SSO vs. DXSLX

Last updated Jun 4, 2026

SSO (ProShares Ultra S&P500) and DXSLX (Direxion Monthly S&P 500 Bull 1.75X Fund) are both Leveraged Equities funds - SSO tracks the S&P 500 while DXSLX tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, SSO returned 24.21%/yr vs 27.39%/yr for DXSLX. With a 0.99 correlation, they move nearly in lockstep. SSO charges 0.87%/yr vs 1.35%/yr for DXSLX.

Performance

SSO vs. DXSLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P500 (SSO) and Direxion Monthly S&P 500 Bull 1.75X Fund (DXSLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSO achieves a 19.37% return, which is significantly higher than DXSLX's 17.64% return. Over the past 10 years, SSO has underperformed DXSLX with an annualized return of 24.21%, while DXSLX has yielded a comparatively higher 27.39% annualized return.

SSO

• 1D: -1.40%
• 1M: 9.75%
• YTD: 19.37%
• 6M: 18.81%
• 1Y: 52.69%
• 3Y*: 37.56%
• 5Y*: 19.62%
• 10Y*: 24.21%

DXSLX

• 1D: 0.22%
• 1M: 9.76%
• YTD: 17.64%
• 6M: 17.31%
• 1Y: 46.29%
• 3Y*: 33.41%
• 5Y*: 17.87%
• 10Y*: 27.39%

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

SSO vs. DXSLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSO ProShares Ultra S&P500	19.37%	26.19%	43.48%	46.65%	-38.98%	60.57%	21.54%	63.45%	-14.60%	44.35%
DXSLX Direxion Monthly S&P 500 Bull 1.75X Fund	17.64%	25.05%	37.66%	39.91%	-37.35%	59.07%	27.52%	61.52%	-14.82%	98.50%

Correlation

The correlation between SSO and DXSLX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.99

The correlation between SSO and DXSLX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

SSO vs. DXSLX — Risk / Return Rank

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

SSO

SSO Risk / Return Rank: 62
SSO Sharpe Ratio Rank: 66
SSO Sortino Ratio Rank: 59
SSO Omega Ratio Rank: 60
SSO Calmar Ratio Rank: 58
SSO Martin Ratio Rank: 68

DXSLX

DXSLX Risk / Return Rank: 58
DXSLX Sharpe Ratio Rank: 62
DXSLX Sortino Ratio Rank: 50
DXSLX Omega Ratio Rank: 51
DXSLX Calmar Ratio Rank: 59
DXSLX Martin Ratio Rank: 69

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. DXSLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and Direxion Monthly S&P 500 Bull 1.75X Fund (DXSLX). 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	DXSLX	Difference
Sharpe ratio Return per unit of total volatility	2.25	2.31	-0.06
Sortino ratio Return per unit of downside risk	2.86	2.97	-0.12
Omega ratio Gain probability vs. loss probability	1.38	1.40	-0.02
Calmar ratio Return relative to maximum drawdown	2.91	2.94	-0.03
Martin ratio Return relative to average drawdown	12.80	13.30	-0.50
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. DXSLX - Sharpe Ratio Comparison

The current SSO Sharpe Ratio is 2.25, which is comparable to the DXSLX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of SSO and DXSLX, 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	DXSLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.25	2.31	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.57	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.71	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.48	-0.06

Drawdowns

SSO vs. DXSLX - Drawdown Comparison

The maximum SSO drawdown since its inception was -84.67%, smaller than the maximum DXSLX drawdown of -91.80%. Use the drawdown chart below to compare losses from any high point for SSO and DXSLX.

Drawdown Indicators

	SSO	DXSLX	Difference
Max Drawdown Largest peak-to-trough decline	-84.67%	-91.80%	+7.13%
Max Drawdown (1Y) Largest decline over 1 year	-18.17%	-16.30%	-1.87%
Max Drawdown (3Y) Largest decline over 3 years	-35.21%	-31.90%	-3.31%
Max Drawdown (5Y) Largest decline over 5 years	-46.73%	-44.67%	-2.06%
Max Drawdown (10Y) Largest decline over 10 years	-59.34%	-61.09%	+1.75%
Current Drawdown Current decline from peak	-1.40%	0.00%	-1.40%
Average Drawdown Average peak-to-trough decline	-19.57%	-21.55%	+1.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	3.60%	+0.53%

Volatility

SSO vs. DXSLX - Volatility Comparison

ProShares Ultra S&P500 (SSO) has a higher volatility of 5.66% compared to Direxion Monthly S&P 500 Bull 1.75X Fund (DXSLX) at 4.83%. This indicates that SSO's price experiences larger fluctuations and is considered to be riskier than DXSLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSO	DXSLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	4.83%	+0.83%
Volatility (6M) Calculated over the trailing 6-month period	17.78%	15.76%	+2.02%
Volatility (1Y) Calculated over the trailing 1-year period	23.60%	20.80%	+2.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.65%	31.30%	+2.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.89%	38.60%	-2.71%

SSO vs. DXSLX - Expense Ratio Comparison

SSO has a 0.87% expense ratio, which is lower than DXSLX's 1.35% expense ratio.

Dividends

SSO vs. DXSLX - Dividend Comparison

SSO's dividend yield for the trailing twelve months is around 0.62%, less than DXSLX's 6.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXSLX Direxion Monthly S&P 500 Bull 1.75X Fund	6.48%	7.93%	10.57%	0.00%	0.00%	7.89%	2.42%	4.41%	7.21%	34.95%	0.00%	25.71%
SSO ProShares Ultra S&P500	0.62%	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 DXSLX in my portfolio?

With a correlation of 1.00, SSO and DXSLX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SSO or DXSLX?

SSO has higher volatility (5.66%) compared to DXSLX (4.83%). In terms of maximum drawdown, SSO dropped -84.67% vs DXSLX's -91.80%.

Which has better risk-adjusted returns?

DXSLX currently has the higher Sharpe Ratio (2.31 vs 2.25), 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.