SSO vs. LTL
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 24.26%/yr vs 7.45%/yr for LTL. A 0.59 correlation means they provide meaningful diversification when combined. SSO charges 0.87%/yr vs 0.95%/yr for LTL.
Performance
SSO vs. LTL - Performance Comparison
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Returns By Period
In the year-to-date period, SSO achieves a 12.95% return, which is significantly higher than LTL's -19.03% return. Over the past 10 years, SSO has outperformed LTL with an annualized return of 24.26%, while LTL has yielded a comparatively lower 7.45% annualized return.
SSO
- 1D
- -2.86%
- 1M
- -3.30%
- YTD
- 12.95%
- 6M
- 10.86%
- 1Y
- 42.28%
- 3Y*
- 33.83%
- 5Y*
- 17.91%
- 10Y*
- 24.26%
LTL
- 1D
- 0.73%
- 1M
- -13.91%
- YTD
- -19.03%
- 6M
- -18.57%
- 1Y
- 1.21%
- 3Y*
- 31.21%
- 5Y*
- 14.70%
- 10Y*
- 7.45%
SSO vs. LTL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 12.95% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
LTL ProShares Ultra Telecommunications | -19.03% | 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 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 0.59 (all time) to 0.78 (5 years), reflecting how their relationship changes across market environments.
SSO vs. LTL - Sectors Allocation Comparison
Sectors
SSO
LTL
Financial Services
-
Technology
Communication Services
Consumer Cyclical
-
Healthcare
-
Industrials
-
Consumer Defensive
-
Energy
-
Utilities
-
Real Estate
-
Basic Materials
-
Financial Services
SSO
LTL
-
Technology
SSO
LTL
Communication Services
SSO
LTL
Consumer Cyclical
SSO
LTL
-
Healthcare
SSO
LTL
-
Industrials
SSO
LTL
-
Consumer Defensive
SSO
LTL
-
Energy
SSO
LTL
-
Utilities
SSO
LTL
-
Real Estate
SSO
LTL
-
Basic Materials
SSO
LTL
-
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Return for Risk
SSO vs. LTL — Risk / Return Rank
SSO
LTL
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.
| SSO | LTL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.66 | ||
| Sortino ratioReturn per unit of downside risk | +1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.03 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 0.05 | +2.28 |
| Martin ratioReturn relative to average drawdown | 9.90 | 0.15 | +9.75 |
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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
| SSO | LTL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.67% | -80.20% | -4.47% |
Max Drawdown (1Y)Largest decline over 1 year | -18.17% | -22.45% | +4.28% |
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 DrawdownCurrent decline from peak | -6.70% | -21.88% | +15.18% |
Average DrawdownAverage peak-to-trough decline | -19.53% | -28.62% | +9.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.28% | 8.23% | -3.95% |
Volatility
SSO vs. LTL - Volatility Comparison
ProShares Ultra S&P500 (SSO) and ProShares Ultra Telecommunications (LTL) have volatilities of 9.70% and 9.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SSO | LTL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.70% | 9.64% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 19.65% | 20.70% | -1.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.92% | 27.40% | -2.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.85% | 34.70% | -0.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.93% | 36.97% | -1.04% |
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 0.65%, less than LTL's 1.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LTL ProShares Ultra Telecommunications | 1.00% | 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 | 0.65% | 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 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSO has higher volatility (9.70%) compared to LTL (9.64%). In terms of maximum drawdown, SSO dropped -84.67% vs LTL's -80.20%.
On 10-year performance, SSO leads with 24.26% vs 7.45% for LTL. On fees, SSO is cheaper at 0.87% per year. Their volatility is very similar. 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 24.26% return vs 7.45%. 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 1.00%, compared with 0.65% 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 (1.71 vs 0.04), 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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