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 -20.69%/yr vs 24.21%/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 -5.56% return, which is significantly lower than SSO's 19.37% return. Over the past 10 years, SDP has underperformed SSO with an annualized return of -20.69%, while SSO has yielded a comparatively higher 24.21% annualized return.
SDP
- 1D
- 0.71%
- 1M
- 11.99%
- YTD
- -5.56%
- 6M
- -1.63%
- 1Y
- -12.04%
- 3Y*
- -19.38%
- 5Y*
- -16.33%
- 10Y*
- -20.69%
SSO
- 1D
- -1.40%
- 1M
- 9.75%
- YTD
- 19.37%
- 6M
- 18.81%
- 1Y
- 52.69%
- 3Y*
- 37.56%
- 5Y*
- 19.62%
- 10Y*
- 24.21%
SDP vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -5.56% | -22.59% | -30.11% | 18.95% | -12.54% | -33.14% | -36.27% | -35.57% | -9.31% | -22.03% |
SSO ProShares Ultra S&P500 | 19.37% | 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 -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.36 |
Correlation (All Time) Calculated using the full available price history since Mar 15, 2007 | -0.47 |
Over the past year, the inverse relationship between SDP and SSO has weakened: their correlation has moved from -0.47 to -0.21, 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.
| SDP | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.66 | ||
| Sortino ratioReturn per unit of downside risk | -3.29 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.38 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | 2.91 | -3.33 |
| Martin ratioReturn relative to average drawdown | -0.69 | 12.80 | -13.49 |
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
| SDP | SSO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.41 | 2.25 | -2.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | 0.59 | -1.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.55 | 0.68 | -1.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.56 | 0.42 | -0.98 |
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 | -29.01% | -18.17% | -10.84% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -35.21% | -30.96% |
Max Drawdown (5Y)Largest decline over 5 years | -66.61% | -46.73% | -19.88% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | -59.34% | -33.09% |
Current DrawdownCurrent decline from peak | -99.49% | -1.40% | -98.09% |
Average DrawdownAverage peak-to-trough decline | -82.12% | -19.57% | -62.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.38% | 4.13% | +13.25% |
Volatility
SDP vs. SSO - Volatility Comparison
ProShares UltraShort Utilities (SDP) has a higher volatility of 10.86% compared to ProShares Ultra S&P500 (SSO) at 5.66%. 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 | 10.86% | 5.66% | +5.20% |
Volatility (6M)Calculated over the trailing 6-month period | 23.05% | 17.78% | +5.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.23% | 23.60% | +5.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.37% | 33.65% | +0.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.51% | 35.89% | +1.62% |
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 3.87%, more than SSO's 0.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | 3.87% | 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 | 0.62% | 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 -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDP has higher volatility (10.86%) compared to SSO (5.66%). In terms of maximum drawdown, SDP dropped -99.56% vs SSO's -84.67%.
On 10-year performance, SSO leads with 24.21% vs -20.69% for SDP. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 5.66%. 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 24.21% return vs -20.69%. 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 3.87%, compared with 0.62% 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 (2.25 vs -0.41), 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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