SSO vs. CW8U.L

Last updated Jun 9, 2026

SSO (ProShares Ultra S&P500) and CW8U.L (Amundi MSCI World UCITS USD) are both exchange-traded funds - SSO is a Leveraged Equities fund tracking the S&P 500, while CW8U.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 5 years, SSO returned 18.74%/yr vs 11.16%/yr for CW8U.L. A 0.56 correlation means they provide meaningful diversification when combined. SSO charges 0.87%/yr vs 0.28%/yr for CW8U.L.

Performance

SSO vs. CW8U.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P500 (SSO) and Amundi MSCI World UCITS USD (CW8U.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSO achieves a 14.49% return, which is significantly higher than CW8U.L's 7.97% 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%

CW8U.L

• 1D: -0.54%
• 1M: 0.75%
• YTD: 7.97%
• 6M: 9.11%
• 1Y: 23.28%
• 3Y*: 19.80%
• 5Y*: 11.16%
• 10Y*: —

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

SSO vs. CW8U.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SSO ProShares Ultra S&P500	14.49%	26.19%	43.48%	46.65%	-38.98%	60.57%	21.54%	63.45%	-11.22%
CW8U.L Amundi MSCI World UCITS USD	7.97%	20.32%	19.03%	24.06%	-18.23%	22.09%	15.78%	28.00%	-9.23%

Correlation

The correlation between SSO and CW8U.L is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Apr 26, 2018	0.56

The correlation between SSO and CW8U.L shifts across timeframes, from 0.56 (all time) to 0.68 (1 year), reflecting how their relationship changes across market environments.

SSO vs. CW8U.L - Sectors Allocation Comparison

Sectors	SSO	CW8U.L
Technology	35.6%	28.3%
Financial Services	11.8%	15.7%
Communication Services	11.2%	9.3%
Consumer Cyclical	10.1%	9.3%
Healthcare	8.5%	8.8%
Industrials	8.3%	11.4%
Consumer Defensive	4.9%	5.2%
Energy	3.5%	4.2%
Utilities	2.4%	2.7%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	3.3%

Return for Risk

SSO vs. CW8U.L — Risk / Return Rank

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

SSO

SSO Risk / Return Rank: 60
SSO Sharpe Ratio Rank: 63
SSO Sortino Ratio Rank: 56
SSO Omega Ratio Rank: 58
SSO Calmar Ratio Rank: 56
SSO Martin Ratio Rank: 65

CW8U.L

CW8U.L Risk / Return Rank: 67
CW8U.L Sharpe Ratio Rank: 66
CW8U.L Sortino Ratio Rank: 73
CW8U.L Omega Ratio Rank: 66
CW8U.L Calmar Ratio Rank: 61
CW8U.L Martin Ratio Rank: 70

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. CW8U.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and Amundi MSCI World UCITS USD (CW8U.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	CW8U.L	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.95	-0.07
Sortino ratio: Return per unit of downside risk	2.42	2.93	-0.51
Omega ratio: Gain probability vs. loss probability	1.33	1.35	-0.03
Calmar ratio: Return relative to maximum drawdown	2.50	2.73	-0.23
Martin ratio: Return relative to average drawdown	10.89	11.66	-0.77
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. CW8U.L - Sharpe Ratio Comparison

The current SSO Sharpe Ratio is 1.88, which is comparable to the CW8U.L Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of SSO and CW8U.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SSO	CW8U.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	1.95	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.72	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.74	-0.33

Drawdowns

SSO vs. CW8U.L - Drawdown Comparison

The maximum SSO drawdown since its inception was -84.67%, which is greater than CW8U.L's maximum drawdown of -34.10%. Use the drawdown chart below to compare losses from any high point for SSO and CW8U.L.

Drawdown Indicators

	SSO	CW8U.L	Difference
Max Drawdown Largest peak-to-trough decline	-84.67%	-34.10%	-50.57%
Max Drawdown (1Y) Largest decline over 1 year	-18.17%	-8.48%	-9.69%
Max Drawdown (3Y) Largest decline over 3 years	-35.21%	-17.26%	-17.95%
Max Drawdown (5Y) Largest decline over 5 years	-46.73%	-25.79%	-20.94%
Max Drawdown (10Y) Largest decline over 10 years	-59.34%	—	—
Current Drawdown Current decline from peak	-5.43%	-2.07%	-3.36%
Average Drawdown Average peak-to-trough decline	-19.56%	-5.04%	-14.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	1.99%	+2.17%

Volatility

SSO vs. CW8U.L - Volatility Comparison

ProShares Ultra S&P500 (SSO) has a higher volatility of 7.49% compared to Amundi MSCI World UCITS USD (CW8U.L) at 3.25%. This indicates that SSO's price experiences larger fluctuations and is considered to be riskier than CW8U.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSO	CW8U.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.49%	3.25%	+4.24%
Volatility (6M) Calculated over the trailing 6-month period	18.61%	9.18%	+9.43%
Volatility (1Y) Calculated over the trailing 1-year period	24.14%	11.89%	+12.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.73%	15.64%	+18.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.94%	16.77%	+19.17%

SSO vs. CW8U.L - Expense Ratio Comparison

SSO has a 0.87% expense ratio, which is higher than CW8U.L's 0.28% expense ratio.

Dividends

SSO vs. CW8U.L - Dividend Comparison

SSO's dividend yield for the trailing twelve months is around 0.64%, while CW8U.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CW8U.L Amundi MSCI World UCITS USD	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

Can I hold both SSO and CW8U.L in my portfolio?

SSO and CW8U.L have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SSO or CW8U.L?

On fees, CW8U.L is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SSO or CW8U.L?

CW8U.L is cheaper with a 0.28% expense ratio, compared with 0.87% for SSO.

What is the main difference between SSO and CW8U.L?

SSO is categorized as Leveraged Equities, while CW8U.L is Global Equities. SSO tracks S&P 500, while CW8U.L tracks MSCI ACWI NR USD. They also come from different issuers: ProShares and Amundi. Their fees differ too: 0.87% for SSO and 0.28% for CW8U.L.