SSO vs. FBGX

Last updated Jun 16, 2026

SSO (ProShares Ultra S&P500) and FBGX (UBS AG FI Enhanced Large Cap Growth ETN) are both Leveraged Equities funds - SSO tracks the S&P 500 while FBGX tracks the Russell 1000 Growth Index (200%). Both are passively managed. Their correlation of 0.82 suggests significant overlap in exposure. SSO charges 0.87%/yr vs 1.29%/yr for FBGX.

Performance

SSO vs. FBGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P500 (SSO) and UBS AG FI Enhanced Large Cap Growth ETN (FBGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SSO

• 1D: 3.47%
• 1M: 3.60%
• YTD: 19.08%
• 6M: 19.83%
• 1Y: 52.23%
• 3Y*: 34.86%
• 5Y*: 19.63%
• 10Y*: 24.51%

FBGX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SSO vs. FBGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSO ProShares Ultra S&P500	19.08%	26.19%	43.48%	46.65%	-38.98%	60.57%	21.54%	63.45%	-14.60%	44.35%
FBGX UBS AG FI Enhanced Large Cap Growth ETN	0.00%	0.00%	35.73%	83.74%	-56.41%	57.04%	65.79%	75.84%	-16.58%	64.01%

Correlation

The correlation between SSO and FBGX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 11, 2014	0.82

The correlation between SSO and FBGX shifts across timeframes, from 0.46 (3 years) to 0.82 (all time), reflecting how their relationship changes across market environments.

SSO vs. FBGX - Sectors Allocation Comparison

Sectors	SSO	FBGX
Technology	25.7%	0.0%
Financial Services	24.1%	0.0%
Communication Services	7.0%	0.0%
Consumer Cyclical	6.4%	0.0%
Healthcare	5.9%	0.0%
Industrials	5.3%	0.0%
Consumer Defensive	3.2%	0.0%
Energy	2.3%	0.0%
Utilities	1.7%	0.0%
Real Estate	1.3%	0.0%
Basic Materials	1.2%	0.0%

Return for Risk

SSO vs. FBGX — Risk / Return Rank

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

SSO

SSO Risk / Return Rank: 69
SSO Sharpe Ratio Rank: 74
SSO Sortino Ratio Rank: 66
SSO Omega Ratio Rank: 68
SSO Calmar Ratio Rank: 64
SSO Martin Ratio Rank: 73

FBGX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. FBGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and UBS AG FI Enhanced Large Cap Growth ETN (FBGX). 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	FBGX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	—	—
Sortino ratio: Return per unit of downside risk	2.69	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	2.89	—	—
Martin ratio: Return relative to average drawdown	12.36	—	—

Drawdowns

Drawdown Indicators

	SSO	FBGX	Difference
Max Drawdown Largest peak-to-trough decline	-84.67%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-18.17%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-35.21%	—	—
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	-1.64%	—	—
Average Drawdown Average peak-to-trough decline	-19.54%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	—	—

Volatility

Volatility by Period

	SSO	FBGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.28%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.45%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	24.68%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.82%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.98%	—	—

SSO vs. FBGX - Expense Ratio Comparison

SSO has a 0.87% expense ratio, which is lower than FBGX's 1.29% expense ratio.

Dividends

SSO vs. FBGX - Dividend Comparison

SSO's dividend yield for the trailing twelve months is around 0.62%, while FBGX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBGX UBS AG FI Enhanced Large Cap Growth ETN	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	0.62%	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 FBGX in my portfolio?

SSO and FBGX have a correlation of 0.82, 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 FBGX?

On fees, SSO is cheaper at 0.87% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SSO or FBGX?

SSO is cheaper with a 0.87% expense ratio, compared with 1.29% for FBGX.

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

SSO has the higher dividend yield at 0.62%, compared with 0.00% for FBGX.

What is the main difference between SSO and FBGX?

SSO tracks S&P 500, while FBGX tracks Russell 1000 Growth Index (200%). They also come from different issuers: ProShares and UBS. Their fees differ too: 0.87% for SSO and 1.29% for FBGX.