SPXL vs. SSO
Compare and contrast key facts about Direxion Daily S&P 500 Bull 3X Shares (SPXL) and ProShares Ultra S&P500 (SSO).
SPXL and SSO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPXL is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (300%). It was launched on Nov 5, 2008. SSO is a passively managed fund by ProShares that tracks the performance of the S&P 500. It was launched on Jun 19, 2006. Both SPXL and SSO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SPXL vs. SSO - Performance Comparison
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SPXL vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X Shares | -15.99% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
SSO ProShares Ultra S&P500 | -10.23% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Returns By Period
In the year-to-date period, SPXL achieves a -15.99% return, which is significantly lower than SSO's -10.23% return. Over the past 10 years, SPXL has outperformed SSO with an annualized return of 25.32%, while SSO has yielded a comparatively lower 21.06% annualized return.
SPXL
- 1D
- 8.63%
- 1M
- -15.66%
- YTD
- -15.99%
- 6M
- -12.47%
- 1Y
- 32.76%
- 3Y*
- 37.47%
- 5Y*
- 16.98%
- 10Y*
- 25.32%
SSO
- 1D
- 5.75%
- 1M
- -10.37%
- YTD
- -10.23%
- 6M
- -7.08%
- 1Y
- 26.35%
- 3Y*
- 28.27%
- 5Y*
- 15.34%
- 10Y*
- 21.06%
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SPXL vs. SSO - Expense Ratio Comparison
SPXL has a 1.02% expense ratio, which is higher than SSO's 0.87% expense ratio.
Return for Risk
SPXL vs. SSO — Risk / Return Rank
SPXL
SSO
SPXL vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 3X Shares (SPXL) 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.
| SPXL | SSO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.61 | 0.73 | -0.12 |
Sortino ratioReturn per unit of downside risk | 1.18 | 1.23 | -0.05 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.19 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.05 | 1.20 | -0.15 |
Martin ratioReturn relative to average drawdown | 4.21 | 5.18 | -0.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPXL | SSO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.61 | 0.73 | -0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.34 | 0.46 | -0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | 0.59 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.38 | +0.10 |
Correlation
The correlation between SPXL and SSO is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SPXL vs. SSO - Dividend Comparison
SPXL's dividend yield for the trailing twelve months is around 0.80%, less than SSO's 0.82% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X Shares | 0.80% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% | 0.00% | 0.00% |
SSO ProShares Ultra S&P500 | 0.82% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
Drawdowns
SPXL vs. SSO - Drawdown Comparison
The maximum SPXL drawdown since its inception was -76.86%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for SPXL and SSO.
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Drawdown Indicators
| SPXL | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.86% | -84.67% | +7.81% |
Max Drawdown (1Y)Largest decline over 1 year | -33.42% | -23.17% | -10.25% |
Max Drawdown (5Y)Largest decline over 5 years | -63.80% | -46.73% | -17.07% |
Max Drawdown (10Y)Largest decline over 10 years | -76.86% | -59.34% | -17.52% |
Current DrawdownCurrent decline from peak | -20.45% | -13.46% | -6.99% |
Average DrawdownAverage peak-to-trough decline | -15.85% | -19.72% | +3.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.34% | 5.38% | +2.96% |
Volatility
SPXL vs. SSO - Volatility Comparison
Direxion Daily S&P 500 Bull 3X Shares (SPXL) has a higher volatility of 15.89% compared to ProShares Ultra S&P500 (SSO) at 10.60%. This indicates that SPXL'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
| SPXL | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.89% | 10.60% | +5.29% |
Volatility (6M)Calculated over the trailing 6-month period | 28.45% | 18.95% | +9.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.30% | 36.45% | +17.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.27% | 33.66% | +16.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.37% | 35.86% | +17.51% |