SSO vs. GC=F

Last updated Jun 9, 2026

SSO (ProShares Ultra S&P500) is Leveraged Equities fund tracking the S&P 500, while GC=F (Gold Futures) is an asset. At a correlation of -0.05, they often move in opposite directions.

Performance

SSO vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P500 (SSO) and Gold Futures (GC=F). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

GC=F

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

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

SSO vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SSO ProShares Ultra S&P500	14.49%	26.19%	43.48%	46.65%	-31.75%
GC=F Gold Futures	0.00%	0.00%	0.00%	0.00%	5.91%

Correlation

The correlation between SSO and GC=F is -0.05, 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 (All Time) Calculated using the full available price history since Feb 1, 2022	-0.05

Return for Risk

SSO vs. GC=F — 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

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. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and Gold Futures (GC=F). 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	GC=F	Difference
Sharpe ratio: Return per unit of total volatility	1.88	—	—
Sortino ratio: Return per unit of downside risk	2.42	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	2.50	—	—
Martin ratio: Return relative to average drawdown	10.89	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SSO	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	—	—
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	—	—

Drawdowns

Drawdown Indicators

	SSO	GC=F	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	-5.43%	—	—
Average Drawdown Average peak-to-trough decline	-19.56%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	—	—

Volatility

Volatility by Period

	SSO	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.49%	—	—
Volatility (6M) Calculated over the trailing 6-month period	18.61%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	24.14%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.73%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.94%	—	—

Frequently Asked Questions

Can I hold both SSO and GC=F in my portfolio?

SSO and GC=F have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.