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SSO vs. LTL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SSO vs. LTL

Last updated Aug 2, 2026
Documentation

SSO (ProShares Ultra S&P500) and LTL (ProShares Ultra Telecommunications) are both Leveraged Equities funds from ProShares - SSO tracks the S&P 500 while LTL tracks the Dow Jones U.S. Select Telecommunications Index (200%). Both are passively managed. Over the past 10 years, SSO returned 23.19%/yr vs 6.41%/yr for LTL. Their 0.59 correlation means they have sometimes moved together and sometimes differently. SSO charges 0.87%/yr vs 0.95%/yr for LTL.

Performance

SSO vs. LTL - Performance Comparison

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

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Returns By Period

In the year-to-date period, SSO achieves a 16.14% return, which is significantly higher than LTL's -18.73% return. Over the past 10 years, SSO has outperformed LTL with an annualized return of 23.19%, while LTL has yielded a comparatively lower 6.41% annualized return.

SSO

1D
1.35%
1M
-0.01%
6M
13.46%
YTD
16.14%
1Y
37.35%
3Y*
30.77%
5Y*
17.16%
10Y*
23.19%
ALL TIME*
15.64%

LTL

1D
3.03%
1M
-3.61%
6M
-21.05%
YTD
-18.73%
1Y
-1.62%
3Y*
25.79%
5Y*
14.19%
10Y*
6.41%
ALL TIME*
5.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

LTL

ProShares Ultra Telecommunications
$123.54K$121.65K$82.18K

SSO

ProShares Ultra S&P500
$177.82M$191.16M$223.05M

SSO vs. LTL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SSO
ProShares Ultra S&P500		16.14%26.19%43.48%46.65%-38.98%60.57%21.54%63.45%-14.60%44.35%
LTL
ProShares Ultra Telecommunications		-18.73%37.06%65.15%62.03%-41.14%40.42%-3.25%30.16%-23.44%-26.85%

Correlation

The correlation between SSO and LTL is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.57

Correlation (3Y)
Balances recent behavior with more history.

0.72

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.77

Correlation (10Y)
Provides a long-term view across more market conditions.

0.66

Correlation (All Time)
Calculated using the full available price history since May 22, 2008

0.59

The correlation between SSO and LTL shifts across timeframes, from 0.57 (1 year) to 0.77 (5 years), reflecting how their relationship changes across market environments.

SSO vs. LTL - Sectors Allocation Comparison

Sectors
SSO
LTL

Technology

26.3%
6.5%

Financial Services

25.4%

-

Communication Services

6.4%
56.2%

Healthcare

6.3%

-

Consumer Cyclical

6.1%

-

Industrials

5.4%

-

Consumer Defensive

3.2%

-

Energy

2.3%

-

Utilities

1.9%

-

Real Estate

1.3%

-

Basic Materials

1.3%

-

Technology

SSO
26.3%
LTL
6.5%

Financial Services

SSO
25.4%
LTL

-

Communication Services

SSO
6.4%
LTL
56.2%

Healthcare

SSO
6.3%
LTL

-

Consumer Cyclical

SSO
6.1%
LTL

-

Industrials

SSO
5.4%
LTL

-

Consumer Defensive

SSO
3.2%
LTL

-

Energy

SSO
2.3%
LTL

-

Utilities

SSO
1.9%
LTL

-

Real Estate

SSO
1.3%
LTL

-

Basic Materials

SSO
1.3%
LTL

-

Compare stocks, funds, or ETFs

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ProShares Ultra S&P500

ProShares Ultra Telecommunications

Often compared with SSO:
SSO vs. QLDSSO vs. SPYSSO vs. UPROSSO vs. VOOSSO vs. SPUUSSO vs. SPXLSSO vs. QQQ
Often compared with LTL:
LTL vs. XLCLTL vs. WDAYLTL vs. LITPLTL vs. BRK-BLTL vs. XLKLTL vs. DGROLTL vs. TQQQ

Return for Risk

SSO vs. LTL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SSO
SSO Risk / Return Rank: 5454
Overall Rank
SSO Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
SSO Sortino Ratio Rank: 5151
Sortino Ratio Rank
SSO Omega Ratio Rank: 5151
Omega Ratio Rank
SSO Calmar Ratio Rank: 5151
Calmar Ratio Rank
SSO Martin Ratio Rank: 6161
Martin Ratio Rank
LTL
LTL Risk / Return Rank: 99
Overall Rank
LTL Sharpe Ratio Rank: 99
Sharpe Ratio Rank
LTL Sortino Ratio Rank: 99
Sortino Ratio Rank
LTL Omega Ratio Rank: 99
Omega Ratio Rank
LTL Calmar Ratio Rank: 99
Calmar Ratio Rank
LTL Martin Ratio Rank: 88
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SSO vs. LTL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and ProShares Ultra Telecommunications (LTL). 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.

SSOLTLDifference
Sharpe ratioReturn per unit of total volatility
1.29
-0.14

+1.43

Sortino ratioReturn per unit of downside risk
1.79
0.01

+1.78

Omega ratioGain probability vs. loss probability

1.23

1.00

+0.23

Calmar ratioReturn relative to maximum drawdown

1.81

-0.17

+1.98

Martin ratioReturn relative to average drawdown

7.25

-0.40

+7.65

SSO vs. LTL - Sharpe Ratio Comparison

The current SSO Sharpe Ratio is 1.29, which is higher than the LTL Sharpe Ratio of -0.14. The chart below compares the historical Sharpe Ratios of SSO and LTL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SSO vs. LTL - Drawdown Comparison

The maximum SSO drawdown since its inception was -84.67%, which is greater than LTL's maximum drawdown of -80.20%. Use the drawdown chart below to compare losses from any high point for SSO and LTL.

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Drawdown Indicators

SSOLTLDifference

Max Drawdown

Largest peak-to-trough decline

-84.67%

-80.20%

-4.47%

Max Drawdown (1Y)

Largest decline over 1 year

-18.17%

-25.25%

+7.08%

Max Drawdown (3Y)

Largest decline over 3 years

-35.21%

-34.37%

-0.84%

Max Drawdown (5Y)

Largest decline over 5 years

-46.73%

-52.60%

+5.87%

Max Drawdown (10Y)

Largest decline over 10 years

-59.34%

-64.15%

+4.81%

Current Drawdown

Current decline from peak

-4.07%

-21.59%

+17.52%

Average Drawdown

Average peak-to-trough decline

-19.45%

-28.56%

+9.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.54%

10.42%

-5.88%

Volatility

SSO vs. LTL - Volatility Comparison

The current volatility for ProShares Ultra S&P500 (SSO) is 7.07%, while ProShares Ultra Telecommunications (LTL) has a volatility of 13.00%. This indicates that SSO experiences smaller price fluctuations and is considered to be less risky than LTL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SSOLTLDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.07%

13.00%

-5.93%

Volatility (6M)

Calculated over the trailing 6-month period

20.14%

23.65%

-3.51%

Volatility (1Y)

Calculated over the trailing 1-year period

25.63%

29.78%

-4.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.88%

35.15%

-1.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

35.91%

37.01%

-1.10%

SSO vs. LTL - Expense Ratio Comparison

SSO has a 0.87% expense ratio, which is lower than LTL's 0.95% expense ratio.

Dividends

SSO vs. LTL - Dividend Comparison

SSO's dividend yield for the trailing twelve months is around 0.67%, less than LTL's 1.06% yield.

PositionTTM20252024202320222021202020192018201720162015
LTL
ProShares Ultra Telecommunications		1.06%0.64%0.29%0.97%2.01%1.14%1.57%0.83%1.99%1.96%0.70%1.55%
SSO
ProShares Ultra S&P500		0.67%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 LTL have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

LTL has higher volatility (13.00%) compared to SSO (7.07%). In terms of maximum drawdown, SSO dropped -84.67% vs LTL's -80.20%.

On 10-year performance, SSO leads with 23.19% vs 6.41% for LTL. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 7.07%. 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 23.19% return vs 6.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for LTL.

LTL has the higher dividend yield at 1.06%, compared with 0.67% for SSO.

SSO tracks S&P 500, while LTL tracks Dow Jones U.S. Select Telecommunications Index (200%). Their fees differ too: 0.87% for SSO and 0.95% for LTL.

SSO currently has the higher Sharpe Ratio (1.29 vs -0.14), 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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