SPXS vs. SSO
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SPXS returned -41.26%/yr vs 23.26%/yr for SSO. Their -1.00 correlation means they have often moved in opposite directions in the past. SPXS charges 1.08%/yr vs 0.87%/yr for SSO.
Performance
SPXS vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -26.94% return, which is significantly lower than SSO's 19.52% return. Over the past 10 years, SPXS has underperformed SSO with an annualized return of -41.26%, while SSO has yielded a comparatively higher 23.26% annualized return.
SPXS
- 1D
- -4.25%
- 1M
- -4.72%
- 6M
- -23.08%
- YTD
- -26.94%
- 1Y
- -43.54%
- 3Y*
- -40.76%
- 5Y*
- -33.22%
- 10Y*
- -41.26%
- ALL TIME*
- -44.80%
SSO
- 1D
- 2.91%
- 1M
- 2.90%
- 6M
- 15.55%
- YTD
- 19.52%
- 1Y
- 41.35%
- 3Y*
- 33.95%
- 5Y*
- 17.79%
- 10Y*
- 23.26%
- ALL TIME*
- 15.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $311.03M | $277.03M | $339.25M | |
| $185.74M | $192.80M | $223.12M |
SPXS vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -26.94% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
SSO ProShares Ultra S&P500 | 19.52% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between SPXS and SSO is -1.00, 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. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -1.00 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | -1.00 |
The correlation between SPXS and SSO has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
SPXS vs. SSO — Risk / Return Rank
SPXS
SSO
SPXS vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 3X Shares (SPXS) 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.
| SPXS | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.76 | ||
| Sortino ratioReturn per unit of downside risk | -3.96 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.28 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -1.04 | 2.29 | -3.32 |
| Martin ratioReturn relative to average drawdown | -1.74 | 9.14 | -10.89 |
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Drawdowns
SPXS vs. SSO - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for SPXS and SSO.
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Drawdown Indicators
| SPXS | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -84.67% | -15.33% |
Max Drawdown (1Y)Largest decline over 1 year | -42.15% | -18.17% | -23.98% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -35.21% | -48.92% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -46.73% | -43.38% |
Max Drawdown (10Y)Largest decline over 10 years | -99.56% | -59.34% | -40.22% |
Current DrawdownCurrent decline from peak | -100.00% | -1.28% | -98.72% |
Average DrawdownAverage peak-to-trough decline | -96.32% | -19.44% | -76.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.84% | 4.53% | +22.31% |
Volatility
SPXS vs. SSO - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 11.58% compared to ProShares Ultra S&P500 (SSO) at 7.63%. This indicates that SPXS'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
| SPXS | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.58% | 7.63% | +3.95% |
Volatility (6M)Calculated over the trailing 6-month period | 30.75% | 20.31% | +10.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.54% | 25.58% | +12.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.81% | 33.91% | +16.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.61% | 35.93% | +17.68% |
SPXS vs. SSO - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
SPXS vs. SSO - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.65%, more than SSO's 0.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.65% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 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
SPXS and SSO have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (11.58%) compared to SSO (7.63%). In terms of maximum drawdown, SPXS dropped -100.00% vs SSO's -84.67%.
On 10-year performance, SSO leads with 23.26% vs -41.26% for SPXS. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 7.63%. 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 23.26% return vs -41.26%. 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 1.08% for SPXS.
SPXS has the higher dividend yield at 4.65%, compared with 0.66% for SSO.
SPXS is categorized as Inverse Equities, while SSO is Leveraged Equities. SPXS tracks S&P 500 Index (-300%), while SSO tracks S&P 500. They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for SPXS and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.63 vs -1.14), 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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