SIJ vs. SSO
SIJ (ProShares UltraShort Industrials) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds from ProShares - SIJ tracks the DJ Global United States (All) / Industrials -IND (-200%) while SSO tracks the S&P 500. Both are passively managed. Over the past 10 years, SIJ returned -28.55%/yr vs 24.22%/yr for SSO. At a correlation of -0.82, they often move in opposite directions. SIJ charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
SIJ vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, SIJ achieves a -27.64% return, which is significantly lower than SSO's 12.57% return. Over the past 10 years, SIJ has underperformed SSO with an annualized return of -28.55%, while SSO has yielded a comparatively higher 24.22% annualized return.
SIJ
- 1D
- -3.10%
- 1M
- -8.30%
- YTD
- -27.64%
- 6M
- -25.32%
- 1Y
- -35.52%
- 3Y*
- -30.38%
- 5Y*
- -20.12%
- 10Y*
- -28.55%
SSO
- 1D
- -0.34%
- 1M
- -3.63%
- YTD
- 12.57%
- 6M
- 9.73%
- 1Y
- 38.74%
- 3Y*
- 33.68%
- 5Y*
- 17.67%
- 10Y*
- 24.22%
SIJ vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SIJ ProShares UltraShort Industrials | -27.64% | -29.33% | -21.63% | -24.18% | 18.15% | -34.31% | -54.09% | -45.12% | 20.55% | -36.32% |
SSO ProShares Ultra S&P500 | 12.57% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between SIJ and SSO is -0.64, 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 | -0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | -0.82 |
The correlation between SIJ and SSO shifts across timeframes, from -0.82 (5 years) to -0.64 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SIJ vs. SSO — Risk / Return Rank
SIJ
SSO
SIJ vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Industrials (SIJ) 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.
| SIJ | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.64 | ||
| Sortino ratioReturn per unit of downside risk | -3.63 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.28 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 2.14 | -3.10 |
| Martin ratioReturn relative to average drawdown | -1.73 | 9.02 | -10.75 |
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Drawdowns
SIJ vs. SSO - Drawdown Comparison
The maximum SIJ 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 SIJ and SSO.
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Drawdown Indicators
| SIJ | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.93% | -84.67% | -15.26% |
Max Drawdown (1Y)Largest decline over 1 year | -37.24% | -18.17% | -19.07% |
Max Drawdown (3Y)Largest decline over 3 years | -71.47% | -35.21% | -36.26% |
Max Drawdown (5Y)Largest decline over 5 years | -77.76% | -46.73% | -31.03% |
Max Drawdown (10Y)Largest decline over 10 years | -96.73% | -59.34% | -37.39% |
Current DrawdownCurrent decline from peak | -99.93% | -7.02% | -92.91% |
Average DrawdownAverage peak-to-trough decline | -86.76% | -19.52% | -67.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.59% | 4.30% | +16.29% |
Volatility
SIJ vs. SSO - Volatility Comparison
ProShares UltraShort Industrials (SIJ) has a higher volatility of 12.50% compared to ProShares Ultra S&P500 (SSO) at 9.66%. This indicates that SIJ'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
| SIJ | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.50% | 9.66% | +2.84% |
Volatility (6M)Calculated over the trailing 6-month period | 28.23% | 19.58% | +8.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.41% | 24.86% | +8.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.16% | 33.84% | +2.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.74% | 35.92% | +3.82% |
SIJ vs. SSO - Expense Ratio Comparison
SIJ has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
SIJ vs. SSO - Dividend Comparison
SIJ's dividend yield for the trailing twelve months is around 6.25%, more than SSO's 0.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SIJ ProShares UltraShort Industrials | 6.25% | 5.38% | 5.99% | 4.90% | 0.00% | 0.00% | 0.00% | 1.49% | 0.39% | 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
SIJ and SSO have a correlation of -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SIJ has higher volatility (12.50%) compared to SSO (9.66%). In terms of maximum drawdown, SIJ dropped -99.93% vs SSO's -84.67%.
On 10-year performance, SSO leads with 24.22% vs -28.55% for SIJ. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 9.66%. 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 24.22% return vs -28.55%. 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 SIJ.
SIJ has the higher dividend yield at 6.25%, compared with 0.66% for SSO.
SIJ tracks DJ Global United States (All) / Industrials -IND (-200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for SIJ and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.57 vs -1.07), 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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