 10 years, SDP has underperformed SSO with an annualized return of -20.74%, while SSO has yielded a comparatively higher 23.36% annualized return.
SDP
- 1D
- -0.10%
- 1M
- -6.21%
- 6M
- -13.88%
- YTD
- -14.36%
- 1Y
- -19.40%
- 3Y*
- -20.47%
- 5Y*
- -17.50%
- 10Y*
- -20.74%
SSO
- 1D
- 0.71%
- 1M
- 2.67%
- 6M
- 14.40%
- YTD
- 18.15%
- 1Y
- 37.86%
- 3Y*
- 32.78%
- 5Y*
- 17.93%
- 10Y*
- 23.36%
SDP vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -14.36% | -22.59% | -30.11% | 18.95% | -12.54% | -33.14% | -36.27% | -35.57% | -9.31% | -22.03% |
SSO ProShares Ultra S&P500 | 18.15% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between SDP and SSO is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.36 |
Correlation (All Time) Calculated using the full available price history since Mar 14, 2007 | -0.47 |
Over the past year, the inverse relationship between SDP and SSO has weakened: their correlation has moved from -0.47 to -0.12, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SDP vs. SSO — Risk / Return Rank
SDP
SSO
SDP vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Utilities (SDP) 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.
| SDP | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.17 | ||
| Sortino ratioReturn per unit of downside risk | -2.88 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.27 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 2.09 | -2.85 |
| Martin ratioReturn relative to average drawdown | -1.28 | 8.62 | -9.90 |
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Drawdowns
SDP vs. SSO - Drawdown Comparison
The maximum SDP drawdown since its inception was -99.56%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for SDP and SSO.
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Drawdown Indicators
| SDP | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.56% | -84.67% | -14.89% |
Max Drawdown (1Y)Largest decline over 1 year | -25.59% | -18.17% | -7.42% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -35.21% | -30.96% |
Max Drawdown (5Y)Largest decline over 5 years | -66.17% | -46.73% | -19.44% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | -59.34% | -33.09% |
Current DrawdownCurrent decline from peak | -99.53% | -2.41% | -97.12% |
Average DrawdownAverage peak-to-trough decline | -82.20% | -19.48% | -62.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.20% | 4.41% | +10.79% |
Volatility
SDP vs. SSO - Volatility Comparison
ProShares UltraShort Utilities (SDP) has a higher volatility of 8.89% compared to ProShares Ultra S&P500 (SSO) at 7.60%. This indicates that SDP'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
| SDP | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.89% | 7.60% | +1.29% |
Volatility (6M)Calculated over the trailing 6-month period | 23.58% | 19.88% | +3.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.92% | 25.01% | +4.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.44% | 33.87% | +0.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.59% | 35.88% | +1.71% |
SDP vs. SSO - Expense Ratio Comparison
SDP has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
SDP vs. SSO - Dividend Comparison
SDP's dividend yield for the trailing twelve months is around 4.34%, more than SSO's 0.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | 4.34% | 3.99% | 4.66% | 3.04% | 0.56% | 0.00% | 0.13% | 0.87% | 0.05% | 0.00% | 0.00% | 0.00% |
SSO ProShares Ultra S&P500 | 0.66% | 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
SDP and SSO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDP has higher volatility (8.89%) compared to SSO (7.60%). In terms of maximum drawdown, SDP dropped -99.56% vs SSO's -84.67%.
On 10-year performance, SSO leads with 23.36% vs -20.74% for SDP. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 7.60%. 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 23.36% return vs -20.74%. 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 SDP.
SDP has the higher dividend yield at 4.34%, compared with 0.66% for SSO.
SDP tracks Dow Jones U.S. Utilities Index (-200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for SDP and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.52 vs -0.65), 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.
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