SSO vs. ^SP400
SSO (ProShares Ultra S&P500) is Leveraged Equities fund tracking the S&P 500, while ^SP400 (S&P 400 Index) is an index. Over the past 10 years, SSO returned 24.26%/yr vs 9.96%/yr for ^SP400. Their correlation of 0.89 suggests significant overlap in exposure.
Performance
SSO vs. ^SP400 - Performance Comparison
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Returns By Period
In the year-to-date period, SSO achieves a 12.95% return, which is significantly lower than ^SP400's 13.98% return. Over the past 10 years, SSO has outperformed ^SP400 with an annualized return of 24.26%, while ^SP400 has yielded a comparatively lower 9.96% annualized return.
SSO
- 1D
- -2.86%
- 1M
- -3.30%
- YTD
- 12.95%
- 6M
- 10.86%
- 1Y
- 42.28%
- 3Y*
- 33.83%
- 5Y*
- 17.91%
- 10Y*
- 24.26%
^SP400
- 1D
- -1.04%
- 1M
- 2.55%
- YTD
- 13.98%
- 6M
- 11.87%
- 1Y
- 23.49%
- 3Y*
- 14.42%
- 5Y*
- 6.87%
- 10Y*
- 9.96%
SSO vs. ^SP400 - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 12.95% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
^SP400 S&P 400 Index | 13.98% | 5.90% | 12.20% | 14.45% | -14.48% | 23.21% | 11.81% | 24.05% | -12.50% | 14.45% |
Correlation
The correlation between SSO and ^SP400 is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006 | 0.89 |
The correlation between SSO and ^SP400 shifts across timeframes, from 0.76 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SSO vs. ^SP400 — Risk / Return Rank
SSO
^SP400
SSO vs. ^SP400 - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and S&P 400 Index (^SP400). 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.
| SSO | ^SP400 | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.26 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 2.63 | -0.29 |
| Martin ratioReturn relative to average drawdown | 9.90 | 9.46 | +0.44 |
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Drawdowns
SSO vs. ^SP400 - Drawdown Comparison
The maximum SSO drawdown since its inception was -84.67%, which is greater than ^SP400's maximum drawdown of -56.32%. Use the drawdown chart below to compare losses from any high point for SSO and ^SP400.
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Drawdown Indicators
| SSO | ^SP400 | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.67% | -56.32% | -28.35% |
Max Drawdown (1Y)Largest decline over 1 year | -18.17% | -8.96% | -9.21% |
Max Drawdown (3Y)Largest decline over 3 years | -35.21% | -24.46% | -10.75% |
Max Drawdown (5Y)Largest decline over 5 years | -46.73% | -24.46% | -22.27% |
Max Drawdown (10Y)Largest decline over 10 years | -59.34% | -42.14% | -17.20% |
Current DrawdownCurrent decline from peak | -6.70% | -1.08% | -5.62% |
Average DrawdownAverage peak-to-trough decline | -19.53% | -7.12% | -12.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.28% | 2.49% | +1.79% |
Volatility
SSO vs. ^SP400 - Volatility Comparison
ProShares Ultra S&P500 (SSO) has a higher volatility of 9.70% compared to S&P 400 Index (^SP400) at 4.73%. This indicates that SSO's price experiences larger fluctuations and is considered to be riskier than ^SP400 based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SSO | ^SP400 | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.70% | 4.73% | +4.97% |
Volatility (6M)Calculated over the trailing 6-month period | 19.65% | 11.71% | +7.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.92% | 15.79% | +9.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.85% | 19.67% | +14.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.93% | 21.00% | +14.93% |
Frequently Asked Questions
SSO and ^SP400 have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSO has higher volatility (9.70%) compared to ^SP400 (4.73%). In terms of maximum drawdown, SSO dropped -84.67% vs ^SP400's -56.32%.
SSO currently has the higher Sharpe Ratio (1.71 vs 1.50), 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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