SSG vs. ^GSPC
SSG (Proshares Ultrashort Semiconductors) is Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (-200%), while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, SSG returned -62.52%/yr vs 13.88%/yr for ^GSPC. At a correlation of -0.74, they often move in opposite directions.
Performance
SSG vs. ^GSPC - Performance Comparison
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Returns By Period
In the year-to-date period, SSG achieves a -63.37% return, which is significantly lower than ^GSPC's 9.16% return. Over the past 10 years, SSG has underperformed ^GSPC with an annualized return of -62.52%, while ^GSPC has yielded a comparatively higher 13.88% annualized return.
SSG
- 1D
- -0.80%
- 1M
- -21.37%
- YTD
- -63.37%
- 6M
- -63.97%
- 1Y
- -81.41%
- 3Y*
- -75.00%
- 5Y*
- -67.22%
- 10Y*
- -62.52%
^GSPC
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
SSG vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SSG Proshares Ultrashort Semiconductors | -63.37% | -70.03% | -77.59% | -78.69% | 37.90% | -67.46% | -76.50% | -63.33% | -0.79% | -51.60% |
^GSPC S&P 500 Index | 9.16% | 16.39% | 23.31% | 24.23% | -19.44% | 26.89% | 16.26% | 28.88% | -6.24% | 19.42% |
Correlation
The correlation between SSG and ^GSPC is -0.71, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.75 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | -0.74 |
The correlation between SSG and ^GSPC has been stable across timeframes, ranging from -0.78 to -0.71 - a consistent structural relationship.
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Return for Risk
SSG vs. ^GSPC — Risk / Return Rank
SSG
^GSPC
SSG vs. ^GSPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Ultrashort Semiconductors (SSG) and S&P 500 Index (^GSPC). 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.
| SSG | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.24 | ||
| Sortino ratioReturn per unit of downside risk | -5.61 | ||
| Omega ratioGain probability vs. loss probability | 0.69 | 1.37 | -0.67 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 2.78 | -3.79 |
| Martin ratioReturn relative to average drawdown | -1.60 | 12.44 | -14.04 |
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Drawdowns
SSG vs. ^GSPC - Drawdown Comparison
The maximum SSG drawdown since its inception was -100.00%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for SSG and ^GSPC.
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Drawdown Indicators
| SSG | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -56.78% | -43.22% |
Max Drawdown (1Y)Largest decline over 1 year | -81.20% | -9.10% | -72.10% |
Max Drawdown (3Y)Largest decline over 3 years | -98.56% | -18.90% | -79.66% |
Max Drawdown (5Y)Largest decline over 5 years | -99.66% | -25.43% | -74.23% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -33.92% | -66.07% |
Current DrawdownCurrent decline from peak | -100.00% | -1.80% | -98.20% |
Average DrawdownAverage peak-to-trough decline | -88.60% | -10.71% | -77.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 51.37% | 2.03% | +49.34% |
Volatility
SSG vs. ^GSPC - Volatility Comparison
Proshares Ultrashort Semiconductors (SSG) has a higher volatility of 30.98% compared to S&P 500 Index (^GSPC) at 4.67%. This indicates that SSG's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SSG | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.98% | 4.67% | +26.31% |
Volatility (6M)Calculated over the trailing 6-month period | 53.34% | 9.84% | +43.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.65% | 12.50% | +55.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 78.35% | 16.99% | +61.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.58% | 18.11% | +51.47% |
Frequently Asked Questions
SSG and ^GSPC have a correlation of -0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSG has higher volatility (30.98%) compared to ^GSPC (4.67%). In terms of maximum drawdown, SSG dropped -100.00% vs ^GSPC's -56.78%.
^GSPC currently has the higher Sharpe Ratio (2.03 vs -1.21), 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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