SSO vs. BOXX

Last updated Jun 14, 2026

SSO (ProShares Ultra S&P500) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - SSO is a Leveraged Equities fund tracking the S&P 500, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. Both are passively managed. Over the past 3 years, SSO returned 34.18%/yr vs 4.74%/yr for BOXX. At a 0.00 correlation, their price movements are largely independent. SSO charges 0.87%/yr vs 0.19%/yr for BOXX.

Performance

SSO vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P500 (SSO) and Alpha Architect 1-3 Month Box ETF (BOXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSO achieves a 15.08% return, which is significantly higher than BOXX's 1.66% return.

SSO

• 1D: 1.03%
• 1M: 0.12%
• YTD: 15.08%
• 6M: 15.47%
• 1Y: 47.12%
• 3Y*: 34.18%
• 5Y*: 18.57%
• 10Y*: 24.02%

BOXX

• 1D: 0.03%
• 1M: 0.24%
• YTD: 1.66%
• 6M: 1.95%
• 1Y: 4.06%
• 3Y*: 4.74%
• 5Y*: —
• 10Y*: —

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

SSO vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SSO ProShares Ultra S&P500	15.08%	26.19%	43.48%	46.65%	0.38%
BOXX Alpha Architect 1-3 Month Box ETF	1.66%	4.37%	5.16%	5.04%	0.07%

Correlation

The correlation between SSO and BOXX is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since Dec 28, 2022	0.00

Return for Risk

SSO vs. BOXX — 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

BOXX

BOXX Risk / Return Rank: 100
BOXX Sharpe Ratio Rank: 100
BOXX Sortino Ratio Rank: 100
BOXX Omega Ratio Rank: 99
BOXX Calmar Ratio Rank: 100
BOXX Martin Ratio Rank: 100

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. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and Alpha Architect 1-3 Month Box ETF (BOXX). 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	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	1.79	12.70	-10.91
Sortino ratio: Return per unit of downside risk	2.33	37.36	-35.04
Omega ratio: Gain probability vs. loss probability	1.31	9.61	-8.30
Calmar ratio: Return relative to maximum drawdown	2.42	59.46	-57.03
Martin ratio: Return relative to average drawdown	10.37	524.03	-513.67

SSO vs. BOXX - Sharpe Ratio Comparison

The current SSO Sharpe Ratio is 1.79, which is lower than the BOXX Sharpe Ratio of 12.70. The chart below compares the historical Sharpe Ratios of SSO and BOXX, 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. BOXX - Drawdown Comparison

The maximum SSO drawdown since its inception was -84.67%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for SSO and BOXX.

Drawdown Indicators

	SSO	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-84.67%	-0.12%	-84.55%
Max Drawdown (1Y) Largest decline over 1 year	-18.17%	-0.07%	-18.10%
Max Drawdown (3Y) Largest decline over 3 years	-35.21%	-0.12%	-35.09%
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%	0.00%	-4.94%
Average Drawdown Average peak-to-trough decline	-19.55%	-0.00%	-19.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	0.01%	+4.23%

Volatility

SSO vs. BOXX - Volatility Comparison

ProShares Ultra S&P500 (SSO) has a higher volatility of 8.74% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.10%. This indicates that SSO's price experiences larger fluctuations and is considered to be riskier than BOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSO	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.74%	0.10%	+8.64%
Volatility (6M) Calculated over the trailing 6-month period	19.17%	0.25%	+18.92%
Volatility (1Y) Calculated over the trailing 1-year period	24.54%	0.32%	+24.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.78%	0.37%	+33.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.95%	0.37%	+35.58%

SSO vs. BOXX - Expense Ratio Comparison

SSO has a 0.87% expense ratio, which is higher than BOXX's 0.19% expense ratio.

Dividends

SSO vs. BOXX - Dividend Comparison

SSO's dividend yield for the trailing twelve months is around 0.64%, while BOXX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%	0.00%	0.00%	0.00%	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 BOXX in my portfolio?

SSO and BOXX have a correlation of 0.01, 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 BOXX?

SSO has higher volatility (8.74%) compared to BOXX (0.10%). In terms of maximum drawdown, SSO dropped -84.67% vs BOXX's -0.12%.

Which ETF is better, SSO or BOXX?

On 3-year performance, SSO leads with 34.18% vs 4.74% for BOXX. On fees, BOXX is cheaper at 0.19% per year. On volatility, BOXX has been the lower-risk option at 0.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSO or BOXX?

Over the 3-year period, SSO has performed better with a 34.18% return vs 4.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSO or BOXX?

BOXX is cheaper with a 0.19% expense ratio, compared with 0.87% for SSO.

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

SSO has the higher dividend yield at 0.64%, compared with 0.00% for BOXX.

What is the main difference between SSO and BOXX?

SSO is categorized as Leveraged Equities, while BOXX is Ultrashort Bond. SSO tracks S&P 500, while BOXX tracks Solactive 1-3 Month US T-Bill Index. They also come from different issuers: ProShares and Alpha Architect. Their fees differ too: 0.87% for SSO and 0.19% for BOXX.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.70 vs 1.79), 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.