SRS vs. SSO
SRS (ProShares UltraShort Real Estate) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - SRS is a REIT fund tracking the Dow Jones U.S. Real Estate Index (-200%), while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SRS returned -16.03%/yr vs 23.26%/yr for SSO. Their -0.66 correlation means they have often moved in opposite directions in the past. SRS charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
SRS vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, SRS achieves a -21.34% return, which is significantly lower than SSO's 19.52% return. Over the past 10 years, SRS has underperformed SSO with an annualized return of -16.03%, while SSO has yielded a comparatively higher 23.26% annualized return.
SRS
- 1D
- -0.52%
- 1M
- -2.10%
- 6M
- -19.18%
- YTD
- -21.34%
- 1Y
- -18.17%
- 3Y*
- -14.70%
- 5Y*
- -5.85%
- 10Y*
- -16.03%
- ALL TIME*
- -28.33%
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) |
|---|---|---|---|
| $366.45K | $363.36K | $364.08K | |
| $185.74M | $192.80M | $223.12M |
SRS vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SRS ProShares UltraShort Real Estate | -21.34% | -1.45% | -3.55% | -18.78% | 54.68% | -52.22% | -33.05% | -38.97% | 6.01% | -18.03% |
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 SRS and SSO is -0.17, 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. | -0.17 |
Correlation (3Y) Balances recent behavior with more history. | -0.40 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.56 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.55 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | -0.66 |
Over the past year, the inverse relationship between SRS and SSO has weakened: their correlation has moved from -0.66 to -0.17, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SRS vs. SSO — Risk / Return Rank
SRS
SSO
SRS vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Real Estate (SRS) 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.
| SRS | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.27 | ||
| Sortino ratioReturn per unit of downside risk | -2.99 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.28 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 2.29 | -3.00 |
| Martin ratioReturn relative to average drawdown | -1.46 | 9.14 | -10.60 |
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Drawdowns
SRS vs. SSO - Drawdown Comparison
The maximum SRS drawdown since its inception was -99.96%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for SRS and SSO.
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Drawdown Indicators
| SRS | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -84.67% | -15.29% |
Max Drawdown (1Y)Largest decline over 1 year | -25.73% | -18.17% | -7.56% |
Max Drawdown (3Y)Largest decline over 3 years | -54.73% | -35.21% | -19.52% |
Max Drawdown (5Y)Largest decline over 5 years | -54.73% | -46.73% | -8.00% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | -59.34% | -27.41% |
Current DrawdownCurrent decline from peak | -99.96% | -1.28% | -98.68% |
Average DrawdownAverage peak-to-trough decline | -91.28% | -19.44% | -71.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.47% | 4.53% | +7.94% |
Volatility
SRS vs. SSO - Volatility Comparison
ProShares UltraShort Real Estate (SRS) has a higher volatility of 8.59% compared to ProShares Ultra S&P500 (SSO) at 7.63%. This indicates that SRS'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
| SRS | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.59% | 7.63% | +0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 22.18% | 20.31% | +1.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.32% | 25.58% | +2.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.81% | 33.91% | +3.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.81% | 35.93% | +4.88% |
SRS vs. SSO - Expense Ratio Comparison
SRS has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
SRS vs. SSO - Dividend Comparison
SRS's dividend yield for the trailing twelve months is around 3.67%, more than SSO's 0.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SRS ProShares UltraShort Real Estate | 3.67% | 3.61% | 6.06% | 4.49% | 0.30% | 0.00% | 0.19% | 1.80% | 0.47% | 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
SRS and SSO have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SRS has higher volatility (8.59%) compared to SSO (7.63%). In terms of maximum drawdown, SRS dropped -99.96% vs SSO's -84.67%.
On 10-year performance, SSO leads with 23.26% vs -16.03% for SRS. 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 -16.03%. 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 SRS.
SRS has the higher dividend yield at 3.67%, compared with 0.66% for SSO.
SRS is categorized as REIT, while SSO is Leveraged Equities. SRS tracks Dow Jones U.S. Real Estate Index (-200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for SRS and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.63 vs -0.65), 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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