SSO vs. ^SP400

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Ultra S&P500 (SSO) and S&P 400 Index (^SP400).

SSO is a passively managed fund by ProShares that tracks the performance of the S&P 500. It was launched on Jun 19, 2006.

Performance

SSO vs. ^SP400 - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P500 (SSO) and S&P 400 Index (^SP400). The values are adjusted to include any dividend payments, if applicable.

SSO vs. ^SP400 - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSO ProShares Ultra S&P500	-8.90%	26.19%	43.48%	46.65%	-38.98%	60.57%	21.54%	63.45%	-14.60%	44.35%
^SP400 S&P 400 Index	3.02%	5.90%	12.20%	14.45%	-14.48%	23.21%	11.81%	24.05%	-12.50%	14.45%

Returns By Period

In the year-to-date period, SSO achieves a -8.90% return, which is significantly lower than ^SP400's 3.02% return. Over the past 10 years, SSO has outperformed ^SP400 with an annualized return of 21.24%, while ^SP400 has yielded a comparatively lower 8.90% annualized return.

SSO

• 1D: 1.48%
• 1M: -9.07%
• YTD: -8.90%
• 6M: -6.36%
• 1Y: 27.41%
• 3Y*: 28.90%
• 5Y*: 15.68%
• 10Y*: 21.24%

^SP400

• 1D: 0.85%
• 1M: -5.55%
• YTD: 3.02%
• 6M: 3.99%
• 1Y: 15.98%
• 3Y*: 10.67%
• 5Y*: 5.16%
• 10Y*: 8.90%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

SSO vs. ^SP400 — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SSO

SSO Risk / Return Rank: 45
SSO Sharpe Ratio Rank: 38
SSO Sortino Ratio Rank: 44
SSO Omega Ratio Rank: 48
SSO Calmar Ratio Rank: 45
SSO Martin Ratio Rank: 51

^SP400

^SP400 Risk / Return Rank: 50
^SP400 Sharpe Ratio Rank: 46
^SP400 Sortino Ratio Rank: 48
^SP400 Omega Ratio Rank: 49
^SP400 Calmar Ratio Rank: 47
^SP400 Martin Ratio Rank: 58

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	SSO	^SP400	Difference
Sharpe ratio Return per unit of total volatility	0.76	0.77	-0.01
Sortino ratio Return per unit of downside risk	1.27	1.22	+0.05
Omega ratio Gain probability vs. loss probability	1.19	1.17	+0.02
Calmar ratio Return relative to maximum drawdown	1.22	1.18	+0.04
Martin ratio Return relative to average drawdown	5.19	4.99	+0.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SSO vs. ^SP400 - Sharpe Ratio Comparison

The current SSO Sharpe Ratio is 0.76, which is comparable to the ^SP400 Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of SSO and ^SP400, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SSO	^SP400	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	0.77	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.26	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.43	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.48	-0.10

Correlation

The correlation between SSO and ^SP400 is 0.89, 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.

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.

Drawdown Indicators

	SSO	^SP400	Difference
Max Drawdown Largest peak-to-trough decline	-84.67%	-56.32%	-28.35%
Max Drawdown (1Y) Largest decline over 1 year	-23.17%	-14.11%	-9.06%
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 Drawdown Current decline from peak	-12.18%	-5.60%	-6.58%
Average Drawdown Average peak-to-trough decline	-19.72%	-7.18%	-12.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.44%	3.34%	+2.10%

Volatility

SSO vs. ^SP400 - Volatility Comparison

ProShares Ultra S&P500 (SSO) has a higher volatility of 10.69% compared to S&P 400 Index (^SP400) at 6.38%. 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.

Volatility by Period

	SSO	^SP400	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.69%	6.38%	+4.31%
Volatility (6M) Calculated over the trailing 6-month period	18.99%	11.84%	+7.15%
Volatility (1Y) Calculated over the trailing 1-year period	36.46%	20.98%	+15.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.66%	19.63%	+14.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.86%	20.97%	+14.89%