SSO vs. CU31.L
SSO (ProShares Ultra S&P500) and CU31.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) are both exchange-traded funds - SSO is a Leveraged Equities fund tracking the S&P 500, while CU31.L is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, SSO returned 23.71%/yr vs 1.76%/yr for CU31.L. At a 0.12 correlation, their price movements are largely independent. SSO charges 0.87%/yr vs 0.07%/yr for CU31.L.
Performance
SSO vs. CU31.L - Performance Comparison
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Different Trading Currencies
SSO is traded in USD, while CU31.L is traded in GBp. To make them comparable, the CU31.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SSO achieves a 14.49% return, which is significantly higher than CU31.L's 0.28% return. Over the past 10 years, SSO has outperformed CU31.L with an annualized return of 23.71%, while CU31.L has yielded a comparatively lower 1.76% annualized return.
SSO
- 1D
- 0.47%
- 1M
- -0.08%
- YTD
- 14.49%
- 6M
- 14.11%
- 1Y
- 45.16%
- 3Y*
- 35.32%
- 5Y*
- 18.74%
- 10Y*
- 23.71%
CU31.L
- 1D
- 0.33%
- 1M
- -0.24%
- YTD
- 0.28%
- 6M
- 0.75%
- 1Y
- 3.42%
- 3Y*
- 4.15%
- 5Y*
- 1.80%
- 10Y*
- 1.76%
SSO vs. CU31.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 14.49% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.28% | 5.42% | 4.05% | 3.61% | -3.82% | -0.31% | 2.65% | 4.32% | 1.18% | -0.00% |
Correlation
The correlation between SSO and CU31.L is 0.10, 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 | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2009 | 0.12 |
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Return for Risk
SSO vs. CU31.L — Risk / Return Rank
SSO
CU31.L
SSO vs. CU31.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L). 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 | CU31.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.14 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 3.06 | -0.56 |
| Martin ratioReturn relative to average drawdown | 10.89 | 9.24 | +1.65 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SSO | CU31.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.88 | 0.81 | +1.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.56 | 0.12 | +0.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | 0.16 | +0.51 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.02 | +0.39 |
Drawdowns
SSO vs. CU31.L - Drawdown Comparison
The maximum SSO drawdown since its inception was -84.67%, which is greater than CU31.L's maximum drawdown of -19.55%. Use the drawdown chart below to compare losses from any high point for SSO and CU31.L.
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Drawdown Indicators
| SSO | CU31.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.67% | -19.55% | -65.12% |
Max Drawdown (1Y)Largest decline over 1 year | -18.17% | -1.11% | -17.06% |
Max Drawdown (3Y)Largest decline over 3 years | -35.21% | -19.55% | -15.66% |
Max Drawdown (5Y)Largest decline over 5 years | -46.73% | -19.55% | -27.18% |
Max Drawdown (10Y)Largest decline over 10 years | -59.34% | -19.55% | -39.79% |
Current DrawdownCurrent decline from peak | -5.43% | -10.21% | +4.78% |
Average DrawdownAverage peak-to-trough decline | -19.56% | -4.09% | -15.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.16% | 0.37% | +3.79% |
Volatility
SSO vs. CU31.L - Volatility Comparison
ProShares Ultra S&P500 (SSO) has a higher volatility of 7.49% compared to iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) at 1.40%. This indicates that SSO's price experiences larger fluctuations and is considered to be riskier than CU31.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SSO | CU31.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.49% | 1.40% | +6.09% |
Volatility (6M)Calculated over the trailing 6-month period | 18.61% | 3.40% | +15.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.14% | 4.19% | +19.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.73% | 14.87% | +18.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.94% | 11.15% | +24.79% |
SSO vs. CU31.L - Expense Ratio Comparison
SSO has a 0.87% expense ratio, which is higher than CU31.L's 0.07% expense ratio.
Dividends
SSO vs. CU31.L - Dividend Comparison
SSO's dividend yield for the trailing twelve months is around 0.64%, while CU31.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 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
SSO and CU31.L have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CU31.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CU31.L is cheaper with a 0.07% expense ratio, compared with 0.87% for SSO.
SSO is categorized as Leveraged Equities, while CU31.L is Government Bonds. SSO tracks S&P 500, while CU31.L tracks ICE US Treasury 1-3 Year Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.87% for SSO and 0.07% for CU31.L.
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