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 -20.62%/yr vs 23.26%/yr for SSO. Their -0.46 correlation means they have often moved in opposite directions in the past. 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 -9.06% return, which is significantly lower than SSO's 19.52% return. Over the past 10 years, SDP has underperformed SSO with an annualized return of -20.62%, while SSO has yielded a comparatively higher 23.26% annualized return.
SDP
- 1D
- 0.11%
- 1M
- 6.41%
- 6M
- -9.83%
- YTD
- -9.06%
- 1Y
- -8.08%
- 3Y*
- -21.20%
- 5Y*
- -15.97%
- 10Y*
- -20.62%
- ALL TIME*
- -21.26%
SSO
- 1D
- 2.91%
- 1M
- 2.90%
- 6M
- 15.55%
- YTD
- 19.52%
- 1Y
- 41.35%
- 3Y*
- 33.95%
- 5Y*
- 17.79%
- 10Y*
- 23.26%
- ALL TIME*
- 15.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $191.10K | $103.59K | $83.62K | |
| $185.74M | $192.80M | $223.12M |
SDP vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -9.06% | -22.59% | -30.11% | 18.95% | -12.54% | -33.14% | -36.27% | -35.57% | -9.31% | -22.03% |
SSO ProShares Ultra S&P500 | 19.52% | 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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.12 |
Correlation (3Y) Balances recent behavior with more history. | -0.25 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.36 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.35 |
Correlation (All Time) Calculated using the full available price history since Mar 14, 2007 | -0.46 |
Over the past year, the inverse relationship between SDP and SSO has weakened: their correlation has moved from -0.46 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 | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -2.37 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.28 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 2.29 | -2.61 |
| Martin ratioReturn relative to average drawdown | -0.52 | 9.14 | -9.67 |
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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 | -25.44% | -18.17% | -7.27% |
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 | -99.50% | -1.28% | -98.22% |
Average DrawdownAverage peak-to-trough decline | -82.25% | -19.44% | -62.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.48% | 4.53% | +10.95% |
Volatility
SDP vs. SSO - Volatility Comparison
ProShares UltraShort Utilities (SDP) has a higher volatility of 8.39% compared to ProShares Ultra S&P500 (SSO) at 7.63%. 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 | 8.39% | 7.63% | +0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 24.16% | 20.31% | +3.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.20% | 25.58% | +4.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.44% | 33.91% | +0.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.64% | 35.93% | +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 4.08%, more than SSO's 0.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | 4.08% | 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 (8.39%) compared to SSO (7.63%). In terms of maximum drawdown, SDP dropped -99.56% vs SSO's -84.67%.
On 10-year performance, SSO leads with 23.26% vs -20.62% for SDP. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 7.63%. 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 23.26% return vs -20.62%. 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 4.08%, 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 (1.63 vs -0.27), 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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