SJB vs. SSO
SJB (ProShares Short High Yield) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - SJB is a Inverse Bonds fund tracking the iBoxx $ Liquid High Yield Index (-100%), while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SJB returned -3.97%/yr vs 24.22%/yr for SSO. At a correlation of -0.69, they often move in opposite directions. SJB charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
SJB vs. SSO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SJB achieves a -0.44% return, which is significantly lower than SSO's 12.57% return. Over the past 10 years, SJB has underperformed SSO with an annualized return of -3.97%, while SSO has yielded a comparatively higher 24.22% annualized return.
SJB
- 1D
- -1.17%
- 1M
- -1.33%
- YTD
- -0.44%
- 6M
- -0.44%
- 1Y
- -0.99%
- 3Y*
- -2.61%
- 5Y*
- -0.59%
- 10Y*
- -3.97%
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%
SJB vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | -0.44% | -1.87% | -0.84% | -5.63% | 9.57% | -6.69% | -9.23% | -11.42% | 2.47% | -6.17% |
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 SJB and SSO is -0.72, 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 | -0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.73 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2011 | -0.69 |
The correlation between SJB and SSO has been stable across timeframes, ranging from -0.73 to -0.67 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SJB vs. SSO — Risk / Return Rank
SJB
SSO
SJB vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) 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.
| SJB | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.82 | ||
| Sortino ratioReturn per unit of downside risk | -2.40 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.28 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 2.14 | -2.44 |
| Martin ratioReturn relative to average drawdown | -0.76 | 9.02 | -9.78 |
Loading charts...
Drawdowns
SJB vs. SSO - Drawdown Comparison
The maximum SJB drawdown since its inception was -58.06%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for SJB and SSO.
Loading charts...
Drawdown Indicators
| SJB | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -84.67% | +26.61% |
Max Drawdown (1Y)Largest decline over 1 year | -3.32% | -18.17% | +14.85% |
Max Drawdown (3Y)Largest decline over 3 years | -10.54% | -35.21% | +24.67% |
Max Drawdown (5Y)Largest decline over 5 years | -13.30% | -46.73% | +33.43% |
Max Drawdown (10Y)Largest decline over 10 years | -34.57% | -59.34% | +24.77% |
Current DrawdownCurrent decline from peak | -57.90% | -7.02% | -50.88% |
Average DrawdownAverage peak-to-trough decline | -42.52% | -19.52% | -23.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.31% | 4.30% | -2.99% |
Volatility
SJB vs. SSO - Volatility Comparison
The current volatility for ProShares Short High Yield (SJB) is 1.58%, while ProShares Ultra S&P500 (SSO) has a volatility of 9.66%. This indicates that SJB experiences smaller price fluctuations and is considered to be less risky than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SJB | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 9.66% | -8.08% |
Volatility (6M)Calculated over the trailing 6-month period | 3.25% | 19.58% | -16.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.05% | 24.86% | -20.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.54% | 33.84% | -26.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.50% | 35.92% | -27.42% |
SJB vs. SSO - Expense Ratio Comparison
SJB has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
SJB vs. SSO - Dividend Comparison
SJB's dividend yield for the trailing twelve months is around 3.47%, more than SSO's 0.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 3.47% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% | 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
SJB and SSO have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSO has higher volatility (9.66%) compared to SJB (1.58%). In terms of maximum drawdown, SJB dropped -58.06% vs SSO's -84.67%.
On 10-year performance, SSO leads with 24.22% vs -3.97% for SJB. On fees, SSO is cheaper at 0.87% per year. On volatility, SJB has been the lower-risk option at 1.58%. 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 -3.97%. 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 SJB.
SJB has the higher dividend yield at 3.47%, compared with 0.66% for SSO.
SJB is categorized as Inverse Bonds, while SSO is Leveraged Equities. SJB tracks iBoxx $ Liquid High Yield Index (-100%), while SSO tracks S&P 500. Their fees differ too: 0.95% for SJB and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.57 vs -0.25), 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.
Find the right allocation for SJB and SSO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer