SSO vs. NVDG

Last updated Jun 5, 2026

SSO (ProShares Ultra S&P500) and NVDG (Leverage Shares 2X Long NVDA Daily ETF) are both Leveraged Equities funds. SSO is passively managed, while NVDG is actively managed. Over the past year, SSO returned 53.91% vs 88.87% for NVDG. A 0.65 correlation means they provide meaningful diversification when combined. SSO charges 0.87%/yr vs 0.75%/yr for NVDG.

Performance

SSO vs. NVDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P500 (SSO) and Leverage Shares 2X Long NVDA Daily ETF (NVDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSO achieves a 20.20% return, which is significantly lower than NVDG's 23.86% return.

SSO

• 1D: 0.70%
• 1M: 8.84%
• YTD: 20.20%
• 6M: 19.43%
• 1Y: 53.91%
• 3Y*: 38.10%
• 5Y*: 19.79%
• 10Y*: 24.16%

NVDG

• 1D: 4.14%
• 1M: 21.48%
• YTD: 23.86%
• 6M: 26.22%
• 1Y: 88.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SSO vs. NVDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SSO ProShares Ultra S&P500	20.20%	26.19%	-5.76%
NVDG Leverage Shares 2X Long NVDA Daily ETF	23.86%	32.45%	-0.75%

Correlation

The correlation between SSO and NVDG is 0.58, 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	0.58
Correlation (All Time) Calculated using the full available price history since Dec 16, 2024	0.65

The correlation between SSO and NVDG has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.

Return for Risk

SSO vs. NVDG — Risk / Return Rank

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

SSO

SSO Risk / Return Rank: 67
SSO Sharpe Ratio Rank: 72
SSO Sortino Ratio Rank: 64
SSO Omega Ratio Rank: 65
SSO Calmar Ratio Rank: 61
SSO Martin Ratio Rank: 71

NVDG

NVDG Risk / Return Rank: 37
NVDG Sharpe Ratio Rank: 38
NVDG Sortino Ratio Rank: 38
NVDG Omega Ratio Rank: 36
NVDG Calmar Ratio Rank: 43
NVDG Martin Ratio Rank: 32

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. NVDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and Leverage Shares 2X Long NVDA Daily ETF (NVDG). 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	NVDG	Difference
Sharpe ratio: Return per unit of total volatility	2.30	1.32	+0.98
Sortino ratio: Return per unit of downside risk	2.91	1.94	+0.97
Omega ratio: Gain probability vs. loss probability	1.38	1.23	+0.15
Calmar ratio: Return relative to maximum drawdown	2.98	2.09	+0.89
Martin ratio: Return relative to average drawdown	13.10	4.75	+8.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SSO vs. NVDG - Sharpe Ratio Comparison

The current SSO Sharpe Ratio is 2.30, which is higher than the NVDG Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of SSO and NVDG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SSO	NVDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	1.32	+0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.44	-0.02

Drawdowns

SSO vs. NVDG - Drawdown Comparison

The maximum SSO drawdown since its inception was -84.67%, which is greater than NVDG's maximum drawdown of -66.19%. Use the drawdown chart below to compare losses from any high point for SSO and NVDG.

Drawdown Indicators

	SSO	NVDG	Difference
Max Drawdown Largest peak-to-trough decline	-84.67%	-66.19%	-18.48%
Max Drawdown (1Y) Largest decline over 1 year	-18.17%	-42.72%	+24.55%
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	-0.71%	-14.96%	+14.25%
Average Drawdown Average peak-to-trough decline	-19.57%	-23.05%	+3.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	18.79%	-14.66%

Volatility

SSO vs. NVDG - Volatility Comparison

The current volatility for ProShares Ultra S&P500 (SSO) is 5.56%, while Leverage Shares 2X Long NVDA Daily ETF (NVDG) has a volatility of 25.17%. This indicates that SSO experiences smaller price fluctuations and is considered to be less risky than NVDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSO	NVDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	25.17%	-19.61%
Volatility (6M) Calculated over the trailing 6-month period	17.78%	50.28%	-32.50%
Volatility (1Y) Calculated over the trailing 1-year period	23.59%	67.73%	-44.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.64%	90.65%	-57.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.89%	90.65%	-54.76%

SSO vs. NVDG - Expense Ratio Comparison

SSO has a 0.87% expense ratio, which is higher than NVDG's 0.75% expense ratio.

Dividends

SSO vs. NVDG - Dividend Comparison

SSO's dividend yield for the trailing twelve months is around 0.61%, less than NVDG's 9.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVDG Leverage Shares 2X Long NVDA Daily ETF	9.54%	11.81%	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	0.61%	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 NVDG in my portfolio?

SSO and NVDG have a correlation of 0.58, 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 NVDG?

NVDG has higher volatility (25.17%) compared to SSO (5.56%). In terms of maximum drawdown, SSO dropped -84.67% vs NVDG's -66.19%.

Which ETF is better, SSO or NVDG?

On 1-year performance, NVDG leads with 88.87% vs 53.91% for SSO. On fees, NVDG is cheaper at 0.75% per year. On volatility, SSO has been the lower-risk option at 5.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSO or NVDG?

Over the 1-year period, NVDG has performed better with a 88.87% return vs 53.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSO or NVDG?

NVDG is cheaper with a 0.75% expense ratio, compared with 0.87% for SSO.

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

NVDG has the higher dividend yield at 9.54%, compared with 0.61% for SSO.

What is the main difference between SSO and NVDG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.87% for SSO and 0.75% for NVDG.

Which has better risk-adjusted returns?

SSO currently has the higher Sharpe Ratio (2.30 vs 1.32), 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.