SSO vs. GLD
SSO (ProShares Ultra S&P500) and GLD (SPDR Gold Shares) are both exchange-traded funds - SSO is a Leveraged Equities fund tracking the S&P 500, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, SSO returned 24.02%/yr vs 12.15%/yr for GLD. At a 0.06 correlation, their price movements are largely independent. SSO charges 0.87%/yr vs 0.40%/yr for GLD.
Performance
SSO vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, SSO achieves a 15.08% return, which is significantly higher than GLD's -2.47% return. Over the past 10 years, SSO has outperformed GLD with an annualized return of 24.02%, while GLD has yielded a comparatively lower 12.15% annualized return.
SSO
- 1D
- 1.03%
- 1M
- 0.12%
- YTD
- 15.08%
- 6M
- 15.47%
- 1Y
- 47.12%
- 3Y*
- 34.18%
- 5Y*
- 18.57%
- 10Y*
- 24.02%
GLD
- 1D
- 0.06%
- 1M
- -7.37%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 22.21%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
SSO vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 15.08% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between SSO and GLD is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006 | 0.06 |
The correlation between SSO and GLD shifts across timeframes, from 0.06 (10 years) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SSO vs. GLD — Risk / Return Rank
SSO
GLD
SSO vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.18 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 0.98 | +1.44 |
| Martin ratioReturn relative to average drawdown | 10.37 | 2.81 | +7.56 |
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Drawdowns
SSO vs. GLD - Drawdown Comparison
The maximum SSO drawdown since its inception was -84.67%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for SSO and GLD.
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Drawdown Indicators
| SSO | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.67% | -45.56% | -39.11% |
Max Drawdown (1Y)Largest decline over 1 year | -18.17% | -24.46% | +6.29% |
Max Drawdown (3Y)Largest decline over 3 years | -35.21% | -24.46% | -10.75% |
Max Drawdown (5Y)Largest decline over 5 years | -46.73% | -24.46% | -22.27% |
Max Drawdown (10Y)Largest decline over 10 years | -59.34% | -24.46% | -34.88% |
Current DrawdownCurrent decline from peak | -4.94% | -22.05% | +17.11% |
Average DrawdownAverage peak-to-trough decline | -19.55% | -16.16% | -3.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.24% | 8.49% | -4.25% |
Volatility
SSO vs. GLD - Volatility Comparison
ProShares Ultra S&P500 (SSO) has a higher volatility of 8.74% compared to SPDR Gold Shares (GLD) at 7.79%. This indicates that SSO's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SSO | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.74% | 7.79% | +0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 19.17% | 24.10% | -4.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.54% | 27.37% | -2.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.78% | 18.22% | +15.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.95% | 16.08% | +19.87% |
SSO vs. GLD - Expense Ratio Comparison
SSO has a 0.87% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
SSO vs. GLD - Dividend Comparison
SSO's dividend yield for the trailing twelve months is around 0.64%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 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
SSO and GLD have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSO has higher volatility (8.74%) compared to GLD (7.79%). In terms of maximum drawdown, SSO dropped -84.67% vs GLD's -45.56%.
On 10-year performance, SSO leads with 24.02% vs 12.15% for GLD. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 7.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SSO has performed better with a 24.02% return vs 12.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.87% for SSO.
SSO has the higher dividend yield at 0.64%, compared with 0.00% for GLD.
SSO is categorized as Leveraged Equities, while GLD is Gold. SSO tracks S&P 500, while GLD tracks LBMA Gold Price PM. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.87% for SSO and 0.40% for GLD.
SSO currently has the higher Sharpe Ratio (1.79 vs 0.87), 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.
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