SPDN vs. SSO
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SPDN returned -12.18%/yr vs 23.19%/yr for SSO. Their -0.99 correlation means they have often moved in opposite directions in the past. SPDN charges 0.50%/yr vs 0.87%/yr for SSO.
Performance
SPDN vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -6.42% return, which is significantly lower than SSO's 16.14% return. Over the past 10 years, SPDN has underperformed SSO with an annualized return of -12.18%, while SSO has yielded a comparatively higher 23.19% annualized return.
SPDN
- 1D
- -0.80%
- 1M
- 0.00%
- 6M
- -5.52%
- YTD
- -6.42%
- 1Y
- -12.79%
- 3Y*
- -10.75%
- 5Y*
- -7.84%
- 10Y*
- -12.18%
- ALL TIME*
- -12.21%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $433.42M | $387.95M | $422.31M | |
| $177.82M | $191.16M | $223.05M |
SPDN vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.42% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
SSO ProShares Ultra S&P500 | 16.14% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between SPDN and SSO is -0.99, 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. | -0.99 |
Correlation (3Y) Balances recent behavior with more history. | -0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.99 |
The correlation between SPDN and SSO has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
SPDN vs. SSO — Risk / Return Rank
SPDN
SSO
SPDN vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 1x Shares (SPDN) 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.
| SPDN | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.16 | ||
| Sortino ratioReturn per unit of downside risk | -3.01 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.23 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 1.81 | -2.53 |
| Martin ratioReturn relative to average drawdown | -1.27 | 7.25 | -8.53 |
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Drawdowns
SPDN vs. SSO - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for SPDN and SSO.
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Drawdown Indicators
| SPDN | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -84.67% | +9.36% |
Max Drawdown (1Y)Largest decline over 1 year | -15.93% | -18.17% | +2.24% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -35.21% | -3.03% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -46.73% | +2.88% |
Max Drawdown (10Y)Largest decline over 10 years | -73.97% | -59.34% | -14.63% |
Current DrawdownCurrent decline from peak | -74.80% | -4.07% | -70.73% |
Average DrawdownAverage peak-to-trough decline | -48.93% | -19.45% | -29.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.90% | 4.54% | +4.36% |
Volatility
SPDN vs. SSO - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 3.55%, while ProShares Ultra S&P500 (SSO) has a volatility of 7.07%. This indicates that SPDN 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.
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Volatility by Period
| SPDN | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.55% | 7.07% | -3.52% |
Volatility (6M)Calculated over the trailing 6-month period | 10.15% | 20.14% | -9.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.98% | 25.63% | -12.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 33.88% | -16.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 35.91% | -17.88% |
SPDN vs. SSO - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than SSO's 0.87% expense ratio.
Dividends
SPDN vs. SSO - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 3.32%, more than SSO's 0.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.32% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% | 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
SPDN and SSO have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSO has higher volatility (7.07%) compared to SPDN (3.55%). In terms of maximum drawdown, SPDN dropped -75.31% vs SSO's -84.67%.
On 10-year performance, SSO leads with 23.19% vs -12.18% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.55%. 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 23.19% return vs -12.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.87% for SSO.
SPDN has the higher dividend yield at 3.32%, compared with 0.67% for SSO.
SPDN is categorized as Inverse Equities, while SSO is Leveraged Equities. SPDN tracks S&P 500 Index, while SSO tracks S&P 500. They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.50% for SPDN and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.29 vs -0.88), 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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