SSO vs. NAIL

Last updated Jun 13, 2026

SSO (ProShares Ultra S&P500) and NAIL (Direxion Daily Homebuilders & Supplies Bull 3X Shares) are both Leveraged Equities funds - SSO tracks the S&P 500 while NAIL tracks the Dow Jones U.S. Select Home Construction Index (300%). Both are passively managed. Over the past 10 years, SSO returned 24.02%/yr vs 6.16%/yr for NAIL. A 0.58 correlation means they provide meaningful diversification when combined. SSO charges 0.87%/yr vs 0.99%/yr for NAIL.

Performance

SSO vs. NAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P500 (SSO) and Direxion Daily Homebuilders & Supplies Bull 3X Shares (NAIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSO achieves a 15.08% return, which is significantly higher than NAIL's -13.15% return. Over the past 10 years, SSO has outperformed NAIL with an annualized return of 24.02%, while NAIL has yielded a comparatively lower 6.16% annualized return.

SSO

• 1D: 1.03%
• 1M: -0.82%
• YTD: 15.08%
• 6M: 15.47%
• 1Y: 43.79%
• 3Y*: 34.18%
• 5Y*: 18.57%
• 10Y*: 24.02%

NAIL

• 1D: -2.18%
• 1M: 25.39%
• YTD: -13.15%
• 6M: -27.97%
• 1Y: -17.64%
• 3Y*: -11.92%
• 5Y*: -9.97%
• 10Y*: 6.16%

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

SSO vs. NAIL - 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%
NAIL Direxion Daily Homebuilders & Supplies Bull 3X Shares	-13.15%	-40.43%	-22.83%	259.61%	-75.23%	168.20%	-32.08%	184.63%	-73.96%	268.71%

Correlation

The correlation between SSO and NAIL is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Aug 19, 2015	0.58

The correlation between SSO and NAIL shifts across timeframes, from 0.43 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.

SSO vs. NAIL - Sectors Allocation Comparison

Sectors	SSO	NAIL
Technology	35.6%	-
Financial Services	11.8%	-
Communication Services	11.2%	-
Consumer Cyclical	10.1%	71.8%
Healthcare	8.5%	-
Industrials	8.3%	19.1%
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.4%	-
Real Estate	1.9%	0.5%
Basic Materials	1.8%	8.6%

Return for Risk

SSO vs. NAIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SSO

SSO Risk / Return Rank: 59
SSO Sharpe Ratio Rank: 62
SSO Sortino Ratio Rank: 55
SSO Omega Ratio Rank: 58
SSO Calmar Ratio Rank: 55
SSO Martin Ratio Rank: 66

NAIL

NAIL Risk / Return Rank: 9
NAIL Sharpe Ratio Rank: 7
NAIL Sortino Ratio Rank: 11
NAIL Omega Ratio Rank: 11
NAIL Calmar Ratio Rank: 7
NAIL Martin Ratio Rank: 7

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. NAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and Direxion Daily Homebuilders & Supplies Bull 3X Shares (NAIL). 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	NAIL	Difference
Sharpe ratio: Return per unit of total volatility	1.79	-0.20	+1.99
Sortino ratio: Return per unit of downside risk	2.33	0.35	+1.98
Omega ratio: Gain probability vs. loss probability	1.31	1.04	+0.27
Calmar ratio: Return relative to maximum drawdown	2.42	-0.26	+2.68
Martin ratio: Return relative to average drawdown	10.37	-0.45	+10.81

SSO vs. NAIL - Sharpe Ratio Comparison

The current SSO Sharpe Ratio is 1.79, which is higher than the NAIL Sharpe Ratio of -0.20. The chart below compares the historical Sharpe Ratios of SSO and NAIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SSO vs. NAIL - Drawdown Comparison

The maximum SSO drawdown since its inception was -84.67%, smaller than the maximum NAIL drawdown of -93.75%. Use the drawdown chart below to compare losses from any high point for SSO and NAIL.

Drawdown Indicators

	SSO	NAIL	Difference
Max Drawdown Largest peak-to-trough decline	-84.67%	-93.75%	+9.08%
Max Drawdown (1Y) Largest decline over 1 year	-18.17%	-67.85%	+49.68%
Max Drawdown (3Y) Largest decline over 3 years	-35.21%	-82.09%	+46.88%
Max Drawdown (5Y) Largest decline over 5 years	-46.73%	-84.40%	+37.67%
Max Drawdown (10Y) Largest decline over 10 years	-59.34%	-93.75%	+34.41%
Current Drawdown Current decline from peak	-4.94%	-75.18%	+70.24%
Average Drawdown Average peak-to-trough decline	-19.55%	-43.87%	+24.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	39.36%	-35.12%

Volatility

SSO vs. NAIL - Volatility Comparison

The current volatility for ProShares Ultra S&P500 (SSO) is 8.74%, while Direxion Daily Homebuilders & Supplies Bull 3X Shares (NAIL) has a volatility of 26.93%. This indicates that SSO experiences smaller price fluctuations and is considered to be less risky than NAIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSO	NAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.74%	26.93%	-18.19%
Volatility (6M) Calculated over the trailing 6-month period	19.17%	61.98%	-42.81%
Volatility (1Y) Calculated over the trailing 1-year period	24.54%	88.92%	-64.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.78%	87.27%	-53.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.95%	89.35%	-53.40%

SSO vs. NAIL - Expense Ratio Comparison

SSO has a 0.87% expense ratio, which is lower than NAIL's 0.99% expense ratio.

Dividends

SSO vs. NAIL - Dividend Comparison

SSO's dividend yield for the trailing twelve months is around 0.64%, less than NAIL's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NAIL Direxion Daily Homebuilders & Supplies Bull 3X Shares	0.91%	1.55%	0.63%	0.22%	0.00%	0.00%	0.01%	0.17%	0.35%	1.25%	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

Can I hold both SSO and NAIL in my portfolio?

SSO and NAIL have a correlation of 0.43, 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 NAIL?

NAIL has higher volatility (26.93%) compared to SSO (8.74%). In terms of maximum drawdown, SSO dropped -84.67% vs NAIL's -93.75%.

Which ETF is better, SSO or NAIL?

On 10-year performance, SSO leads with 24.02% vs 6.16% for NAIL. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 8.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSO or NAIL?

Over the 10-year period, SSO has performed better with a 24.02% return vs 6.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSO or NAIL?

SSO is cheaper with a 0.87% expense ratio, compared with 0.99% for NAIL.

Which ETF pays a higher dividend yield, SSO or NAIL?

NAIL has the higher dividend yield at 0.91%, compared with 0.64% for SSO.

What is the main difference between SSO and NAIL?

SSO tracks S&P 500, while NAIL tracks Dow Jones U.S. Select Home Construction Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.87% for SSO and 0.99% for NAIL.

Which has better risk-adjusted returns?

SSO currently has the higher Sharpe Ratio (1.79 vs -0.20), 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.