SSO vs. AVES

Last updated Jun 13, 2026

SSO (ProShares Ultra S&P500) and AVES (Avantis Emerging Markets Value ETF) are both exchange-traded funds - SSO is a Leveraged Equities fund tracking the S&P 500, while AVES is a Emerging Markets Equities fund actively managed by Avantis. SSO is passively managed, while AVES is actively managed. Over the past 3 years, SSO returned 34.18%/yr vs 19.19%/yr for AVES. A 0.63 correlation means they provide meaningful diversification when combined. SSO charges 0.87%/yr vs 0.36%/yr for AVES.

Performance

SSO vs. AVES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P500 (SSO) and Avantis Emerging Markets Value ETF (AVES). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SSO having a 15.08% return and AVES slightly higher at 15.51%.

SSO

• 1D: 1.03%
• 1M: -2.33%
• YTD: 15.08%
• 6M: 15.47%
• 1Y: 47.12%
• 3Y*: 34.18%
• 5Y*: 18.57%
• 10Y*: 24.02%

AVES

• 1D: 0.32%
• 1M: 0.12%
• YTD: 15.51%
• 6M: 18.20%
• 1Y: 31.51%
• 3Y*: 19.19%
• 5Y*: —
• 10Y*: —

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

SSO vs. AVES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SSO ProShares Ultra S&P500	15.08%	26.19%	43.48%	46.65%	-38.98%	19.25%
AVES Avantis Emerging Markets Value ETF	15.51%	30.49%	4.50%	16.79%	-16.04%	0.95%

Correlation

The correlation between SSO and AVES is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.63

The correlation between SSO and AVES shifts across timeframes, from 0.62 (3 years) to 0.72 (1 year), reflecting how their relationship changes across market environments.

SSO vs. AVES - Sectors Allocation Comparison

Sectors	SSO	AVES
Technology	35.6%	21.4%
Financial Services	11.8%	25.3%
Communication Services	11.2%	5.3%
Consumer Cyclical	10.1%	9.6%
Healthcare	8.5%	2.1%
Industrials	8.3%	13.3%
Consumer Defensive	4.9%	3.2%
Energy	3.5%	4.0%
Utilities	2.4%	1.7%
Real Estate	1.9%	2.4%
Basic Materials	1.8%	9.8%

Return for Risk

SSO vs. AVES — Risk / Return Rank

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

SSO

SSO Risk / Return Rank: 59
SSO Sharpe Ratio Rank: 62
SSO Sortino Ratio Rank: 55
SSO Omega Ratio Rank: 58
SSO Calmar Ratio Rank: 55
SSO Martin Ratio Rank: 66

AVES

AVES Risk / Return Rank: 54
AVES Sharpe Ratio Rank: 55
AVES Sortino Ratio Rank: 52
AVES Omega Ratio Rank: 58
AVES Calmar Ratio Rank: 53
AVES Martin Ratio Rank: 55

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. AVES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and Avantis Emerging Markets Value ETF (AVES). 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	AVES	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.64	+0.16
Sortino ratio: Return per unit of downside risk	2.33	2.22	+0.11
Omega ratio: Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio: Return relative to maximum drawdown	2.42	2.32	+0.10
Martin ratio: Return relative to average drawdown	10.37	8.40	+1.97

SSO vs. AVES - Sharpe Ratio Comparison

The current SSO Sharpe Ratio is 1.79, which is comparable to the AVES Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of SSO and AVES, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SSO vs. AVES - Drawdown Comparison

The maximum SSO drawdown since its inception was -84.67%, which is greater than AVES's maximum drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for SSO and AVES.

Drawdown Indicators

	SSO	AVES	Difference
Max Drawdown Largest peak-to-trough decline	-84.67%	-27.40%	-57.27%
Max Drawdown (1Y) Largest decline over 1 year	-18.17%	-12.90%	-5.27%
Max Drawdown (3Y) Largest decline over 3 years	-35.21%	-18.50%	-16.71%
Max Drawdown (5Y) Largest decline over 5 years	-46.73%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-59.34%	—	—
Current Drawdown Current decline from peak	-4.94%	-2.45%	-2.49%
Average Drawdown Average peak-to-trough decline	-19.55%	-7.70%	-11.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	3.56%	+0.68%

Volatility

SSO vs. AVES - Volatility Comparison

ProShares Ultra S&P500 (SSO) and Avantis Emerging Markets Value ETF (AVES) have volatilities of 8.74% and 8.89%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSO	AVES	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.74%	8.89%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	19.17%	15.88%	+3.29%
Volatility (1Y) Calculated over the trailing 1-year period	24.54%	18.34%	+6.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.78%	17.20%	+16.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.95%	17.20%	+18.75%

SSO vs. AVES - Expense Ratio Comparison

SSO has a 0.87% expense ratio, which is higher than AVES's 0.36% expense ratio.

Dividends

SSO vs. AVES - Dividend Comparison

SSO's dividend yield for the trailing twelve months is around 0.64%, less than AVES's 3.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVES Avantis Emerging Markets Value ETF	3.53%	3.17%	4.09%	3.96%	3.70%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SSO ProShares Ultra S&P500	0.64%	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

Can I hold both SSO and AVES in my portfolio?

SSO and AVES have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSO or AVES?

AVES has higher volatility (8.89%) compared to SSO (8.74%). In terms of maximum drawdown, SSO dropped -84.67% vs AVES's -27.40%.

Which ETF is better, SSO or AVES?

On 3-year performance, SSO leads with 34.18% vs 19.19% for AVES. On fees, AVES is cheaper at 0.36% per year. On volatility, SSO has been the lower-risk option at 8.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSO or AVES?

Over the 3-year period, SSO has performed better with a 34.18% return vs 19.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSO or AVES?

AVES is cheaper with a 0.36% expense ratio, compared with 0.87% for SSO.

Which ETF pays a higher dividend yield, SSO or AVES?

AVES has the higher dividend yield at 3.53%, compared with 0.64% for SSO.

What is the main difference between SSO and AVES?

SSO is categorized as Leveraged Equities, while AVES is Emerging Markets Equities. They also come from different issuers: ProShares and Avantis. Their fees differ too: 0.87% for SSO and 0.36% for AVES.

Which has better risk-adjusted returns?

SSO currently has the higher Sharpe Ratio (1.79 vs 1.64), 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.