SNAG vs. SSO

Last updated Aug 1, 2026

SNAG (Leverage Shares 2X Long SNAP Daily ETF) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds - SNAG tracks the Snap Inc. (SNAP) while SSO tracks the S&P 500. Both are passively managed. Their 0.49 correlation means their historical movements had little consistent relationship. SNAG charges 0.75%/yr vs 0.87%/yr for SSO.

Performance

SNAG vs. SSO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long SNAP Daily ETF (SNAG) and ProShares Ultra S&P500 (SSO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SNAG achieves a -74.30% return, which is significantly lower than SSO's 16.14% return.

SNAG

• 1D: 0.77%
• 1M: -6.80%
• 6M: -64.14%
• YTD: -74.30%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

SSO

• 1D: 1.35%
• 1M: -0.01%
• 6M: 13.46%
• YTD: 16.14%
• 1Y: 37.35%
• 3Y*: 30.77%
• 5Y*: 17.16%
• 10Y*: 23.19%
• ALL TIME*: 15.64%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SNAG Leverage Shares 2X Long SNAP Daily ETF	$221.93K	$169.86K	$336.10K
SSO ProShares Ultra S&P500	$177.82M	$191.16M	$223.05M

SNAG vs. SSO - Yearly Performance Comparison

	2026 (YTD)	2025
SNAG Leverage Shares 2X Long SNAP Daily ETF	-74.30%	9.86%
SSO ProShares Ultra S&P500	16.14%	3.52%

Correlation

The correlation between SNAG and SSO is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025	0.49

Return for Risk

SNAG vs. SSO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SNAG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SSO

SSO Risk / Return Rank: 54
SSO Sharpe Ratio Rank: 54
SSO Sortino Ratio Rank: 51
SSO Omega Ratio Rank: 51
SSO Calmar Ratio Rank: 51
SSO Martin Ratio Rank: 61

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SNAG vs. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long SNAP Daily ETF (SNAG) 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.

	SNAG	SSO	Difference
Sharpe ratio: Return per unit of total volatility	—	1.29	—
Sortino ratio: Return per unit of downside risk	—	1.79	—
Omega ratio: Gain probability vs. loss probability	—	1.23	—
Calmar ratio: Return relative to maximum drawdown	—	1.81	—
Martin ratio: Return relative to average drawdown	—	7.25	—

Drawdowns

SNAG vs. SSO - Drawdown Comparison

The maximum SNAG drawdown since its inception was -81.94%, roughly equal to the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for SNAG and SSO.

Drawdown Indicators

	SNAG	SSO	Difference
Max Drawdown Largest peak-to-trough decline	-81.94%	-84.67%	+2.73%
Max Drawdown (1Y) Largest decline over 1 year	—	-18.17%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-35.21%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.73%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-59.34%	—
Current Drawdown Current decline from peak	-78.21%	-4.07%	-74.14%
Average Drawdown Average peak-to-trough decline	-59.79%	-19.45%	-40.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.54%	—

Volatility

Volatility by Period

	SNAG	SSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.07%	—
Volatility (6M) Calculated over the trailing 6-month period	—	20.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	116.18%	25.63%	+90.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	116.18%	33.88%	+82.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	116.18%	35.91%	+80.27%

SNAG vs. SSO - Expense Ratio Comparison

SNAG has a 0.75% expense ratio, which is lower than SSO's 0.87% expense ratio.

Dividends

SNAG vs. SSO - Dividend Comparison

SNAG has not paid dividends to shareholders, while SSO's dividend yield for the trailing twelve months is around 0.67%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SNAG Leverage Shares 2X Long SNAP Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SSO ProShares Ultra S&P500	0.67%	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

Can I hold both SNAG and SSO in my portfolio?

SNAG and SSO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SNAG or SSO?

On fees, SNAG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SNAG or SSO?

SNAG is cheaper with a 0.75% expense ratio, compared with 0.87% for SSO.

Which ETF pays a higher dividend yield, SNAG or SSO?

SSO has the higher dividend yield at 0.67%, compared with 0.00% for SNAG.

What is the main difference between SNAG and SSO?

SNAG tracks Snap Inc. (SNAP), while SSO tracks S&P 500. They also come from different issuers: Leverage Shares and ProShares. Their fees differ too: 0.75% for SNAG and 0.87% for SSO.