SSO vs. FSLEX

Last updated Jun 4, 2026

SSO (ProShares Ultra S&P500) and FSLEX (Fidelity Environment and Alternative Energy Fund) are both funds - SSO is a Leveraged Equities fund tracking the S&P 500, while FSLEX is a Alternative Energy Equities fund managed by Fidelity. Over the past 10 years, SSO returned 24.21%/yr vs 14.52%/yr for FSLEX. Their correlation of 0.88 suggests significant overlap in exposure. SSO charges 0.87%/yr vs 0.79%/yr for FSLEX.

Performance

SSO vs. FSLEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P500 (SSO) and Fidelity Environment and Alternative Energy Fund (FSLEX). 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 FSLEX's 17.22% return. Over the past 10 years, SSO has outperformed FSLEX with an annualized return of 24.21%, while FSLEX has yielded a comparatively lower 14.52% 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%

FSLEX

• 1D: 1.77%
• 1M: 5.01%
• YTD: 17.22%
• 6M: 16.76%
• 1Y: 35.24%
• 3Y*: 24.20%
• 5Y*: 12.61%
• 10Y*: 14.52%

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

SSO vs. FSLEX - 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%
FSLEX Fidelity Environment and Alternative Energy Fund	17.22%	20.38%	20.01%	26.29%	-26.05%	30.30%	21.56%	26.86%	-13.49%	24.94%

Correlation

The correlation between SSO and FSLEX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.88

The correlation between SSO and FSLEX has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

SSO vs. FSLEX — 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

FSLEX

FSLEX Risk / Return Rank: 60
FSLEX Sharpe Ratio Rank: 60
FSLEX Sortino Ratio Rank: 52
FSLEX Omega Ratio Rank: 49
FSLEX Calmar Ratio Rank: 72
FSLEX Martin Ratio Rank: 68

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. FSLEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and Fidelity Environment and Alternative Energy Fund (FSLEX). 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	FSLEX	Difference
Sharpe ratio Return per unit of total volatility	2.25	2.29	-0.04
Sortino ratio Return per unit of downside risk	2.86	3.02	-0.17
Omega ratio Gain probability vs. loss probability	1.38	1.38	-0.01
Calmar ratio Return relative to maximum drawdown	2.91	3.28	-0.36
Martin ratio Return relative to average drawdown	12.80	13.13	-0.33
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. FSLEX - Sharpe Ratio Comparison

The current SSO Sharpe Ratio is 2.25, which is comparable to the FSLEX Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of SSO and FSLEX, 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	FSLEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.25	2.29	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.61	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.68	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.35	+0.07

Drawdowns

SSO vs. FSLEX - Drawdown Comparison

The maximum SSO drawdown since its inception was -84.67%, which is greater than FSLEX's maximum drawdown of -50.21%. Use the drawdown chart below to compare losses from any high point for SSO and FSLEX.

Drawdown Indicators

	SSO	FSLEX	Difference
Max Drawdown Largest peak-to-trough decline	-84.67%	-50.21%	-34.46%
Max Drawdown (1Y) Largest decline over 1 year	-18.17%	-11.41%	-6.76%
Max Drawdown (3Y) Largest decline over 3 years	-35.21%	-24.04%	-11.17%
Max Drawdown (5Y) Largest decline over 5 years	-46.73%	-32.67%	-14.06%
Max Drawdown (10Y) Largest decline over 10 years	-59.34%	-39.77%	-19.57%
Current Drawdown Current decline from peak	-1.40%	0.00%	-1.40%
Average Drawdown Average peak-to-trough decline	-19.57%	-13.93%	-5.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	2.84%	+1.29%

Volatility

SSO vs. FSLEX - Volatility Comparison

ProShares Ultra S&P500 (SSO) has a higher volatility of 5.66% compared to Fidelity Environment and Alternative Energy Fund (FSLEX) at 5.22%. This indicates that SSO's price experiences larger fluctuations and is considered to be riskier than FSLEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSO	FSLEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	5.22%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	17.78%	12.64%	+5.14%
Volatility (1Y) Calculated over the trailing 1-year period	23.60%	16.37%	+7.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.65%	20.67%	+12.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.89%	21.47%	+14.42%

SSO vs. FSLEX - Expense Ratio Comparison

SSO has a 0.87% expense ratio, which is higher than FSLEX's 0.79% expense ratio.

Dividends

SSO vs. FSLEX - Dividend Comparison

SSO's dividend yield for the trailing twelve months is around 0.62%, less than FSLEX's 1.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSLEX Fidelity Environment and Alternative Energy Fund	1.54%	0.37%	0.41%	0.39%	0.69%	7.74%	6.41%	2.17%	6.39%	6.19%	1.29%	3.01%
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 FSLEX in my portfolio?

SSO and FSLEX have a correlation of 0.85, 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 FSLEX?

SSO has higher volatility (5.66%) compared to FSLEX (5.22%). In terms of maximum drawdown, SSO dropped -84.67% vs FSLEX's -50.21%.

Which has better risk-adjusted returns?

FSLEX currently has the higher Sharpe Ratio (2.29 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.